What Can I Do With My Crypto?

Now that you’ve gotten a hold of some Crypto, you’re probably wondering – what can I do with this stuff? It might seem like meaningless-internet-money, but Crypto can be used all over the “real world” now. Here is the QC list of all of the best ways to use your hard-earned Crypto.

Note: This page is updated frequently – be sure to check back!

1. Hold It – Staking and Interest

Crypto has shown incredible gains since its inception – I don’t know of any other financial asset in modern history that can match it. You can treat your Crypto as an investment and hold onto it – or as the Crypto community has come to say, HODL (Hold On for Dear Life).

Aside from just HODLing your Crypto and hoping the price will go up, you can keep your coins and earn interest on them. In some cases, like the Tezos coin, you are “staking” the coin to earn interest – this basically means the coins are held to help the network function (you can learn about Tezos at Coinbase Earn). In other cases, your crypto is being loaned out and you are being paid a part of the interest fee.

On the simpler end, several Crypto exchanges and companies offer interest-earning programs – Crypto.com and Voyager are two of the best options. Crypto.com has flexible and fixed term options, and you can earn up to 18% APR on some coins; Voyager lets you hold onto your crypto and earn interest just for having a balance on the exchange. BlockFi is another company that only specializes in Crypto loans and interest – you can earn up to 8.6% APY on a variety of different Cryptocurrency holdings.

On the slightly more complicated end, you can use a variety of DeFi (Decentralized Finance) applications to loan out your Crypto and earn interest or use your Crypto as collateral to generate the DAI coin (a coin that is always worth 1 USD). In the first case, Compound is the most well-established DeFi app for loaning (or borrowing) Crypto – you can currently earn around 6% APY on most tokens there. In the other case (generating DAI), the only website to do this is Oasis. It can be a bit complicated (guide coming in the future), but in some cases, you can generate DAI without paying any interest – it’s an interest-free loan!

2. Pay For Stuff

The first “real world” Crypto transaction is now marked by the infamous Bitcoin Pizza Day, when somebody bought 2 pizzas in 2010 for 10,000 Bitcoins (for anybody not catching the math of this right away, those 10,000 BTC are now worth over 45 MILLION USD!).

Crypto has come a very long way since 2010 – you can now use it to pay on a wide variety of websites, and sometimes even in person.

  • Overstock.com allows you to now pay with several different Cryptocurrencies – Bitcoin, Ethereum, Litecoin, Dash, and Monero are all able to be used to pay for anything on the site!
  • Microsoft accepts Bitcoin as payment for games, movies, and apps in Xbox Live and the Windows store (be careful though – no refunds!)
  • Newegg, possibly the best computer parts store, accepts Bitcoin for payment
  • Purse.io allows you to use Bitcoin and Bitcoin Cash to shop for anything on Amazon
  • Pay Your Phone Bill – AT&T and Virgin will both accept a variety of Cryptocurrencies as payment
  • Expedia.com will allow you to pay with Bitcoin through Coinbase, and CheapAir will accept Bitcoin and Ethereum
  • Sports tickets – Tickets for Dallas Mavericks games can be bought with Bitcoin, and Miami Dolphins tickets can be bought with Litecoin
  • Crypto.com allows you to top up your Visa prepaid card using any Cryptocurrency on their platform, meaning you can use Crypto to pay for anything
  • Several websites allow you to exchange Crypto for gold and silver

3. Donate

Wikipedia is one of the most important websites on the internet, and it is operated entirely through donations – they just happen to accept Bitcoin, Bitcoin Cash, Ethereum, and Ripple.

Several non-profits accept Crypto as donations – GiveCrypto.org is associated with Coinbase and is working to help underdeveloped communities by giving Crypto directly to those community members. 100% of your donation goes to recipients and directly benefits these communities.

4. Support Content Creators

One of the best features of Brave Browser is the ability to tip creators using the BAT token. Rather than relying on ad revenue, you can help support content creators (e.g. YouTube, Twitch) directly.

5. Exchange it for Cash

Sometimes you need to take your Crypto and just get some Cash in the real world. There are several ways to do this, but fair warning – there will always be fees involved, so it’s best to do one larger transaction instead of several smaller ones.

The first method is to send your Crypto to an exchange that will let you sell it for cash – Coinbase, Crypto.com, and Voyager are all great options for this. One thing to keep in mind is that all of the exchanges act similar to a bank – any income you make from Crypto will need to be reported on taxes.

When selling through an exchange like Voyager, you will need to first send your Crypto to the exchange wallet, place a sell order (it’s always best to use Limit orders instead of Market orders), wait for the sale to go through, and then withdraw your cash to your connected bank account. This whole process will normally take around 4-7 business days, so don’t expect anything to happen instantly.

The second method is to sell your Crypto using a peer-to-peer service. The most well-known examples of this are Paxful and LocalBitcoins.com. Both of these websites connect sellers and buyers directly, and in general, are trustworthy. Do be aware – some people will try to scam you! Here is a great post from a Bitcoin forum about common scams on Paxful. Remember – if something seems off, trust your gut!

6. Transfer Money

One of the best uses of Crypto is transferring money to others. Traditionally, you would go to a bank and send a wire transfer, or use a company like Western Union. Both of these options are slow and expensive when compared with Cryptocurrencies.

Almost all Cryptocurrencies will have a small transfer fee, but these are normally minuscule compared with bank fees. There is even a Crypto, Nano, that has zero transfer fees and is sent almost instantly!

Anything Else?

There will always be new ways to use Cryptocurrency popping up. Let us know about your favorite in the comments below. As always, we’ll do our best to help if you have any problems.

Happy Crypto-ing!

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