Cryptocurrency has completely changed the way we think about money. No longer is fiat currency the only way to earn and spend – crypto and NFTs have entered the market and replaced many cash transactions.
Digital currencies like Ethereum and Bitcoin have become almost mainstream, and their uses are expanding into different sectors, allowing those who have hoarded their crypto many fun ways to spend.
Online gaming has become one of the most popular spending avenues for crypto enthusiasts. Many online platforms and gaming subscriptions now accept Bitcoin and other digital currencies, allowing players to access their favourite games. This has extended beyond normal PC or console gaming to include online casinos too. Among the best Bitcoin casinos, players can enjoy seamless transactions and privacy, and even receive bonuses and promotions when using cryptocurrency to play.
Another fun and rewarding way to spend your crypto is to purchase gift cards. Many popular retailers and other online services offer gift cards in exchange for Bitcoin and other cryptos. This allows you to spend your digital assets on special treats (or more mundane everyday items) without first having to convert them to fiat currency. Retailers like Takealot and RunwaySale accept crypto payments for their gift cards (and products).
Cryptocurrency has also entered the luxury goods market. Look beyond local stores like Woolworths and Edgars and access luxury online stores like Balenciaga and TAG Heuer to spend your digital currencies. Even famous fashion houses like Gucci and Ralph Lauren accept crypto, including Bitcoin, Ethereum and Dogecoin.
You can also use your crypto to invest in a wide range of assets. Thanks to decentralised finance (DeFi), there are plenty of investment opportunities that have opened up that were previously inaccessible to potential investors. DeFi allows people to send money and complete transactions without the assistance of a bank or brokerage. Crypto can be used to invest in various products, including property, staking, and liquidity pools. To use crypto for real estate investments, a process called tokenization occurs. With this process, you can own a part of the property, without having to purchase the entire property.
Travelling has also become increasingly popular with crypto enthusiasts, as more airlines, hotels and travel agents start accepting crypto payments. Digital currencies can be used to book flights, pay for accommodation, and enjoy local experiences. For example, South African Travel Desk has paved the way for local travel agents, offering bespoke travel packages in exchange for crypto.
Thanks to the global nature of crypto, there’s no need to convert your rands into a foreign currency, and your transactions are also more secure. You also won’t have to travel with large amounts of cash.
Cryptocurrency opens up a world of possibilities for South Africans who want to spend their digital assets in exciting ways. Whether you’re gaming online, purchasing goods or investing in your future, the flexibility of crypto allows you to have fun.
