The “hodl” meme in the cryptocurrency world has gotten out of hand. With dreams of lambos abound, it seems everyone is just sitting around with fat crypto wallets waiting for the next big jump in price.
Now, there is absolutely nothing wrong with savings. I wouldn’t tell you to spend all your fiat either, and it’s always great to have money set aside for the future. But when it comes to cryptocurrencies, we’re doing the community a disservice by focusing too much on the price.
Bitcoin and all of its descendents are meant to be digital cash! We’re in the era of the most fascinating way to exchange value ever created, so let’s not sit on our crypto-assets like they’re a couple of boring old gold bars.
Why Spend Cryptocurrencies?
So why should you spend some of your digital assets? I always go back to the unique properties of cryptocurrencies that make them so interesting in the first place. Currencies like Bitcoin Cash, Litecoin, Ethereum, and (to some extent) the original Bitcoin Core chain are:
- Crypto transactions are push transactions, so you never have to reveal personal information to a merchant like you do with a credit card.
- Global and decentralized
- These networks run worldwide without borders. Purchase goods, donate, and share with anyone anywhere without asking anyone’s permission
- Low barrier
- There is no KYC requirements, no paperwork, no approvals – download the wallet software and you now have a bank in your hands
- Low fee
- With the exception of the Bitcoin Core chain, you can send anyone any amount of money for a penny or less. And your fee isn’t going to a middleman, it’s going to support the network!
The Fun Part – How to Spend Cryptocurrencies
Purchasing Goods and Services
Check out websites like Accept Bitcoin Cash or SpendBitcoins for ideas on where you can trade digital money for real-world goods.
Donate to your Favorite Organizations
Cryptocurrencies are great for donations as they make it so easy to send money quickly. Just snap a picture of a QR code address and your charitable contribution is on its way.
I’m a big fan of free and open source software, so I’ve sent tips to other developers and software projects I find useful.
Share it with Friends
Once again, the barrier to entry for digital currencies is low. Do you have crypto-curious friends? Have them download your favorite mobile wallets and send them a dollar or too. It’s simple and you may make a new crypto enthusiast for life!
After my recent lecture at Saint Vincent College, I was able to send a dollar a piece to several students by just instructing them to download a BCH wallet and snapping a picture of their QR code addresses. Crypto sharing is caring.
Spedning is Fun!
Sure, it’s easy to acquire cryptocurrencies and forget about them, stashing funds for a rainy day or big price spike. But the beauty of Bitcoin and its peers is the ability to exchange money in a way we’ve never done before. Adoption will be key for the future of digital money, and it’s quite easy and fun to participate in the economy.
Hodl some, spedn some. The crypto community thanks you.