Many holders of large cryptocurrency assets as well as owners of small numbers of coins have begun to consider what they can actually do with their “digital gold”. Coins are kept in cryptocurrency wallets, their rates grow, but what actual benefits do virtual currency holders receive from that? It’s obviously not enough just to observe the numbers to go up.
As prices of digital assets and the number of their users have increased significantly, more and more opportunities to use them as a mean of payment appear everyday. The issue, whether we will use cryptocurrency to purchase goods and pay for services, just like we do with fiat money is very important for the future of these virtual assets. Some sellers accept digital currencies directly, however, their number is yet relatively small. Besides, many agent services were created to provide users with the opportunity to pay with virtual coins for even more goods. They take virtual currency from users, buy goods for fiat money and transfer them to a buyer. Moreover, special cryptocurrency ATMs have been placed in many cities all around the world. People can use them to convert, exchange, send or withdraw digital coins. Today The Coin Shark will tell how to find a spot to spend your cryptocurrency.
How to find spots accepting cryptocurrency
Let’s say, you’ve arrived at any city or just decided to spend cryptocurrency in your hometown, but you have no idea if there are any places that accept it and where are they located. Well, you can use special services, like Coinmap or SpendBitcoins. Coinmap is actually a map that displays trading locations that accept cryptocurrency as a payment. It is also possible to add and change information about crypto-friendly shops and stores, view their rating and search for a particular store, if you know its name or address.
How to withdraw coins if nobody accepts them nearby?
There are also services, like CoinATMRadar, that show the location of cryptocurrency ATMs. It can happen, that there is no place accepting virtual currency nearby, so you have to check if there’s a cryptocurrency ATM somewhere around to withdraw coins and get fiat money. In addition, you can make other operations with cryptocurrency using these ATMs. There is a number of coins that already have their ATMs, including Bitcoin, Ethereum, Monero, Dash, Zcash, Dogecoin, etc.
Is it possible to buy online?
Online cryptocurrency trade is developing rather actively. There are plenty of services offering to buy a product and pay with virtual currencies. For example, OpenBazaar – a decentralized e-commerce commission-free platform where bitcoin is used to make payments. Another example is SpendBitcoins. This service helps users find millions of different goods that can be sold for bitcoins. SpendBitcoins searches the Internet and finds platforms and stores that accept cryptocurrency as a payment for a needed product. Users should just type the name of this product and the service will show all small and large spots where it is possible to buy it with virtual coins.
Anyway, there are more and more places to spend virtual currency appearing every year, and this definitely has a positive impact on the liquidity of particular coins and the cryptocurrency market in general. However, it is still a very small part of cryptocurrency that is actively used in economic relations. Despite all the advantages of virtual means of payment, only a few virtual currencies have a fairly good liquidity, while other popular altcoins having a really huge market capitalization still do not provide any opportunity to spend them directly.