Right Now Is the Perfect Time to Buy Stuff with Cryptocurrency, and Here Is Why
Major retailers offer cryptocurrency payment options. And if you own some crypto assets, you might need clarification on whether to use crypto or fiat for payment.
There’s a variety of things you can buy with cryptocurrency, from purchasing hair pins with cryptocurrency to paying for UAE VPS with crypto.
If you’re wondering why pay with cryptocurrency specifically, you’ll find answers in this article.
Why now is it the time to invest in cryptocurrency?
If you are new to cryptocurrency and don’t have any digital assets, you should reconsider. Now, there’s a growing bullish trend in the crypto market, with Bitcoin recently surpassing its all-time high of $38,000 in November due to anticipation of the Bitcoin exchange-traded fund.
Blockchain and AI expert Joseph Raczynski says that some countries will utilize Bitcoin as their currency of choice. Cathy Wood, the CEO of ARK Invest, believes that by 2030, Bitcoin will reach $1 million per token. Considering that Bitcoin’s value was only $1,000 in 2017, now, Bitcoin is worth more than $38,000.
If you’re new to cryptocurrency, acquiring some is the first and very wise step. Ethereum, one of the most known altcoins, is also a good investment since it is up by 53% in 2023.
Overall, cryptocurrency is worth investing in if you want to make some money on the value difference, store and invest in crypto long-term, or just try how convenient cryptocurrency operations are yourself.
Advantages of purchasing with cryptocurrency
Cryptocurrency has advantages over conventional fiat transactions, which extends to payments with crypto.
Lower fees
Payments with cryptocurrency are associated with lower fees compared to fiat currencies. Unlike banks, public blockchains often don’t increase their fees based on the transfer amount. This means you can send a dollar and a million dollar amount without considerable difference in fees.
With the banking system, there’s also the matter of currency conversion (i.e., USD to EUR), which attracts additional fees.
Commonly, Bitcoin and Ethereum are associated with higher transaction fees among blockchains. However, there are altcoins like Litecoin or Dash, whose transaction fees don’t even equal one cent.
Accessible international transactions
With cryptocurrency, you don’t have common restrictions like the working schedule of an intermediary and geographical limitations. You can send crypto any day, at any time of day or night, to any location. The best thing is that such a transaction takes only a few minutes, while conventional transactions can take several business days.
No intermediary needed
Most cryptocurrency is decentralized, meaning it is autonomous in relation to intermediaries like banks. This results in natural value estimates, decreased fees, and high transaction speeds.
Speedy and secure transactions
Many cryptocurrencies allow transactions to be completed within minutes, no matter the sender’s and receiver’s location — however, different blockchains process transactions at different speed rates.
What all crypto purchases have in common, though, is the high security of transactions, which extends to a better level of personal privacy due to the network encryption algorithms.
Resistance to inflation
Inflation affects every fiat currency, often influencing its value to lower with time. Cryptocurrencies with limited supply, like Bitcoin, are resistant to inflation since the circulation of assets occurs within a specific amount of coins.
Why buy things with cryptocurrency right now?
The number of businesses and renowned companies accepting crypto payments is growing while you read it. In that process, the number of payment alternatives increases.
The logical question you might have is, “Why can’t I just pay for goods as I always did?”. And the answer would be – you very well can. However, you might’ve never used cryptocurrency because you didn’t have a reason to. That may just change.
If we compare payment with fiat money to payment with cryptocurrency, we will see that crypto offers certain advantages that are unlikely to be duplicated by the conventional financial system.
Regarding the current state of the crypto market, we see that Bitcoin and some altcoins along with it are currently under bullish tendency, which doesn’t seem to decline.
The main advantage you get from buying things with cryptocurrency right now is the growing value of crypto assets, which means that you can buy more stuff with crypto than with static-value fiat currency. Considering the Holiday Season is upon us, you get tons of discounts on various products or services.
Other than that, cryptocurrency allows you, and only you, to control your assets, rather than the governments or banks in the case of fiat. You can use decentralized applications (DApps) to handle transactions, which don’t require a connection to a centralized server.
Lastly, paying with crypto is easy since you don’t need to even physically touch cash to deposit, convert, or withdraw cryptocurrency. You can do that online with any crypto and network from any location to any address.
