For a while now crypto has been much more than just a good idea for the future. Fiat currencies becoming more unstable by the day, we are seeing an emerging number of everyday uses for cryptocurrency.
Currently, we can split into five categories the types of everyday use cases cryptocurrencies now have.
- Software and online sales
- Electronics and other supplies
- Gaming and Gambling
- Food and Coffee
It’s worth noting we are looking at places that accept cryptocurrency payments directly, and not places that accept debit cards back by cryptocurrencies. Those are often available wherever Visa is accepted, which means millions of locations worldwide.
Cryptocurrencies’ Popularity Keeps Growing
One thing that any currency needs to be viable is the number of users. A larger number of users triggers the so-called network effect, which brings in more users, more investment, and allows the cryptocurrency to be accepted in the broader market.
Bitcoin has, for example, been accepted as a payment method for years in various popular online stores like Overstock. Some municipalities have mulled accepting tax payments in bitcoin, but most will likely not hold the funds in crypto after receiving them.
Software and Online Sales
Large companies like Microsoft have realized the benefits of allowing purchases in Bitcoin. For a company of that size, embracing a tech-savvy community by accepting their flagship currency is a bold move that seemingly payed off.
Also, as they don’t need to have physical stock for many of their products and services and just use online software sales, they can’t be at a loss. Literally, every sale is profit. Other companies selling online goods and services have also embraced crypto.
It’s possible to use bitcoin to pay for Virtual Private Networks (VPNs), website hosting, domain names, Gift cards and video games are also available to buy with bitcoin.
Electronics and other supplies
Companies like Overstock, as mentioned above, accept cryptocurrency payments and that means it’s possible to buy furniture, electronics, toys, jewelry, and various supplies using not just bitcoin but other currencies.
The same goes for companies like Home Depot. Their acceptance of crypto goes hand in hand with the rise of the ‘’rural’’ movement where people working online move to the countryside for cleaner air and lower housing costs.
Incidentally, cryptocurrency connecting the world also allows some people to disconnect from crowded urban areas.
Gaming and gambling
While not the same group entirely, there is a huge overlap between gamers and cryptocurrency enthusiasts, so much so the first popular decentralized applications were games.
Many online casinos accept bitcoin and were in fact one of the earliest adopters of crypto. The best online operators already work globally and accept payments in all currencies, including popular cryptocurrencies. The use of blockchain technology can have several advantages in this area.
Whole Foods and Starbucks
For the uninitiated, this can sound funny, as the prices you will pay for coffee or fresh kale don’t seem significant. What’s significant is the acceptance of bitcoin and other cryptoassets in everyday life.
While one Bitcoin will currently (Jan 2021) buy you roughly an 18-year supply of coffee (6 years for IT developers), you can spend a couple hundred satoshis for a cup of coffee at Starbucks.
Featured image via Pixabay.