It’s official: cryptocurrency has gone mainstream. With 2021 being termed the ‘breakthrough year of cryptocurrency’, experts are predicting a bright future for digital currencies in the coming years. It is expected that interest in cryptocurrency will only continue to skyrocket. More payment platforms and companies are jumping on board to accept digital currencies, consumers are using Bitcoin to finance their home-owning dreams, make everyday purchases, and even as BTC payments in online casinos. With the uses for cryptocurrency in the real world increasing daily, it seems like digital currency is set to go from mania to mainstream very soon.
Use Cryptocurrency As Legal Tender
As the use of cryptocurrency in the real world becomes more normalized, more businesses are announcing their intention to accept digital currency as payment. Some of the major companies accepting Bitcoin and other digital currencies include Microsoft, Whole Foods, and Paypal. Consumers can even pay their insurance premiums with cryptocurrency as AXA Insurance announced it would begin accepting cryptocurrency from April 2021.
Buy A Home With Bitcoin
As digital currencies meet the real estate market, more consumers are using their earnings from cryptocurrency highs to purchase a home. A major benefit of swapping Bitcoin for real estate is the stability it can bring to your investment portfolio. Cryptocurrency is known for its volatility while real estate has traditionally been seen as a less risky investment. Buyers are also enjoying the shortened timelines in the house buying process since many of them often have a significant down payment or the entire purchase price.
Cryptocurrency miners are also using their cryptocurrency to secure loans to buy homes. A good example is Michael Anderson, who left his corporate job in favor of cryptocurrency investing. Later on, he went on to borrow against his cryptocurrency holdings to buy a home in San Francisco. The key to making it work: getting both parties on board. Once you can agree with a seller on accepting Bitcoin for the home sale, your next step would be to speak to one of the crypto-friendly mortgage lenders on the market.
Bitcoin Debit Cards
For the businesses that are not ready to accept Bitcoin and other cryptocurrencies as payment just yet, there is another way around it: the use of bitcoin debit cards. Very similar to a preloaded debit card, Bitcoin debit cards are accepted worldwide and give consumers the freedom to spend their cryptocurrency in any store they would like- regardless of whether they accept Bitcoin or not. Companies like Coinbase and Crypo.com have also begun to offer cashback rewards for their Bitcoin debit cards, proving just how mainstream the idea has become.
However, just like credit and debit cards, Bitcoin debit cards are offered by a range of lenders and all come with different perks, fees, and cryptocurrency they support. They can also be limited internationally by stipulating the countries they can be used in. For instance, Bitpay’s debit card has no transaction costs but outside of the U.S., it increases to 3 percent. Similarly, Wirex’s Crypto debit card has a 2.25 Euro transaction fee in Europe and an additional 3 percent charge outside of Europe for withdrawals.
These are just a handful of the ways cryptocurrency is being used in the real world. As the worldwide mass adoption of digital currencies continues, we will continue to see Bitcoin and other cryptocurrencies being used more regularly and frequently in everyday transactions around the globe.
