Lesson

How are Cryptocurrencies Used?

Some merchants accept bitcoin and other cryptocurrencies directly, You might be thinking…Bitcoin has a very high price?I can’t use one of them anywhere! Well I have some good news! All cryptocurrencies are divisible into very small fractions. Bitcoin, for example, is divisible down to a “satoshi”, which represents 0.00000001 of one bitcoin.

There are also companies that have created debit cards where you can convert cryptocurrencies into dollars, One example of this is the ShiftCard – You link this to your Coinbase account and can swipe the card just like a debit card – The merchant does not need to accept cryptocurrency as it is immediately converted before being sent to the merchant.

Other cryptocurrencies have more specific uses and are used to pay for services on a certain network. For example, Blocktek University’s tokens specific use is as a payment method and to issue certificates for courses completed on our platform