Crypto Spending 101: What To Do & What To Avoid
Expert Advice

Image: Courtesy of Pexels, Thought Catalog

The crypto industry is more popular than ever. Celebrities, social media personalities, business leaders, and even politicians are endorsing crypto. If you are not familiar with what crypto is, at its simplest, it’s a digital currency, with no underlying asset. The crypto industry is also unregulated, apart from in a few countries.

Something that you might not know is that there’s a lot more to crypto than just trading and investing, you can also spend it like you would money.

This post will explore this topic more, offering a few tips for what to do, and what to avoid, when spending your crypto.

Crypto Casinos

The most exciting way that you can spend your crypto is at a crypto casino. Crypto casinos can be a lot of fun, not to mention highly lucrative. Many have very favorable odds. The better a casino’s odds are, the more likely you are to win.  However, it is usually best to use a stablecoin (as in a coin that maintains its price) when you are gambling with crypto, so your holdings don’t end up losing all their value overnight. One of the crypto world’s most stablecoins is the U.S. dollar. If you are interested in this coin, then search for the best USD coin casinos on the web. If you want to invest in a non-stable coin, then consider Ethereum, Bitcoin, or XRP.

Buying Essentials

Another thing you can spend your crypto on is your daily essentials, i.e., your groceries. Various stores now accept crypto. However, stores that do accept crypto only tend to accept more popular coins, like those mentioned in the previous section. If you are going to buy essentials with crypto, then make sure that you shop with a reliable, genuine, and trustworthy store.  Also, you can buy clothes online with your crypto. There are various e-commerce sites that accept crypto. These different stores accepting crypto make it easier for you to spend yours, without having to convert it into your domestic fiat currency.

Crypto Trading

Trading is a great way of spending your crypto and earning more back. However, trading crypto can be very dangerous.  It’s important to distinguish between trading and investing, quickly. A trader buys and sells crypto on a daily basis, whereas an investor buys it and holds onto it long-term.  If you plan on trading, then you need to take some time to learn to read market charts and educate yourself about what’s going on in the crypto industry. Learning to read charts and about industry changes will help you to make more effective trades.

Proper Storage

The first thing that you need to avoid is improper storage. Not storing your crypto properly can lead to you getting hacked and having all of your crypto stolen. Never store your holdings inside an exchange wallet.  Make sure that you have your own offline wallet, that is password-protected, and also has two-factor verification activated on it. You can buy offline wallets, which are like USB sticks. An offline wallet is the most effective way of keeping your crypto safe. You then need to store your offline wallet inside a safe, or at least put it somewhere where you won’t lose it, and nobody will find it. Store your wallet’s password on a piece of paper, and never on your device.

Crypto Spending

Image: Courtesy of Pexels, Worldspectrum

Independent Sellers

If you are new to crypto, then you need to avoid working with independent crypto sellers. Unfortunately, cybercriminals often pretend to be independent sellers, so that they can scam people. Only buy crypto from licensed and respectable exchanges. Before working with an exchange, make sure to read its reviews. Unfortunately, some exchanges cannot be trusted any more than independent sellers can. An exchange’s reviews will help you to decide whether it is safe for you to work with them.

Device Protection

Last, never use an unsecured device to access your crypto wallet, exchange account, or make any crypto trades. You should always have a VPN activated so that nobody can track and monitor you. It is also important that you have anti-malware software activated, too.  Having a VPN and anti-malware software will stop anyone from being able to hack into your device. If you are using a mobile device and can’t download anti-malware software, then at least make sure that you are using a VPN, especially if you are on a public Wi-Fi network.

You don’t just have to invest in crypto and hold onto it long-term. You can use it to buy stuff or to trade.  However, whenever dealing with crypto you always need to protect yourself from fraud and cybercriminals.