What can you do with your Cryptocurrency?

Featured article by Emma Jones, content writer at TechsCrunch

With the fuss happening due to cryptocurrency, there are a lot of people trading it in the society. Besides the trading, people aren’t aware of the products and services that they could get through the cryptocurrency.

You must also check how to invest in ICO to utilize your cryptocurrency.

Key Definitions

Cryptocurrency

Cryptocurrency is the digital currency based on encryption and blockchain technology. It uses secured software to track the transfer and ownership. It uses peer to peer network without any control of central authority. Bitcoin was the first cryptocurrency to gain the substantial value in the market.

Blockchain

The blockchain is the technology that is used in the cryptocurrency. It is a decentralized public ledger that records every transaction having the seamless security.

Now check the list of products and services one can buy with the cryptocurrencies.

1. Food

Buying food and grocery items through virtual coins are the new way of transformation in the payment system. Usually, the Bitcoin is used to purchase the goods and services. In order to be able to use the Bitcoin for buying foods, it is important to know the merchant. There are few applications that help to get the exchange of coins to buy the food or grocery items and locate merchant. First one is the blockchain.info which is the useful applications to locate the merchant that shows in the map who accept Bitcoin. The second one is Coinmap.org which tracks the stores and locations that accept the Bitcoin in exchange for food and groceries.

2. Flight Tickets

This is strange as there is a clash between two dynamic pricing models. Air ticket rates changes every minute and same is the case with cryptocurrency. There is rise or fall of cryptocurrency changes minute to minute. But there is an exchange of virtual coins for flight tickets at the exact value of cryptocurrency at the time of the transaction. Expedia accepts the payments through Coinbase which is the popular trading platform. It is the better way to book flight tickets by paying with the virtual coins. The great thing about buying the flight tickets through crypto is you don’t have to pay the taxes that are often too costly.

Some of the participating airlines that accept the crypto payments are airbaltic, BTCtrip.com, Cheapair.com, Destinia.com, etc. There are also holidays which can be booked by using cryptocurrency. There are risks associated with cryptocurrency payments and due to this reason; many people aren’t doing the transactions. But as there is the fuss about Bitcoin everywhere, there will be more transactions for flight tickets in this and coming years.

3. Gift Cards

If you want to surprise your loved ones then you can buy a gift card for them. The virtual coins can be used to buy the clothes, food or even the furniture products. You have to search the retailers that accept the cryptocurrency in exchange for the gift items. The great thing is Amazon which is one of the biggest retailers accepts this service. It is one of the retailers from whom you look to buy everything. So, your special someone when receives the gift finds it suitable for their preference.

4. Gold

Many people want to reap the benefits of cryptocurrency into the credible object. This can be possible by buying Gold. Some companies sell the gold in exchange for the cryptocurrency. Gold is the precious asset for all times as there are no risks of losing in the investment. If you aren’t sure about the crypto’s future then you can buy gold and fade away all the worries. Always choose what is convenient for you by knowing its outcome and prefer to apply for your investment.

5. Real Estate

Real estate revolution or REX is the decentralized platform for listing the real estate service that functions on the ethereum blockchain. You can buy the property or rent the home by exchanging the cryptocurrency with the seller. The best thing about such transaction is there are no third parties involved. But be careful the transactions through crypto coins are irreversible. Usually, Bitcoins are used for such transaction.

There are three cases that have emerged with the cryptocurrency in real estate. First one is it uses peer to peer property transfer on rent. The second one is asset tokenization of real estate. Lastly, it creates trust and authenticating real estate transactions.

The real estate companies use peer to peer network that allows transfer of rent allowing buyer and seller to transact directly reducing the extra commissions. Firms focussing on the real estate make it easy and secure transactions between the two parties. Token are generally treated as securities.

Final words

This is the list of few products or services where cryptocurrency is playing a big role. But it is ultimately you who are going to take the decision of utilizing the crypto coins so think twice before buying.