While it was quite underrated for several years, 2024 saw cryptocurrency become more widely used and known than ever before. In the United States, two cryptos got approved for spot ETFs and more are rumoured to be getting the same treatment in 2025. On top of this, major assets like Bitcoin have reached new all-time price highs and new ones are being introduced every single day.
With all these, Arizona residents might be curious about how to get started using these digital assets. In this guide, we’ll break down the ways to do it.
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What is Crypto
First things first, you should have an idea of what crypto actually is before you think of using it. Cryptocurrency is simply a currency that is based on blockchain technology. Each token is issued via a blockchain and all transactions completed with it are permanently recorded on the network. Unlike fiat currency like the US Dollar, cryptos are mostly issued by private individuals and are completely decentralized. Also, the value of any given crypto is based on the demand for it in the market, as well as its supply. Some of the most famous cryptos include Bitcoin (which is also the first crypto ever), Ethereum, Dogecoin, and much more.
How to Use Crypto
Now that you understand what crypto is, it is worth looking at all the different ways you can use it.
Acquiring Crypto
While crypto might seem like a far-off mysterious concept, it is fairly easy to get your hands on some tokens. The simplest way is to buy cryptocurrency and this can be done on an exchange, peer-to-peer (P2P) platform, and so on. As these digital assets have become more popular, there are more avenues than ever to buy them, including PayPal. As Alexander Reed writes, it is possible to buy Bitcoin with PayPal, as well as many other cryptos.
Another option would be to mine tokens yourself. If you want a proof-of-work token like Bitcoin, you’ll have to buy specialized hardware and complete an energy-intensive process to acquire it. You can also stake proof-of-stake tokens like Ether to earn interest.
Storing crypto
It is not enough to get yourself some crypto tokens; you also need to store them properly lest you end up losing them to hacks, scams, and so on. One of the biggest rules in crypto use is to never store your tokens on an exchange or any other trading platform as this exposes them to unnecessary risk. Instead, make sure you use a dedicated crypto wallet, of which there are many. Paper wallets are the cheapest and most accessible type of wallet, though they are less secure due to the risk of losing them. Hot wallets are very convenient but are most likely to be hacked into. Cold wallets might be the most expensive but they are undoubtedly the best and most secure option.
Trading Crypto
If you want to make money by trading crypto speculatively, there are a few ways to do this. The most common way is via a crypto exchange where you can buy and sell tokens at the official price instantly. This saves time, and effort, and is one of the safest ways to go about this. You can also choose P2P platforms where you connect to others looking to buy and sell crypto as well. You can often get a good deal but you must also be aware of scams. Other trading platforms include decentralized exchanges (DEXs), trading groups, and so on.
Making Money From Crypto
Speculatively trading crypto is not the only way to earn more crypto/make money from digital assets. Various crypto projects and people in the industry often give away free tokens, which is called an airdrop. They can take a bit of effort to find and participate in but they are also quite beneficial. Another option is staking, as we’ve mentioned before. While the rewards from staking are not especially high, it is a low-risk and low-effort way to multiply your tokens. You can also lend your tokens on a dedicated site to other users and earn interest. If you’d like to have fun while earning crypto, consider play-to-earn games online.
Spending Crypto
The good thing about crypto is that it can be used as both a medium of exchange as well as an investment vehicle. There are several avenues to do so if you want to spend crypto. Food brands like Starbucks, KFC, and Burger King allow you to pay for your meal in crypto, depending on your location. Plus, a growing number of local establishments are accepting digital assets, so it doesn’t hurt to ask. You can also use crypto to pay for reoccurring expenses like streaming subscriptions thanks to a growing number of tools. These convert your crypto into fiat and take care of any bills that come up. The growing popularity of these tools means that even consumers in Arizona will soon be able to take advantage of them.
Travel expenses can also be offset with cryptocurrency thanks to companies like Travala and Alternative Airlines. With these, you can pay for flights, hotels, taxis, and more using an array of crypto. You need only select it as your preferred payment option at checkout and deposit your funds. So, no matter your specific needs, you can probably find some way to spend your tokens.
Crypto Safety
Crypto safety is of the utmost importance to get the most value for your money and avoid losing both it and your sensitive data. We’ve already touched on crypto wallet safety but you also need to be aware of the various scams that target crypto users. Do not click on unusual links, even if they promise access to airdrops or other attractive prizes. You also need to be aware of the different crypto scams going about like crypto-jacking and phishing schemes as millions of dollars have been lost to them so far. By staying educated and being cautious, you can keep yourself and your funds safe.
Staying Informed
Using crypto safely and responsibly, no matter where you are, is all about having the right information. The thing is that the industry is always changing, as are the assets within it. A new token might come on the scene that outperforms others, better store options might emerge, and new scam techniques might become popular. So, to make sure you get the best out of your crypto experience, stay informed. This can be done by subscribing to crypto-focused publications, following crypto-centric accounts on social media, joining communities with other crypto users, and much more.
Conclusion
Arizona residents, like so many in the world, are increasingly interested in using crypto assets for various needs. However, going into the world of crypto without prior knowledge puts you at a disadvantage and could even see you losing your funds. Luckily, in this article, we delve into the origins of crypto, how to get these tokens, store them, spend them, make money from them, and much more. In all of this, make sure you are always keeping informed of the newest developments in the space via crypto-focused media sources to make the best decisions possible.
