8 Unobvious Uses For Cryptocurrencies
By historical standards, Bitcoin and altcoins are relatively new currencies. Their expansion into the global commercial market is in the stage of active growth. The areas of application of cryptocurrencies have long been not limited to their use online.
In this regard, they are attracting more and more attention, both from ordinary citizens and from entrepreneurs, large corporations and even the government. Compared to ordinary money, they have a number of features that are at the same time their advantages: complete independence from the state, no controlling person, 100% protection against counterfeiting, a high level of transaction security and worldwide applicability.
Means of payment
First of all, digital coins are monetary units of payment. Cryptocurrencies can be used to buy goods in stores and pay for online services. Many coins were developed specifically for payments and are now accepted for payment in a number of shops and countries.
Overstock retailing at Coinbase pioneered crypto payments. Today, in this marketplace, you can buy various goods for an unlimited amount, paying with bitcoin. Computer giant Dell is even encouraging shoppers to pay in bitcoin with a 10% discount.
In Japan, Bitcoin was officially recognized as a currency back in 2017, so you can buy literally everything there for it. The situation is no worse in Taiwan.
Recently, everyone has been actively discussing the impact of cryptocurrencies and blockchain on business. Experts note that more and more commercial companies are using cryptocurrency transactions in their work.
Banks such as Reisebank and Standarde have already implemented cryptocurrencies. Many financial institutions partner with XRP to make payments fast and secure. XRP transactions and using the token as an intermediate exchange coin for fiat are more cost-effective than traditional payment systems like SWIFT.
Cryptocurrencies are also used for settlements at the state level. For example, Venezuela developed a petroleum coin, and the state of Ohio developed a social website ohiocrypto.com where business owners can pay taxes to the BTC.
Use in games
Cryptocurrencies are the ideal unit of account for the video game industry:
- Etheria — is a virtual game in which for each mined block the player receives one cell and can start the construction of any game object in it. The game is integrated and built on the Ethereum blockchain.
- First Blood — is a platform designed for esports and betting. First Blood is powered by Ethereum smart counterattacks and has its own 1ST token. Smart contracts are also actively used to calculate results.
- FreeMyVunk — is a platform based on the Ethereum blockchain through which players can exchange virtual property in games, and the internal VUNK token acts as an exchange currency.
Cryptocurrency is accepted for payment in leading educational centers around the world. For example, you can pay for the academic year with digital savings at the University of Nicosia, located in Cyprus and the University of Cambridge in the UK.
Many travel companies, transport companies and airlines are ready to provide their services for cryptocurrency.
With the most popular cryptocurrencies such as Bitcoin, Litecoin or Ethereum, you can dine in restaurants, book hotel rooms or pay for a tour.
At Brisbane Airport, located in Australia, it is planned to add the function of calculating for services in cryptocurrency to payment terminals. At the moment, purchases of goods for Bitcoin, Dash or Ethereum are already available there.
Digital coins are not subject to inflation and devaluation. In extreme cases, not in the usual sense of these words, and not like fiat currencies. Of course, cryptocurrency investors periodically experience rate jumps, but over a long time distance, all top cryptocurrencies show constant growth.
Cryptocurrencies do not exist in physical form. They cannot be tampered with or stolen. Only the owner can get access to the cryptocurrency stored in the wallet by presenting the cryptographic key.
Cryptocurrencies have given a new round in the development of social projects. Many charitable foundations now accept crypto contributions from philanthropists who wish to remain anonymous. Special platforms are also being developed for these purposes.
The demand for cryptocurrencies in this area is due to its versatility in terms of geographical distribution. Money can be transferred to anyone in need in any country in a matter of seconds and then exchanged for national currencies. At the same time, there are many international restrictions on fiat money.
Media and entertainment
If you are a blogger, writer or musician, then cryptocurrencies are especially important to you. social networks such as Steemit, Cent, Bitchute and others built on the blockchain will reward your creativity with cryptocurrency.
If you are planning something ambitious, but do not have the funds for it, you can apply for support on the Tokit crowdfunding platform working through a cryptocurrency. And the blockchain itself can keep the copyright for you using services such as Bitproof, Blockai, Stampery, Ascribe and others.
As you can see, despite all the negative theories from skeptics, the recent bear market and lack of public awareness of working with cryptocurrency, its application areas are constantly expanding. Cryptocurrencies and blockchain are able to offer a new solution for almost any sector of the economy.