Cryptocurrencies are digital money with the same scope as conventional currencies, plus some interesting use cases such as in-game tokens, crypto metaverse, crypto DeFi, NFT marketplaces , etc. Trading and investing are the most common ways to use digital coins. Furthermore, the application of cryptocurrencies in the real world is also increasing. Here is what you can buy with crypto in the real world:
- luxury items such as yachts;
- real estate – apartments, houses, etc.;
- booking accommodation in hotels;
- paying for organized trips;
- fill the car and pay with crypto;
- even order pizza or coffee.
The number of businesses accepting crypto settlements is growing. Let’s see how it actually works when you have to pay for a service with crypto.
The role of cryptocurrency exchanges
A cryptocurrency exchange is a service that allows users to buy digital coins, sell them, trade them, trade them, or hold them for the long term. Some major crypto exchanges provide reliable and safe crypto storage: Binance, WhiteBIT, Coinbase, etc.
Crypto exchange platforms not only allow trading options but also provide reliable wallets for storing cryptocurrencies. If you’re buying crypto and plan to hold it for the long term, waiting for the market to grow in the future, it makes sense to use a cold wallet (a ledger or USB flash drive). These devices are always offline, making quick transactions impossible. You connect a device to your laptop and withdraw funds if you want and when you want, but it takes time.
A hot wallet is what major crypto exchanges offer. They are always online and you can reach them at any time without logging in again.
Suppose you have registered on the WhiteBIT cryptocurrency exchange, downloaded the wallet application and purchased some crypto. Once you get the wallet, you can make financial settlements. For example, a network of gas stations started accepting crypto. The next time you need to fill up your car, you can use the WhiteBIT wallet. It only takes a few simple steps: enter your wallet, scan the QR code of the gas station (or any place like a store, restaurant, cinema, etc.) and transfer the necessary amount of coins to the company portfolio. That’s it.
We recommend that you choose a credible cryptocurrency exchange platform for effective use of a quality and convenient wallet.
Copyright © 2022 AfricaBusiness.com – All materials may be used freely, with attribution to AfricaBusiness.com Provided by SyndiGate Media Inc. (Syndigate.info).