When most people think of cryptocurrency, they imagine digital tokens used for investment and speculation. But what if I told you that cryptocurrency is fulfilling the function of money?
Cryptocurrency is being used to purchase items and services, just like regular money.
In fact, I recently purchased a membership using my cryptocurrency from a debit card. (More on that further down).
In this blog post, I'll explain how cryptocurrency is being used as money but is not the same as Fiat money (ie. the local currency in your country).
I'll also talk about the advantages of using cryptocurrency over traditional forms of payment. So, whether you're a marketer looking for new ways to accept payments or a mom who wants to save money on her shopping trips, read on! You won't want to miss out on this exciting new trend in the world of finance.
Watch this short video to hear more:
There may be affiliate links in this blog post if you choose to sign up for anything I may earn a commission at no additional cost to you.
Crypto is a currency but is it money??
According to Forbes.com :
Economists say that money performs three functions. It serves as:
- A unit of account: It helps people understand how much wealth they have.
- A medium of exchange: People use it to facilitate trade, and to carry out transactions.
- A store of value: People feel comfortable holding their wealth in it.
Let's break that down and simplify what each of those are:
Unit of Account
This is basically how we measure our assets or our wealth. When you look at your balance sheet or even simply your bank account. Do you count how many Crypto coins you have or the Dollar amount?? As a child looks in their piggy bank and counts their coins we still measure our wealth in the value of the dollar (or your local currency)
So Crypto does not pass the test of being a Unit of Account at this time.
A Medium of Exchange
Crypto has been used and is currently being used to buy goods and services. More and more banks, retailers, and credit cards are accepting and issuing cryptocurrency.
Like I said earlier I recently used my Crypto to buy a membership to a store. I ordered a debit card from Crypto.com. After purchasing the Crypto coin, CRO, I then loaded that currency onto my debit card.
Using Crypto to make purchases is as easy as swiping a debit card. Getting the funds on the debit card is where newbies get a little nervous. I will admit when I got started I was nervous too but, like everything we do the more we do the more natural and comfortable it becomes.
Buying Crypto with Safety and Confidence
When I first started buying crytpo I double and triple-checked everything and I still do before I hit send. I also made sure I was getting advice and instructions from a trustworthy source so I could have confidence I wasn't sending my money to unknown sources.
When I was introduced to the educational company Tradeknology I knew I found a good thing. The educators, trainers, traders and founders all have extensive 10+ years of experience, knowledge and success trading and investing in Cryptocurrencies.
They know how to verify the viability of new coins and tokens being launched. Having done the research and learned from their mistakes and successes alike. Now they are teaching and sharing their knowledge so we can have more confidence in the cryptocurrencies we decide to invest in.
A few of the exchanges for purchasing Crypto I use and trust are:
Crypto.com (App-based), Nexo.io (App and website). These are used for buying, exchanging, and selling cryptocurrencies. You can also sign up for a debit card with your cryptocurrency and use that just as you would any debit card.
As it is right now in 2022 you can use cryptocurrency functioning as money, but the value (the price) of the purchase is measured in dollars.
Dollars and other currencies are legal tenders (they must be accepted if offered in payment of a debt), cryptocurrencies such as Bitcoin are not.
Store of Value
Investing and holding cryptocurrency is a way to store and potentially increase your assets. With its high volatility, it is creating great amounts of wealth, but it can also be a place for great losses.
I still hear a lot of fear and mistrust around storing or holding cryptocurrency, but at the same time more and more opportunities are opening up for owners of Crypto to create a passive income with it. And as technology continues to develop with Web3.0 (aka the Metaverse) the opportunities for online marketing, and virtual reality marketing with expand exponentially.
Just as we have invested in the stock market by researching and getting educated. Trustworthy education is just if not more important when we are investing in Cryptocurrency. Check out how Tradeknology can help you get started with confidence.
It's not something to be scared of, but instead, we need to get educated about the changes happening in our financial world.
Another of my favorite resources to use is the App Klever. In this app, you will find a lot of educational resources and it has been promoted as the fastest exchange with the lowest fees. When you check it out let me know what you think.
Kucoin has written a Blog where you can get educated on different coins and tokens that are coming out and what you need to know about them. Kucoin is also an exchange for purchasing and trading different cryptocurrencies using a website or an app.
How is this information useful to you as a marketer or even as a mom buying groceries for your family??
As a Marketer
As a marketer the more options or ease of entry to your products the more sales you potentially can make. The more payment options available the more customers you can serve. Especially if your market is worldwide. Cryptocurrency is a currency for the world not a specific country.
Web3.0 is rolling out. Accepting Bitcoin and other Crypto tokens in payment will become more and more necessary to stay up to date with your business.
As a Mom
As a mom, shopping for your family, you can use a debit card that is pre-loaded with your cryptocurrency to make purchases at any store that accepts debit cards. However, it's important to remember that the value of cryptocurrency fluctuates quite a bit.
If or when you're considering using cryptocurrency to make purchases, it's important to understand how the value works and be prepared for changes. Using a debit card with cryptocurrency on it can make your groceries free if your using gains or cost you more if the price of the crypto has fallen.
Ultimately, though, cryptocurrency can and is functioning as money. It is not mainstream nor fully understood by the majority, but that doesn't make it not worth your time and effort to learn about it.
I encourage you to seek out the education Tradeknology has available. Check it out for a month and see if it's for you. There is no long-term commitment, but I will personally make it worth your time to check it out.
When you join through this link you will be a part of my group and I will make sure you have the resources to be successful and small group training to address all your questions and or concerns.
This is not financial advice. You are responsible for your own research and investment decisions.
To You Success,
PS. Join the fastest-growing entrepreneurial community that gives you the skill and tools to launch, grow, and scale your business 10x faster. Also, providing training to support you in your business growth and wealth-building to help you have the success you dream of. Come check it out!! You're in business for yourself it does not have to be by yourself!