What you can do with your crypto.

Before we dive into the various things you can do with your cryptocurrency, let’s talk briefly about how to store crypto. You have a few different options, just like you do with the good old Ugandan Shilling. With your “regular” money, you can store it in a bank and spend it digitally through a bank transfer or you can use a card like a debit or credit card to spend money. And, of course, you can also store cash in your wallet or under your pillow and spend it from there.

This is similar with cryptocurrencies. You can get a “wallet” for your cryptocurrency. You can use a software-based wallet on your desktop or online wallets that you can access from anywhere. Mobile wallets let you transfer and spend cryptocurrency from your phone. Another option is a hardware wallet, which is a USB device that stores your cryptocurrency keys electronically.

Finally, some outlets offer paper wallet services, which are similar to cash. With this, you’ll have a piece of paper with two QR codes on it. One is how you receive cryptocurrency and the other is how you spend it.

Now that you know where and how to keep your crypto, let's dive into what you can do with it. Here are some of the best reasons as to why you need to get yourself crypto

Spend it.

Many business outlets are starting to accept crypto as a form of payment for goods and services offered. Ranging from Hotels, fuel stations, coffee shops, and retail outlets. You can directly spend your crypto without the need to first exchange it into Fiat to clear that bill. There are debit cards and prepaid cards for bitcoin and altcoins as well.

Investment vehicle.

“Right now I would rather invest in bitcoin and watch this space rather than buying a plot of land.” Concluded one Doctor Moses Semulya, a doctor at a Kampala hospital in an interview with Aljazeera

Some people have decided to keep their money in the form of crypto instead of fiat. This is based on the inherent volatility nature of cryptocurrencies that has seen a general rise in the value of cryptocurrencies over time. At the point of exchanging cryptocurrencies back to fiat, investors could potentially make a good return. You can visit binusu to exchange cash for crypto or crypto for cash directly using mobile money

Store of value.

A store of value is an asset that maintains its value without depreciating. Cryptocurrencies can be thought of as stores of value since they are digital in nature, cannot be counterfeited, and have trended upward in value over time.

Over time, cryptocurrencies have proven to be a better store of value over several years. They may appreciate and depreciate all together in the short term, but given time, cryptocurrencies have proven to have an upward trend which makes them one of the best and faster most growing stores of value as measured against its competitors.

However, before you acquire a given cryptocurrency, you need to do your research and make sure that the coin you are acquiring is worth it.

The future of finance.

The finance function must disrupt itself to meet the demands of its customers, including regulators, corporate boards, sales and marketing departments, suppliers, and internal and external auditors. These stakeholders increasingly expect finance to serve as a true business partner, not a back-office department focused on transactional processing and historical reporting. They want the finance function to provide predictive and prescriptive insights to drive optimal business performance and real-time decision-making. Blockchain and cryptocurrencies present us an opportunity where real-time decisions can be made without third parties, while the internet changed how we communicate, blockchain will fundamentally alter how business is done.

This transformation reflects blockchain’s cost efficiencies from digitizing data and the security achieved by cryptography. These benefits are of particular significance to banking, finance, and capital markets. To appreciate this potential, consider what blockchain (also referred to as ‘distributed ledger technology’ or DLT) does, its current applications and what lies ahead.

Trade:

Whereas some people decide to hold, others have decided to participate in crypto trading either as a business or as a hobby. Whatever your reason, with trading you could make money whether the value of certain crypto goes up or even when it goes down in value.

To be able to make money by trading crypto, you need to do extensive research on the assets you are investing in and understand the market, Fibonacci curves, and candles.

Binusu and Crypto savannah have set up a team of experienced crypto exchange and trade personnel to help assist you in understanding some of these principles better, currently free.