The past year has seen cryptocurrency investors snatching headlines as their wealth literally multiplied overnight. Many investors come into the space to make money off speculation, and critics have called it a bubble bound to burst, a product with no fundamental value, and cautioned against investing in the space.
Contrary to these critics, we at CryptoGrinders firmly believe that cryptocurrencies, and the underlying technology, are here to stay; not just as an investment opportunity, but as a part of everyday life.
The investment craze has made it difficult for cryptocurrencies to function as actual currencies; the valuation of Bitcoin varies not just from day to day, but minute to minute. For this reason, Steam stopped allowing the use of Bitcoin as a payment method in December 2017. However, this has not stopped cryptocurrency from being used as a payment method around the world. Here are some of the top 5 ways to spend your cryptocurrency.
Rather than paying for a holiday with cash, why not use some of your Bitcoin?
Tying up with Coinbase, Expedia allows for flights and accommodation to be paid for using Bitcoin. A travel booking site, Expedia covers everything needed for a holiday, such as accommodation and transport, as well as vacation packages that include things like car rentals. All of these can be purchased using Bitcoin.
CheapAir accepts Bitcoin for their flight and accommodation booking as well. CheapAir offers its passengers deals for luxury flying, such as first-class seating on Singapore Airlines. Passengers get ample space to lounge around during long flights, complete with an A-grade amenities bag from Ferragamo.
Online retailer Overstock accepts all major cryptocurrency as a mode of payment, and uses Shapeshift to convert them into Bitcoin.
Overstock sells a vast array of products to cater to every need. If your investments have paid off, why not spend some of those crypto profits on renovating your house with their furniture collection. Or use it to surprise your other half with some jewelry.
Newegg is another online retailer that accepts Bitcoin as a method of payment for tech gadgets. Trading cryptocurrencies can be difficult on a small screen, why not use some Bitcoin to upgrade your rig? A good screen can make all the difference, literally giving you a clearer picture.
Microsoft is another outlet to spend your cryptocurrency. While they do not accept Bitcoin for all products, it can be used to purchase games, applications and films in the Windows Store or the Xbox store.
If a store does not accept cryptocurrency payment, fret not. Online platform eGifter allows you to purchase gift cards using Bitcoin or Bitcoin Cash. These gift cards can then be redeemed for products from the respective stores. eGifter covers many large brands, such as Adidas or Apple, and is a great way to spend your cryptocurrency.
Shopify, a platform where individuals can set up an online retail shop easily, has also added Bitcoin to its list of payment methods. Individual shop owners within Shopify can easily add a Bitcoin payment option to their site, and begin accepting cryptocurrency as a form of payment. The number of retailers who have chosen to do so are growing, which is good news for anyone looking to spend their cryptocurrency.
Simply put, cloud computing is the delivery of computing services through the internet. One example of cloud computing would be emails: by signing in to an account using any device connected to the internet, a user is able to access the ‘cloud’ and retrieve information from their mailbox.
One of the main benefits of cloud computing is flexibility. Bandwidth usage is not always fixed, especially when it comes to small businesses. Rather than purchasing expensive hardware just to cope with peak periods, cloud computing allows scalable bandwidth, where the user only pays for what he/she uses.
Currently, cloud computing is provided by large companies such as Amazon. Microsoft and Google. In exchange for a fee, these giants ‘loan’ users their servers and computational power for usage. Naturally their prices have to cover the cost of maintaining expensive hardware 24/7.
Golem (price as of writing GNT $0.27) aims to change the way the cloud computing industry works. Rather than having a centralized location where the equipment is stored, they have created a decentralized network of computers that provide computational power.
Users who join the network give up some of their unused computational power in exchange for GNT. Rather than having a computer that sits idle while you’re at work, why not let it gain some passive income?
Their first product, Brass Golem, is scheduled for release in the first quarter of 2018, and will allow users to use cloud computing for CGI rendering.
Buying Clean and Green Energy
More and more attention is being invested in environmentally friendly projects. WePower (price as of writing WPR $0.10) steps into the fray as a token that allows for the purchase of green energy that is being produced.
WePower has several benefits, both for consumers and suppliers.
Consumers are able to purchase green energy from anywhere in the world using WPR
All information about the energy grid is translated into tokens, which allow users to see how energy is consumed, and how much CO2 is being produced
Anyone can get in on the production of green energy by selling energy they will produce in the future, and using the money to set up their green energy power plant
With WePower, the green energy landscape will be massively changed. As people grow increasingly concerned with global warming and pollution, WePower positions itself well to cater to a market that will definitely grow in size in the upcoming years. More than that, it is also an extremely sustainable business mode, both financially and environmentally.
Bring Music Back to Life
It is a commonly joked about that artists are poor; there is truth in jest. In this day and age, being an artist is both harder and easier at the same time. On the one hand, there are many platforms to gain an audience: YouTube, Spotify and Tidal are all good platforms that have millions of users where an artist can gain exposure to audiences all around the world.
On the other hand, it is difficult to turn this exposure into an income. The middlemen platforms mentioned above take the lion’s share of the payments, and then pass on the remainder to the label. By the time earnings trickle down to the artist, it is often late and miniscule.
This model is clearly not beneficial for the industry: talented artists are struggle financially, and without any income, the motivation to become an artist will continue to wane over time.
Fenix.Cash aims to solve this problem by augmenting the income of artists to ensure that artists are able to continue to produce music full-time, and intends to do so via three methods.
Firstly, using the Fenix.Cash application, artists will be able to showcase merchandise to their fans. Items such as customized t-shirts, signed vinyl records or even exclusive concert tickets can be sold through the Fenix.Cash application, and fans will purchase these items directly from the artists using FENIX tokens.
Secondly, artists can customize a channel within the Fenix.Cash application, and will receive income as more and more fans view their channel. Unlike YouTube, the earnings go directly to the artists.
Finally, a portion of the FENIX tokens are reserved as grants to artists, and will be distributed over the next 2 years as a way of helping artists get a fair payment for their work.
For music lovers, FENIX token is going to be a good way to spend some crypto-earnings, and support your favorite artists at the same time! Fenix.Cash looks to be a promising project; as the music industry gets revitalized, more and more artists will be able to grow and thrive in the space.
Cryptocurrency is not just about investment and speculation. Increasingly, there are more and more use-cases for it in the real world. As more and more industries integrate blockchain technology into their infrastructure, you can expect to see much more use-cases for cryptocurrencies. Don’t panic just yet; the real value of cryptocurrency is only just beginning to show itself.