Cryptocurrency has quickly become the next big investment due to the fact that many can make a massive profit in a matter of hours. That being said, those who wish to see crypto have a practical application may be at a loss. The truth? With a little creativity and a lot of determination, putting your crypto to good use can be a reality. If you’re looking to use your digital currency for projects like home upgrades, let’s dive into some ways in which you can make this happen.
Retain the value of your digital assets with stablecoins (then sell them).
While the volatility of virtual currency is what makes it so appealing to traders, the fact that it doesn’t act as a store of value can drive everyday users away from these networks. However, you can treat your cryptocurrency like fiat currency with a special asset called a stablecoin. Aptly named, stablecoins are crypto assets that maintain a stable price point. This can be achieved by tying the asset to other currencies like the U.S. dollar or other commodities and assets. When you exchange assets like Bitcoin, Ethereum, or Litecoin for a stablecoin, you’re able to keep the value of your investment steady until you’re ready to sell.
For example, let’s imagine that your HVAC system isn’t running as efficiently because the ductwork is in desperate need of repairs. If your home needs new ductwork, you will naturally look for an HVAC technician who can take a look at your air ducts, figure out where the issue lie, and help you set up a new system that will operate as intended. When it comes time to pay, you can sell off your stablecoins, have the exact dollar amount that you were holding, and pay this to the pro responsible for installing your ducts. Is this a couple of extra steps you wouldn’t be dealing with if you were using fiat? Yes. That said, why not put your investments to good use instead of having them sit in a cryptocurrency exchange for an extended amount of time?
Find a traditional bank or online bank with cryptocurrency support.
Most bank accounts are designed to only support fiat currencies. However, traditional banks aren’t the only options you have now. If you want to use your cryptocurrency in a way that’s beneficial for you, consider looking for a crypto friendly bank. Financial institutions that allow you to hold crypto offer a more secure way to buy and sell cryptocurrency. Additionally, crypto banks may also offer debit cards or credit cards that make it easy for you to spend your crypto as if it were cash. For homeowners who want to pay for renovations with their crypto investments, a bank that supports crypto may be the way to go.
Seek out merchants and vendors that accept cryptocurrency as payment.
Many may be surprised to learn that there are companies out there that will accept Bitcoin as payment. Although you may not be able to find contractors that will, you can easily find online stores with certain products and decor that you need to upgrade your home. With that in mind, it’s important to remember that the value of Bitcoin could rise or fall at any moment. If you’re holding Ethereum, keep a close eye on its price to make sure that you can afford the products you plan on buying.
So, can you use cryptocurrency to pay for home upgrades. It can still be a little difficult to find the right opportunities if you’re unfamiliar with the crypto space, though. If you want to pay for home renovations with crypto, use the guide above to dive into some ways you can put your crypto assets to good use.