3 Ways YOU Can Use Cryptocurrency To Benefit Yourself

These past few years cryptocurrencies have made waves in the news. Reports of crazy volatility and fortunes being made over months or even days have brought widespread attention to the growing technologies. Some even predict that these mediums of exchange will destabilize government-issued currencies and bring about a widespread financial decentralization. This is great and all, but most people aren’t coders, financial analysts, or day traders. Crypto doesn’t have much use for them, right? Wrong!

There’s a myriad of ways you can use cryptocurrency to improve your life without having to be very technically inclined or financial adept.

First on the list:

Hedging Against Inflation

So what can you do to protect yourself?

Along with investments in real estate, precious metals, and income-producing assets, cryptocurrencies are one way to hedge yourself against inflation.

All of the major cryptocurrencies have predictable and steady inflation that won’t lead to you being penalized for saving — or even worse, losing all your money to hyperinflation. Though they are much more volatile than say the USD or the Euro, in a situation where governments and their central banks decide to screw over the people in exchange for personal gain, they are a great way to preserve purchasing power. Additionally, compared to houses and car washes, cryptocurrencies are highly liquid — and you won’t incur a big loss if you need to cash out fast to get some spending money.

Transferring Money Overseas

Cryptos lets you transfer money quickly with transactions showing up instantly and taking mere minutes to confirm. Sounds awesome right?!? ‘Aren’t the fees outrageous though. I mean, for such a fast transaction I’d expect to be paying a premium’ The answer, a resounding no. If you are sending a Bitcoin Cash transaction, for example, you can expect to pay a transaction fee of just a few cents.

Let’s see if Western Union can beat that.

Overcoming Financial Censorship

Cryptocurrency, on the other hand, is incredibly difficult to censor. Want to buy a porn mag? A rifle? What about gold? Cryptocurrencies have got you covered. They are peer to peer, meaning there is no third party between you and the person you are buying from. No one to allow or disallow your transaction, no one to tell you how you can and cannot spend your money.

Sounds great, but how do I get my hands on some?

The easiest way to get your hands on some Bitcoin/Bitcoin Cash/Ethereum is to go to a centralized exchange, identify yourself, and have them run your credit card. Simple as that.

Popular exchanges include Coinbase, Kraken, and Binance.

Word to the wise though, as soon as you finalize the purchase, move your crypto out to a wallet that you control. Exchanges aren’t infallible and can be hacked, shut down, or otherwise corrupted.

If you don’t feel like giving up your personal information, you can opt for using a platform that connects you directly to individual sellers. Buying this way has higher fees and slower transaction times, but provides you with better privacy,

If you want to get your crypto like this, you can head over to LocalBitcoins and AgoraDesk, among others.

The uses for, as well the ways to acquire, cryptocurrency are endless. This was just the quick start guide.

Good luck!

Passionate about technology and business. Looking for new ways to leverage software to create value for others