You don’t need to be a tech mogul to have heard the hype about investing in crypto. This decentralized form of digital currency has been top of the financial news for years at this point, and, while headlines often center around the volatile nature of investments here, one fact also remains ever-present: people who invest wisely often see pretty hefty returns.
As such, you wouldn’t be alone if you invested a chunk of your savings this way. Or, perhaps someone gifted you cryptocurrency back in the early days, and now you’re dealing with a pretty sizable portfolio. On the surface, it’s great news, but what on earth should you do with that cash potential?
After all, in theory, cryptocurrency feels like nothing at all, especially considering that your fortunes could change in a flash. So, you sit back, ignore all of that crypto stuff, and get on with your life. But, what if we told you that there are plenty of ways to turn cryptocurrency from a crazy concept into hard cash (or near enough)? Keep reading to find out what they are.
# 1 – Know Where to Store Your Crypto
Crypto won’t do any good if you leave it in your investing account indefinitely, so your first plan of action might be to put it somewhere ready for spending. Great. But, where?
Well, just like real cash, your crypto needs to go in a wallet, only this will be digital. Luckily, there are plenty of crypto wallets available for simple download, and they can be hosted (held through a third-party for ease) or self-custody (entirely your responsibility). There are pros and cons to each option, and it’s worth weighing those up before making your choice.
Also, be aware that, whatever your decision, you’ll need to find a way to monitor and track your wallet. For this, you’ll need a block explorer, which enables you to keep track of transaction data (sort of like a banking app might). Again, you could choose a third-party block explorer or use a platform like Autoscout to launch OP stack block explorer for yourself in a few simple steps. Either way, you’ll then be free to monitor your crypto incomings and outgoings as easily as if they were right there in your pocket.
# 2 – Find Practical Ways to Pay
Okay, we’ll level with you – paying for everyday expenses with crypto still isn’t as easy as using cash. But it also isn’t as difficult as you might think.
In truth, ways to spend crypto are constantly evolving. For instance, did you know that many major merchants now accept direct crypto payments? From PayPal to Whole Foods and even Home Depot; you can pay them all with digital cash.
You can also now pay bills directly with crypto through platforms like BitPay, making crypto useful for everything from your energy bills to your mortgage and monthly subscriptions!
Cryptocurrency may still seem like an elusive thing, but it’s easier than ever to turn this crazy concept into hard cash that can actually transform everyday spending!