Americans are finding a wealth of new ways to use and spend crypto in 2023
With Bitcoin now entering its 15th year, it is fair to assume that crypto is here to stay. It is also clear that the widespread mass adoption to render fiat currencies obsolete that some were predicting a decade ago is still some way away.
Having said that, crypto has certainly grown in popularity and adoption over recent years. A recent survey by Morning Consult suggests about 20 percent of Americans own crypto. That’s comparable to the percentage who wear a wristwatch every day, and while it is short of “mass adoption” it is certainly significant.
Two thirds of crypto owners buy digital currency as an investment, hoping to profit from its well-known volatility. That’s unsurprising, Bitcoin has almost doubled in value since dropping to around $15,000 at the end of last year, and plenty of people are talking up its chances of hitting $100,000 in 2024.
However, it is the flip side of that digital coin that is more telling – a third of Americans who buy crypto are not simply hoping to flip it for a profit. There are more reasons for using crypto for purchases and transactions than ever and more ways of doing so in 2023. How are you spending yours?
Token-based business investment opportunities for all
The number of new business startups in the US is rising year on year, and has approximately doubled since 2010 to more than 70,000 in 2022. A growing percentage of these use digital token based fundraising to provide them with the seed capital they need. This makes it possible for private investors to get involved in an area that was once accessible only to venture capital firms.
Investing in a new business is fraught with risk, and more startups fail in the first year than thrive. However, choose the right opportunity, and the returns can be out of this world. Clearly, you need to know what you are doing or at least have an expert and trusted advisor to hand before you invest your hard-earned coins.
Bitcoin poker is the latest craze among card players
We could issue the same caution about this next popular crypto opportunity. Millions of Americans play poker online for fun, and a few thousand of them are skilled enough to do so for profit. Whichever category you might fall into, playing online poker with cryptocurrency makes a lot of sense.
The benefits are similar to those of using Bitcoin for casino gaming. Transferring funds between a digital wallet and a poker account is straightforward regardless of where you live and any state rules that might complicate bank transactions. It is also fast, frictionless and secure. Most platforms do not charge transaction fees for playing poker with Bitcoin, either – and even if they do, they are likely to be significantly lower than other transaction methods.
Transfer money anywhere at lightning speed for minimal cost
Whether it is to make a business purchase from an overseas supplier or to support family members in other parts of the world, transferring funds internationally can be costly and time-consuming. Bank wire transfers often take days depending on the banks and nations involved, and the exchange rates and transaction fees can be brutal.
Crypto is borderless, it has no conception of international boundaries, so you can make peer to peer transactions with anyone anywhere without incurring these kinds of costs and delays. The genie was released from the bottle in 2018, when unnamed parties completed a $99 million transaction using Litecoin. The transfer was completed inside three minutes and incurred a 40 cent transaction fee.
Since then, businesses have taken note. More than half of multinationals use crypto for cross-border payments, and data gathered by Juniper Research suggests that by the end of next year, cross-border B2B crypto transfers will surpass $4.4 trillion.
Fund your travel plans and boldly go
If the events of 2020 and 2021 taught us anything it is that we shouldn’t take to opportunity to explore new places for granted. Expedia, CheapAir and Destinia are just three examples of the numerous travel agents that accept crypto payments for flights, hotels and car hire. With Bitcoin ATMs in more countries than ever, it is easier to convert your digital funds to local currency at your destination, too.
If travelling the globe is too tame, Virgin Galactic accepts Bitcoin payments for those wishing to join its Future Astronaut Academy and take a 90 minute trip into space. Be warned, however, it doesn’t come cheap, and the overall experience will set you back $450,000.
Develop your real estate empire – great or small
There has been plenty of media coverage about buying real estate using Bitcoin recently, especially in locations like Florida, that are popular with investors. However, you don’t need to be a millionaire property tycoon with eight figures to back you up in order to join the party.
Sure, you can find luxury villas and even private islands that can be bought with Bitcoin. But there are opportunities for investors with more modest budgets, too. For example, on Crypto Emporium, 1.3 BTC will buy you a nine-bedroom villa in Cambodia, or for just over 2 BTC, you could be the proud owner of a farm on 35 acres in Norway.
Treat yourself to some luxury goods
Few high street retailers are accepting crypto, but if your tastes run towards the luxury brands, it is a different matter. If you are in the market for a Rolex or a Lamborghini or even a unique work of art, Crypto Emporium is, again, a good place to start your search, but shop around, as there are plenty of other sellers online, too.
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