The 9 Best Uses for Cryptocurrency (Other than Hodling!)

With markets unfortunately entering a downturn after their peak at the end of 2024, a lot of individuals are beginning to panic sell their holdings. If that’s you, we urge you to wait, as there are so many things you can do with your cryptocurrency besides just waiting for it to go up in value.

If you’re lost, don’t worry, we are here to help. Keep reading to discover 9 unique uses for your cryptocurrency besides hodling.

1. Stake Your Ethereum

This option is specific to Ethereum and other proof-of-stake cryptocurrencies, but did you know you can use your holdings to make more money? It’s true! When you hold Ethereum, you should either stake directly on the Ethereum blockchain (or via a pool if you don’t hold enough on your own). This will allow you to make money on your holdings even if the value isn’t increasing.

2. Buy Things You Need

Thanks to the advent of cryptocurrency debit and credit cards, you can use that cryptocurrency that you would rather divest to make purchases for your home, fridge, and more.

Most cryptocurrency credit card companies (like Crypto.com) offer a crypto debit card through visa or Mastercard, allowing you to load it with a variety of cryptocurrencies and spend them anywhere these cards are accepted. Unfortunately, not all cryptocurrencies are accepted by these card companies, but with 200+ option we believe this is viable for most readers.

If you hold more popular cryptocurrencies like Bitcoin and Ethereum, these can sometimes be spent directly with vendors, just look for the option to pay in crypto when you check out. (Or with PayPal if you are keeping your cryptocurrency there!)

3. Trade for a Different Cryptocurrency

If you are watching an altcoin you hold crash, we think this is a good time to trade those tokens for something else, like Ethereum, so you can do something with your holdings even if they aren’t performing well. For example, if you hold SHIB (Shiba Inu) which hadn’t been doing well for a while, we recommend trading it for ETH so at least you can stake.

Of course, some of your holdings might have crashed so far that this isn’t even feasible to trade them. In these cases, you need to write those purchases off.

4. Join a DeFi Staking Pool

Similar to our first suggestion, but more of an option for those who hold more obscure tokens, you could join a DeFi cryptocurrency exchange and use your cryptocurrency as part of a staking pool. Staking pools are how many DeFi exchanges manage and process trades, and those who volunteer their liquidity to be used to create the exchange’s market maker are rewarded with a small return.

This can be a good way to put your cryptocurrency to use, ensuring you get a return for holding even during difficult times. Some DeFi exchanges you can look into include SushiSwap, PancakeSwap, and UniSwap.

5. Consider Mining Crypto

Although it doesn’t seem to make sense to mine when cryptocurrency is on a downswing, this is actually one of the best times to get involved. Now we aren’t recommended that you buy your own rig and start actually mining, but rather consider joining mining pools which allow you to mine with others who do have the equipment (and cheap electricity) and you receive a share of the rewards.

Do note that this isn’t always possible, but during a downswing, sometimes places in these mining pools open up as individuals are forced to divest.

6. Buy NFTs

Unlike physical goods, NFTs are digital goods of which the ownership is processed and transferred using cryptocurrency. While not all NFTs are winners, some have been known to shoot up in value overnight. So, while this isn’t a sure way to riches, it can be a fun way to use your near-worthless cryptocurrency while still investing in your future.

Plus, even if the value of your NFT doesn’t go sky-high, at least you still have something to show for your purchase—cool digital art.

7. Build Your Own dApp

Now, this suggestion is only for those who have coding or tech experience who have a use for an app. You can use your ETH, ADA, or SOL to create a dApp on the specified platform, and maybe this dApp will net you returns in the future. This isn’t a guarantee of course, but it is something to devote your time to as you wait for the markets to rebound—and who knows, you might just design the next big thing!

8. Play Crypto Games to Earn More Crypto

If you own a token like AXS (Axie Infinity) and you see the value is going down, it might be time to start playing the game. In games like Axie Infinity, you can buy land, design your home, and even create your own mini-games. While you might be designing at a loss for now, these are investments as you can charge people to visit your mini-games later.

You can also spend your tokens on in-game upgrades, which do tend to retain their value (no guarantee though!) There is additionally the option to play the game and complete tasks that yield you additional AXS. This will keep you busy while also allowing you to grow your coffers, even if they aren’t worth anything substantial right now.

9. Gamble Your Crypto

Last on our list, you can choose to gamble your cryptocurrency. Like almost all of the other options, there is no guarantee you will win anything when you play at a cryptocurrency casino, but this is sometimes a better option than just straight selling.

Many online cryptocurrency casinos like MintDice.com offer play in a wide variety of tokens. They also offer a wide variety of skill-based Bitcoin games, casino games, and fun slot machines. This way, you can turn your failing investment into temporary entertainment and at least maybe get something back for it—though there is no guarantee.