What Exactly Can You Buy with Cryptocurrencies?
You never hear the end of initial coin offerings and token generation events if and when you look around at most cryptocurrency related websites, and it is those schemes that do tend to be given the most prominence on such websites.
You should however be very wary about taking the advice of total non entities online or from people who have no real world experience of investing, for many of the websites, YouTube videos and even tweets and Facebook messages you will come across promoting initial coin offerings and token generation events are only done so as the person compiling and sending them are earning a cut of any income made from them!
However, today I want to take a look at not token generation events or initial coin offerings, but look at exactly what you can use cryptocurrencies to buy.
After all, when Bitcoin as first launched it was done so with the sole intention of people using it as a form of payment method as opposed to being an investment opportunity.
Sadly though, I doubt Bitcoin in particular is not going to be used for its intended purpose for a number of years for people are much more interested in buying into it as a means of investment rather than using it to buy all manner of goods and services!
So let me now take a look at what you can buy with Bitcoin any cryptocurrencies and also look at the pros and cons of using a cryptocurrency as a form of payment method too.
You Can Buy Anything with a Cryptocurrency
I decided to spend the morning taking a look at just what I can buy online using Bitcoin and other cryptocurrencies, and to be honest there wasn’t anything I couldn’t buy online!
There are of course plenty of services that can be paid for using any digital wallet and any cryptocurrency too however one of the things that does tend to put off people using cryptocurrencies is that they are always going to be subject to some huge volatilities in regards to the value of their cryptocurrencies.
As such you may find something online you want to buy that could be bought and paid for using for example Bitcoin or Ethereum, only to find hen you set about paying for it the actual equivalent price in a fiat currency has massively increased in value due to the volatility of that chosen cryptocurrency however it is also true to say the opposite is also true too.
So if you do finally take the plunge and decide to start using a cryptocurrency, then be aware that you are often going to find the price you will have to pay can shoot up one minute or down the next, and that is sadly going to be quite a while until the price of any cryptocurrency does level out and they become a popular way for people to pay for any type of goods or services online.
Consider Using Low Value Cryptocurrencies
One thing I would possibly steer you away from doing, if you are planning on using a cryptocurrency as a form of payment method, is to avoid those much higher cost ones, such as Bitcoin and to some degree Ethereum too.
There are some much lower costs ones that are listed in the top 10 cryptocurrencies by market value, and many of them are generally accepted by online merchants too, which does of course mean you are not going to be subject to huge swings in their respective values as there isn’t much room for their values to drop being so low in price!
Also, one thing I do know does become a shock for many people when they initially set about buying into any cryptocurrencies are the transaction fees and also the exchange rates they end up paying when buying cryptocurrencies, on top of the actual spot price for those cryptocurrencies.
So please do heed my advice when I say that you need to spend quite some time weighing up the pros and cons and the additional fees and charges you are going to be hit with when using a digital currency exchange to initially buy your cryptocurrencies.
Try not to rush into simply buying into just Bitcoin, which is a mistake many people do make as there are more than enough of alternatives to Bitcoin now available, many of which will cost you a fraction of the price of Bitcoin and offer the exact same things to you as Bitcoin does!