Can we start using cryptocurrencies in our day to day life?
Several businesses and platforms are accepting payments in the form of cryptocurrency. This has created space for the use of cryptocurrency in daily operations. Everyday transactions on various platforms can now be done using cryptocurrency as it involves less processing time and low transactional costs. While cryptocurrency is still quite far from becoming the most commonly used method of paying, it is being used in various kinds of online transactions and many are also investing in it.
Can Cryptocurrency Be Used in Daily Life?
Cryptocurrency can be used in daily life, if the businesses or platforms you use accept it. Online platforms, including real estate sites, medical consultations, marketplaces and financial services, are beginning to accept cryptocurrency, especially Bitcoin. So if you include the use and purchase of such services or products in your daily life then you can definitely pay with cryptocurrency.
One example in the online trading sector that accepts cryptocurrency is easyMarkets, where you can deposit, trade and withdraw Bitcoin. The uBTC account from easyMarkets allows you to trade more than 200 instruments, including forex pairs, commodities and stocks. There is no need to exchange Bitcoin for any Fiat currency. The use of this account for your regular trading activity is easy and efficient. The uBTC account also helps to protect your funds during a volatile period or when the market crashes, by offering the same trading conditions and risk management tools available to all clients of easyMarkets:
- Negative balance protection – ensure that your balance does not slip below zero
- Fixed spreads – know your trading costs at all times
- No slippage – even in volatile conditions
- Free, guaranteed stop loss – popular trading tool for risk management
Benefits of Using Cryptocurrency
There are many benefits of using cryptocurrency. If the business you are buying from accepts cryptocurrency payments, you can save a lot on transactional charges. You can also use cryptocurrency from anywhere in the world, without having to worry about the hassle of cross-border transactions as those can be done easily, at very low costs.
What Are the Risks Involved in Using Cryptocurrency for Day-to-Day Transactions?
Cryptocurrency is often subjected to fluctuations. This is one of the biggest risks in using it for day-to-day transactions. The prices can slump and this will cause the markets to crash. Another risk in using cryptocurrency is that it will not be accepted by most platforms, especially because it is not regulated by any government or centralised financial agency. However, easyMarkets offers risk management tools that can help traders to assess all risks and strategize accordingly.
Safe Use of Cryptocurrency
Before using any cryptocurrency for transactions, it is necessary to check how safe the platform is. Look for regulating licenses to ensure that the platform is a secured space. easyMarkets is regulated by authorities like ASIC in Australia and CySEC in Europe.
Companies like PayPal, Twitch, Xbox and Etsy already accept cryptocurrency in the form of Bitcoin for transactions and more are likely to join the list. Thus you can invest and start using cryptocurrency, as long as you have some strategies and safety tips to rely on.