Cryptocurrencies are digital money with the same application scope as conventional currencies, with the addition of a few interesting use cases such as in-game tokens, metaverse crypto, DeFi crypto, NFT marketplaces, etc. Trading and investing are the most common ways to use digital coins. Besides, the application of cryptocurrencies in the real world is also increasing. Here is what you can buy with crypto in the real world:
- luxury items such as yachts;
- real estate – apartments, houses, etc.;
- book accommodation in hotels;
- pay for travel tours;
- fill the car and pay with crypto;
- even order pizza or coffee.
The number of businesses accepting settlements in crypto is expanding. Let’s see how it actually works when you need to pay for service with crypto.
The Role of Cryptocurrency Exchanges
A cryptocurrency exchange platform is a service that allows users to buy digital coins, sell them, swap, trade, or hold them in the long term. Some big crypto exchanges ensure reliable and safe crypto storage: Binance, WhiteBIT, Coinbase, etc.
Crypto exchange platforms not only allow trading options but also provide reliable wallets for storing crypto coins. If you buy crypto and plan to hold it in the long term, waiting for the market to grow in the future, it is logical to use a cold wallet (a ledger or USB). Such devices are always offline, which makes quick transactions impossible. You connect a device to your laptop and withdraw funds if you wish and when you wish, but it takes time.
A hot wallet is what big crypto exchanges offer. They are always online, and you can reach them anytime without reconnecting.
Suppose you registered on the WhiteBIT cryptocurrency exchange, downloaded the wallet app, and bought some crypto. Once you get the wallet, you can conduct financial settlements. For example, a network of filling stations started to accept crypto. Next time you need to fill your car, you can use the WhiteBIT wallet. It takes a few simple steps: enter your wallet, scan the QR code of the filling station (or any place like a shop, restaurant, cinema, etc.) and transfer the needed amount of coins to the company’s wallet. That’s it.
We recommend picking a credible cryptocurrency exchange platform for efficient use of a quality and convenient wallet.
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