Can a cryptocurrency be considered a form of money?

We are undoubtedly moving towards digital currencies, and cryptocurrency mass adoption has been evolving progressively. While the whole cryptocurrency industry is yet to be accepted by the majority, we have to admit that altcoins can be used as an alternative payment method.

Like any currency, cryptocurrencies can be used to buy almost anything: Microsoft goods, food (for example, KFC Canada, Subway and Starbucks accept crypto), and flight tickets (Norwegian Air). And that’s not all. You can also pay online bills with crypto on Bill Pay for Coins. 

In addition, cryptocurrencies have plenty of real-life use cases like:

  • Low-cost money transfers. Unlike other payment methods like bank transfers, which have high fees, here is an inexpensive and super-fast alternative — cryptocurrencies. No more sharing your hard-earned money, use cryptocurrencies for cross-border payments. Since there is no third-party involved, you don’t need to pay extra commission for your transaction.
  • International payments. The blockchain technology allows cryptos to eliminate certain risks, and move across wallets instantly with a minimum cost. Even on weekends, holidays or late nights your transaction will be processed in a flash. 
  • ICO funding for startups. Initial coin offering is a new form of crowdfunding and fundraising. It has allowed anyone with money and an Internet connection to become an investor in startups, while at the same time providing companies with much-needed capital.
  • Salary paid in cryptocurrency. Salaries paid in decentralized digital coins have become a norm across the crypto industry. For example, Binance CEO Changpeng Zhao tweeted that Binance employees prefer Binance Coin over fiat currency. They receive both salary and bonuses in BNB.

Last but not least, regulatory authorities are taking an active interest in altcoins. For example, New Zealand has become the latest country to legalise cryptocurrency salaries, allowing cryptos to serve as a form of payment.

So, if you want to take advantage of digital assets, sign up for free on Quantum.uk. You can transfer and exchange cryptocurrencies there as well as store them securely.