Swap Tracker
June Katz 23 Aug 2023 ◦ 3 min read

What Can You Do with Cryptocurrencies?

What Can You Do with Cryptocurrencies?

The first Bitcoin transaction took place over 10 years ago. Between now and then, a significant amount of people have made a vast amount of money on crypto, others have seen their hopes and dreams shattered by the market conditions. A disastrous bear market caused many crypto investors to end up holding their funds in hopes of better times. These filled bags call for different measures, that’s why we’ll have a look at some of the use cases for cryptocurrencies in 2020 and beyond. The regular practices with cryptocurrency involve the usual activities of any financial market: buying and selling. When we start looking for alternatives, that’s when it gets interesting.

Crypto Holding

When you buy cryptocurrency with the state of mind to invest for the long-term, that’s when you hold. If you are lucky, you have the chance your tokens increase in price. Over the years, this term changed from its real meaning to a meme, commonly known as “HODL”. This refers to people holding their tokens because of the market going down and the tokens losing their value.

Crypto Staking

Any blockchain has a consensus mechanism integrated into its protocol. In the case of a Proof-of-Stake blockchain, there exists the possibility to stake crypto. When you stake your tokens, you allow the network to utilize your tokens as a means of reaching consensus. In return, you receive a reward in form of extra tokens. Some tokens have annual returns of more than 10%, where others have no more than 1%. The more you stake, the more staking rewards you get.

Crypto Lending

Within the traditional financial ecosystem, we’ve got used to banks issuing loans to companies and consumers. Within the blockchain ecosystem, this can now be done between people, peer-to-peer. In this case, you can loan your cryptocurrency to other people, and by doing so, you earn interest. One of the major companies providing cryptocurrency lending is Nexo.io, having an annual return of 5.9%. This requires you to do nothing more than depositing your funds into the platform, the rest is taken care of by the platform. You sit back, relax and see the profits coming in.

Social Mining

Another possibility to utilize your cryptocurrencies is social mining, a combination of staking and mining. This is a fairly new use case introduced as an innovative way to market projects with smaller communities. The users deposit a certain amount of the tokens associated with the project to be eligible to earn rewards. After that, the users start creating content and work hard to receive upvotes on the platform. The leaderboard on the platform consists of those who dedicate themselves the most. They hold most of the tokens and create most of the content for the project. Projects like LTO, Elrond, and Ferrum have integrated crypto social mining and use their community to market their projects.

Means of exchange

We should not forget: we can pay with cryptocurrencies. There are 5 major companies like Microsoft, Expedia, Wikipedia, AT&T, and Overstock that are already taking payments in the form of Bitcoin and other cryptocurrencies. Besides these, there are multiple charitable foundations as well as physical stores that accept cryptocurrency. There are lists of aggregators that constantly update all the stores and businesses, worldwide, that accept cryptocurrency as a form of payment, like Coinmap or Spendabit. Are you one of these people who has been affected by the bear market, are you stuck with loads of altcoins? Then start digging into the possibilities to use these cryptocurrencies to generate more wealth – believe us, it’s possible. Whether it’s crypto staking, lending, social mining or you feel like spending your currencies, you can do than you might think!

Related Posts

Best Crypto Investing Strategies in a Bull Market

Best Crypto Investing Strategies in a Bull Market

27 Mar 2024 ◦ 13 min read
The ever-growing bull market has been called investor heaven for a reason. During periods of stable growth in quotations, almost any, even the most aggressive portfolio with the maximum level of risk laid down, does not cause concern to the holder, and the income figures regularly
Top 2024 DeFi Trends: Navigating the Future of Decentralized Finance

Top 2024 DeFi Trends: Navigating the Future of Decentralized Finance

25 Mar 2024 ◦ 11 min read
Decentralized finance (DeFi) has been a new paradigm in the crypto world for a few years. By 2024, the DeFi ecosystem will continue to develop rapidly. In this article, we will look at what DeFi is, how it works, and most importantly, what the future trends of DeFi are.
Ways to Earn Free Crypto in 2024

Ways to Earn Free Crypto in 2024

15 Mar 2024 ◦ 8 min read
Cryptocurrencies have seen tremendous growth and adoption over the past decade, with Bitcoin standing out as a leading player in this digital revolution. However, amidst the challenges of price volatility and media speculation, some individuals may hesitate to invest in these digi
Common Mistakes in a Crypto Bull Market and How to Avoid Them

Common Mistakes in a Crypto Bull Market and How to Avoid Them

13 Mar 2024 ◦ 8 min read
The cryptocurrency market is on the rise, prompting many individuals to seize the opportunity and get involved in the fast-moving trend. However, not everyone is aware of how to navigate this trend effectively and the potential consequences of hasty actions. In this article, we wi

Where all instant exchangers met for your smoothest experience

Maximize profits, minimize search

Recent Posts

Best Crypto Investing Strategies in a Bull Market
Top 2024 DeFi Trends: Navigating the Future of Decentralized Finance
Ways to Earn Free Crypto in 2024
Common Mistakes in a Crypto Bull Market and How to Avoid Them

BTC  to ETH : Best Rates

btc-icon
btc
0.1