Can cryptocurrency really be used as a “currency?” Is it something we should spend on everyday goods and services? What about when the price shoots up and we know how valuable it can be if we hodl it?
Here’s a broad definition of a currency:
“Something (such as coins, treasury notes, and banknotes) that is in circulation as a medium of exchange.”
A currency can be anything that multiple people agree has value and they’re willing to exchange for other things, such as goods or services.
For example, how do you know that a t-shirt is worth $20? It’s because that’s a generally accepted market price, which leads to you and a specific vendor trading a shirt for $20.
Do cryptocurrencies have value we can measure?
Yes, cryptocurrencies that are traded on exchanges have value measured next to national currencies so you can track their value at any given time. They also have value on their own, but due to their newness most people make sense of cryptocurrency values in terms of other existing currencies. For now it’s still easier to understand what exchanging $20 for a t-shirt means rather than “0.0031 BTC.”
Here are 4 reasons why you should buy things with your cryptocurrency!
1. It’s easy with OpenBazaar
It’s now easier than ever to discover things you’d like to buy with the brand new browsing website at openbazaar.com. When you’re ready to buy, just download & set up your own node in less than a minute.
2. There are thousands of great items & services available
Visit stores from around the world where people just like you, who believe in the power of cryptocurrency, are working on their entrepreneurial hustle. Some people are selling on OpenBazaar because they don’t have access to other online marketplaces due to the cost of participating or restrictions based on their location. Some users are also on OpenBazaar because their products are very fringe or niche such as religious objects or political items. It’s exciting to see how a decentralized marketplace can connect all types of people!
3. Protect your privacy by using cryptocurrency
Each time you buy something on a large e-commerce platform with a credit card you are forced to share your personal data with multiple companies, who then add this data into a profile they’ve built about you.
While cryptocurrencies don’t offer complete privacy, they are more private than credit cards. By purchasing on a platform like OpenBazaar you never share personal data with a centralized platform, only with the vendor you are purchasing a physical item from. If you purchase digital goods or services you aren’t forced to give any personal information at all.
4. Help build the future you want to see
We have seen ups and downs with the cryptocurrency market but we’re not in this because of the speculation frenzy. We’re in this because it is the ground floor of a huge technological revolution.
Crypto-commerce still has a way to go but we don’t get to the future we believe in by waiting—we get there by doing. The OpenBazaar development team believes this and built this decentralized marketplace specifically to utilize the special qualities of cryptocurrencies like Bitcoin.
The bottom line is we like cryptocurrency and we want to see it put to work.
Wouldn’t you like to use money that lets you be in control of it? Money with values set by markets around the world, not exclusively by too-big-to-fail banks and questionable governments?
People who are buying and selling on OpenBazaar believe in using cryptocurrencies AS currencies to exchange for goods and services they need or want. If you believe this too, then OpenBazaar is a great place for you.
Get involved with our community on Slack and Reddit and make even a small purchase on OpenBazaar today to see what you think! If you’re not sure where to start, you can check out the official OpenBazaar stores—BTC Store and BCH Store and make a small donation or score some great OpenBazaar gear!