7 ways to use Ethereum right now

It’s hard to imagine anything in crypto that you couldn’t access with Ethereum. When the platform was launched back in 2015, its primary use case was providing the functionality of decentralized applications which there weren’t too many at the time. By now, there are hundreds of DApps running on the Ethereum blockchain, and ETH use cases vary from online payments to a store of value, yield farming, and accessing financial services. 

In this article, you will learn about 7 different ways in which you can use your Ethereum right now. We will describe them in brief providing the links where you can learn more. You may already be familiar with most of the Ethereum use cases, but scroll down anyway to see if you’re not missing any opportunity that Ether gives you. 

Paying for goods and services 

Can you use Ethereum to buy things? It takes 10–15 seconds to process an Ethereum payment, and there are close to 130 million unique Ethereum addresses today. Such a widespread of Ethereum has made it a convenient payment option — there are at least 2,500 shops, markets, and online services where you can pay with Ethereum worldwide. You can find a list of what companies are using Ethereum here. Shops include clothing, electronics, food, and many others. Online services where ETH payment is possible are hosting & domains, ads, VPN, and more. 

Where to pay with Ethereum – eth payment gateway
Where Ethereum is accepted. Source: Cryptwerk 

Store of value 

This is another use case that Ethereum wasn’t originally designed for. A lot of people invest in Ethereum today not only to preserve but to increase their capital. What makes them think it’s a good idea? 

Ethereum is a promising asset from multiple points of view. Firstly, it’s price dynamic indicates an over 9000% ROI since its launch. But the past doesn’t predict the future, so here are some arguments for the robust Ethereum’s future: it has several solid use cases like DeFi which are described below. Hundreds of companies trust Ethereum basing their tokens on this platform, and millions of people use them. The current implementation and the future roadmap for Ethereum 2.0 deployment promise that a dedicated team will do everything to keep ETH the leading open-source programmable blockchain. 

Peer-to-peer transactions

Fast and secure transactions on Ethereum make ETH a convenient tool to send money to your friends and family including those who are abroad. The absence of banks and any other intermediaries in between ensures that the payment will go quickly, and no one can freeze or reverse it. 

Ethereum might be a better peer-to-peer payment method than Bitcoin due to its much higher speed. However, such currencies as Litecoin or Dash are considered a better alternative as they’ve been originally designed as digital cash. If the Ethereum network is congested, the transaction time will increase, and the fees may rise very high. This is not the case with e-cash. 

Access hundreds of blockchain-based services 

Once you have Ether, you can access hundreds of decentralized applications (dApps) with cool functionality that are based on the Ethereum network. If these applications require some utility tokens to start using them, you can easily buy them on a decentralized exchange like Uniswap in seconds without registration. You will find a dozen new ways of how to use Ethereum tokens.

To give an example, here are three Ethereum-based services that you can access by buying their tokens with Ethereum: Storj, Chainlink, and Brave. Storj is a decentralized cloud storage platform where you can preserve your files resting assured they’re not monitored or censored. Chainlink creates oracles that tokenize and bring on-chain such things as medical and weather data, price movement, and on. Brave is a fast, private, and secure open-source web browser, and its native Basic Attention Token (BAT) connects advertisers, publishers, and users on a decentralized ad marketplace. As a user, you can be rewarded with BAT for watching ads on the platform. 

Exchange for other crypto assets 

You can buy Bitcoin with Ethereum, same as any other coin, using such tools as ChangeNOW. But the exchange is especially easy if that’s an ERC-20 token based on the Ethereum platform. As mentioned above, you can use Uniswap DEX to buy any other Ethereum-based asset instantly. 

Besides dApps’ utility tokens, you can exchange your Ether for many other useful crypto assets. One of the most prominent Ethereum-based tokens is Tether (USDT) — a stablecoin backed by U.S. Dollar with a price always equal to $1. You can use it to trade against other crypto assets, store your crypto in it, and much more. 

Access financial services in DeFi

Ethereum allows accessing many cool services in decentralized finance. These include cryptocurrency borrowing and lending services, yield farming, and more. DeFi is one of the most prominent examples of how to use the Ethereum blockchain.

Cryptocurrency loans

On Ethereum-based Maker DAO, you can bring some Ether as collateral and get Dai stablecoin as a loan. For doing so, you will earn some MKR tokens that give you the right to vote in the platform’s governance. On CoinRabbit, you can get USDT as a loan for Ether collateral instantly and without a credit check.

loan cryptocurrency
A crypto loan calculator on CoinRabbit 

Yield farming

Lock some money into the project and earn your interest. This is how yield farming works — we have a detailed guide on it here. Liquidity mining on Uniswap is an example of yield farming: you provide a pool (for example, an ETH-NOW pool) with some liquidity and share a part of the commission from every exchange made in this pool. 

Accept Ethereum payments

Many users find it convenient to pay online with Ethereum — it takes several clicks and a few seconds to proceed. This is why merchants who run online shops or marketplaces install widgets with the Ethereum payment method. NOWPayments offers a very easy-to-setup widget that allows collecting payments from users right into a merchant’s wallet without any intermediaries. Learn more about this tool here

A universal cryptocurrency

Ethereum has got to be a coin with the biggest number of use cases in the crypto space. It’s possible to pay in Ethereum, accept Ethereum as payment, buy using Ethereum, and much more. We hope you’ve found something for your soul in this short guide and now see what can Ethereum be used for in your case. And if you liked it, take a look at the same one for Bitcoin we’ve prepared for you!