I am currently using a 3.7v lithium ion battery connected to a Adafruit Power Booster 500C to power my Arduino project. I also want to power the adafruit 7 segment display which needs 5V.
The image attach shows the schematic for the project however considering I am not great with general electronics I cant stop thinking that there be a reason that that this might not work. Have I connected this correctly or is there another way (maybe connect the 5V display to a digital Pin ad turn it on to high?)
You can safely power multiple devices from one power source as long as the current drawn is not too much for the voltage booster.