Cryptocurrencies have exploded in popularity in recent years, driven both by a greater awareness of the technology amongst average people and a gradual acceptance of their existence by regulatory authorities around the globe. However, in spite of the growing interest in cryptocurrencies, there is still some way to go before they can realistically replace fiat currencies in most people’s lives. There may be a point in time when people can use crypto to make payments just as easily as they can with regular fiat currency, but we are a long way from that point right now.
But while we might be some way away from being able to use crypto and fiat currencies interchangeably, it is becoming easier to spend cryptocurrency by the day. The range of goods and services that can be purchased with cryptocurrencies has also been gradually expanding in recent years.
Spending cryptocurrency used to be quite an involved affair but has become much easier thanks to the emergence of specialist payment systems. People wanting to buy and sell using cryptocurrencies used to have to make do with direct transfers between wallets. Now, however, there is a range of payment solutions available that enable buyers to use crypto for any purchase they make online.
But even without resorting to these dedicated services, there are plenty of goods and services that you can buy directly with crypto:
- Gift cards
- Home appliances
- Food and take out
- Real estate
- Pharmaceuticals and medicines
- Luxury goods
What Are The Benefits Of Crypto?
There are a number of reasons that cryptocurrency advocates believe so strongly in the technology and the potential that it offers.
- Peer to peer: One of the biggest selling points of cryptocurrencies is that they are entirely decentralized. This means that there are now banks, payment processors, or other institutions involved in cryptocurrency exchanges. Because of this, crypto users are able to avoid many of the fees and charges that would usually eat into their spending when they are buying certain goods and services.
- Better confidentiality: Cryptocurrencies aren’t, for the most part, anonymous payment methods by default. However, cryptocurrency payments offer much better anonymity than payments through the fiat financial system and the anonymity of transactions can be enhanced with relative ease.
- Easier international payments: Making international payments is still tricky, even in 2020. Part of the problem with making international payments under our current system is that there are a whole host of fees and other charges that can make cross-border payments significantly more expensive.
- Strong security: Whenever you make a payment using your credit or debit card, you have to entrust someone to hold that information securely. Someone acting with malice or carelessness could end up causing you a great deal of trouble if they decide to leak your financial data.
Paying For College With Crypto
If you are trading in cryptocurrencies and making a tidy profit from doing so then it is only natural to want to be able to spend these profits. But can you use your crypto to pay your tuition fees for a Christian psychology college course?
The short answer is - yes. However, it isn’t always simple and straightforward to do so. The number of institutions that allow you to pay for college courses directly with crypto is still relatively small. However, there are still ways of paying for your education via crypto even if the Christian college of your choice doesn’t directly support it.
For example, let’s say that you want to study this Christian psychology degree online from Central Christian College. Central Christian offers one of the most affordable online college degrees available in the United States and also offers financial aid services for those who would otherwise be unable to pay. However, they don’t currently support paying for tuition fees with cryptocurrency. That doesn’t mean you can’t pay that way, though.
- You can set aside enough crypto to cover your fees and then cash out when the time comes to pay.
- You can apply for a credit or debit card that supports crypto.
- You can use an online payment provider that enables users to pay for irregular purchases using their cryptocurrency.
If you are determined to pay for any purchase using cryptocurrency then it is usually possible to do so. You might have to get a bit creative about it, but it is certainly possible. There are lots of advantages to using cryptocurrencies to make payments. It might be a bit more difficult to use crypto than fiat currencies right now, but this will inevitably change in the future.