Where Can I Spend My Ether (ETH)?
When you invest in cryptocurrencies, it’s not always easy to know what you can do with them later on. For example, many investors wonder how to spend their ether.
As it turns out, you are in luck, because there are many different options available to you. While some seem obvious enough, others are a little more surprising. In this article, we’ll list several options that are available to you to spend your ether.
Sell them on an exchange site for fiat or other cryptocurrencies
While this may seem obvious, it is worth mentioning this option, as it is indeed a valid way to spend your Ethereum. Whatever happens to the value of your ether (profit or loss), you always have the option of going to one of the exchanges mentioned above to sell them.
Once on the platform, you have two possibilities. You can sell them for fiat (pounds, euros, dollars, etc.) and then withdraw that amount to your bank account, or you can decide to use your ETH to buy other digital assets.
Be careful to choose a serious and reliable sales platform when you want to spend your crypto. In order to avoid any potential scams, we strongly advise you to make your transactions only on the exchanges that you can find in our list above.
Use them to participate in an Initial Coin Offering (ICO)
Ethereum was for a very long time the only blockchain that allowed new projects to raise funds through an ICO. Because of the ability to program smart contracts on the Ethereum blockchain, it was easy to automatically distribute the tokens to project stakeholders on a specific date based on the amount spent on ETH.
Even though there is now much more competition and other blockchains are used to launch ICOs, Ethereum is still very popular. That’s why you’ll usually need ether to be able to take part in a virtual fundraiser.
However, pay attention to the projects you invest in during an ICO. Many dishonest actors use this method to raise funds because it is subject to less regulatory constraints.
As a result, scams regularly crop up. Remember that at least 95% of the projects created via an ICO never actually succeeded. Sometimes a member of the team behind the project will run away with the money, but most of the time, the team will pretend to work on the project and simply say it has not been successful. So, be careful and do very thorough analysis before spending your ETH in an ICO.
Play at an Ethereum casino
Another option to spend your ETH is to go to an Ethereum casino. The concept is the same as on traditional online casinos, except that you can play the games there using your ether.
Be careful when playing for money online. Games can carry risks and you may lose your stake during your games. There is no certainty of making a profit by playing at a casino because the luck factor has a huge impact on the short term, even using good strategies.
In addition to the risk inherent in all online gambling, there is also the risk of bumping into dishonest and unscrupulous operators who will only seek to steal your digital assets. If you play on the wrong platform, you will have no way of being able to withdraw your potential winnings later.
So choose a safe and reliable Ethereum casino (insert link). To do this, we strongly advise you to check out our article and use only one of the casinos we have already tested and analysed so that you do not come across a scam.
Buy goods and services on sites that accept ETH payments
If you want to shop online, more and more sales sites are accepting payments with digital assets, including Ethereum. Although this was not so widespread a few years ago, this method of payment is beginning to arrive on many platforms.
Of course, the number of sites that accept ether at the moment is still small, but there has been a huge increase in recent years, and the trend does not seem ready to stop any time soon.
It’s hard to know how things will evolve, but it’s realistic to think that not all smart sales platforms will end up accepting Ethereum as a means of payment.
Pay IRL at the few brands that accept Ethereum
This reasoning also applies to real life. However, there are very few shops that accept ETH payments, especially in a country like the UK.
If we draw a parallel with a country like South Korea, which is usually ten years ahead of tus from a technological point of view, it is easy to think that more and more retailers will not end up accepting ETH for real life purchases.
However, Rome wasn’t built in a day.To become more mainstream, shops will first have to equip themselves with a special terminal that allows them to accept payments with digital currencies. Then you’ll probably have to get a wallet that’s compatible with these new payment terminals.
At first, it is likely that several competitors will enter the market to offer this method of payment to stores. You will most likely have to have a wallet specific to each type, and this will not be practical at all. However, over time, things should harmonise and it will probably even be possible to pay with bitcoin on the same terminal that accepts bank cards.
Use a special credit card that allows you to pay with ether
Many crypto banks, if you can call them that, are already out there. Some offer loan services, others pay you if you deposit at home, etc. Not all offer the same services and each has its own specifics with its own strengths and weaknesses.
Among these crypto banks, there are some that offer their users a MasterCard or Visa bank card that allows them to pay in real life at all places that accept cards.
When you make a payment with your crypto credit card, it will convert the amount of your payment to a particular crypto, such as Ether, for example, at the daily rate. The amount you spend in pounds or dollars will be debited from its ETH equivalent.
These cards already exist at the moment and are really rather interesting. However, the fees are a bit high and it is better to wait a little longer for several competitors to enter the market in order to lower transaction costs for users.
Don’t spend anything and HODL your Ethereum
You also have an alternative option to consider if you think that cryptocurrencies represent the future: don’t spend them at all!
Ethereum’s market capitalisation is already huge, and has considerable upside, especially when ETH 2.0 is deployed, transitioning the blockchain’s protocol to proof-of-stake instead of proof-of-work.
This new version should solve some of the problems that Ethereum is currently facing, such as the low number of transactions that can be made per minute (about fifteen), high transaction fees when the network is congested and the waiting time for a transaction to be made from one wallet to another.
As a result, this should improve the operation of the ETH blockchain and will attract many companies to use Ethereum’s services, rather than having to program their own blockchain with the astronomical costs associated with it.
However, keep in mind that Ethereum 2.0 is still being rolled out and that it is possible, even if it is extremely unlikely, that something will disrupt its introduction.
There you have it, some examples of how you can spend your Ethereum. As we have seen, you have the choice of several different options and it is certain that at least one of them will suit you.
Also keep in mind that we are only at the beginning of the crypto era. This industry is still young, far from mature and, above all, is not yet known by the many. It will take several (dozens) of years for this method of payment to become popular.
However, the methods we have introduced to you have some drawbacks, such as the fact that it will cost you a fee to carry out transactions. In some cases, for example, it will be more profitable to convert your ether into pounds and then spend them, instead of using a service that does this for you. Also, if you really believe in the future of Ethereum, it may be worth keeping hold of all your ETH until it increases in value.
If you enjoyed this article, we invite you to check out our other guides on Ethereum. They are structured according to a specific theme and will bring you up to speed on this valuable crypto project!
I discovered the world of cryptocurrency in January 2018. Arriving at the worst moment ever to invest did not stop me from learning and later sharing my knowledge in order to promote the adoption of crypto.