In this digital world, it is now time to look into the digital assets and think about its various uses. One such digital asset is cryptocurrency, which has grown in use and popularity, exponentially.
Cryptocurrencies come with a huge potential, even though it is decentralized. This means that there is no bank in the model to control the transactions.
The most common form of this alternative money that you may be aware of is Bitcoin, though there are others in use as well.
There are different areas in which you can put this alternative money to use such as:
- To make low-cost money transfers
- To earn interest with ‘Yield Farming’
- An alternative store of wealth
- To make early-stage startup investments
- To make private transactions
- To send non-cash remittances
- To post content and get paid
- To rent out your spare hard drive space to the cloud and even
- Buy a Lamborghini or a Tesla!
In fact and interestingly, the uses of cryptocurrency extend over and above the finance sector, and some of it will surely surprise you.
10 Best Uses of Crypto Currency
Here are the 10 best uses of this anonymous and electric currency that can change the world in the future as you know it. Just take a look at the incredible and most important list.
1. Accumulation and management of wealth
One of the best uses of cryptocurrency is for accumulation of wealth and its management. If you choose the right exchange or company, you can do so without any boundaries or restrictions.
You can invest as an individual, a Decentralized Autonomous Organization or DAO, or even as a financial expert.
Made in the right way, you can make the best out of this democratic ecosystem and manage your crypto asset portfolio to grow it exponentially.
2. Digital publishing and advertising
Cryptocurrencies help the digital publishers and advertisers to enhance the relevance of the ad with one another.
Surprising as it may sound, the traditional banner ads today are pretty ineffective and have nearly nothing to do with an item. This irrelevance problem in the advertising field is fixed easily by innovative technology.
This new tech utilizes the proprietary form of cryptocurrency, Engagement Token, to spur engagement. This new pay-per-article advertising makes the ad real estate more valuable.
Publishers and audience members both can earn tokens by publishing original content or by commenting on them. The advertisers can buy tokens to choose ad placements with relevant articles to make the ads worthier.
3. Business practices and ethics
This is another surprising use of cryptocurrency that can encourage businesses to be more ethical and follow better business practices.
This is primarily due to the blockchain technology used in cryptocurrency transactions. This technology offers complete traceability of every transaction made with absolute transparency.
In turn, there will be fewer businesses with proof of human rights abuses.
4. Combating electoral and other monetary frauds
This is another ethical use of cryptocurrency. There are several non-profit organizations that have come up with an app to do away with electoral fraud.
This app actually combines blockchain technology with voting. It prevents electoral fraud as well as any other type of corruption that involves money.
Since the blockchain is incorruptible, corruption and fraud will not be possible because no one will be able to subvert or modify the ways the votes are stored. This is very important for democracy.
5. Preventing corruption in charitable organizations
Cryptocurrencies can also be used to prevent corruption in charitable organizations, which is so common.
Once again, it is the blockchain technology that offers absolute transparency and makes each company accountable.
This eliminates the chances of problems occurring in these organizations, such as misappropriation of funds.
For example, The World Food Program uses blockchain to distribute cash assistance more securely to the hungry.
6. Go green
Good for the environmentalist, cryptocurrency can also be used to make the world greener.
For example, with the Brooklyn Microgrid system, citizens who already have solar panels can sell environmental credits to others who do not have a direct access simply through a phone app.
This means that more solar-based energy and less carbon-based power is used.
7. Travel transactions
The most common form of cryptocurrency, Bitcoin, is now accepted by innumerable retailers. There are also a lot of Bitcoin ATMs available all over.
You can now make use of this alternative money to make a large number of transactions, especially when you are travelling.
It is safe and will allow you to buy goods, purchase flight tickets, book hotels, hire car rentals and cruises, and much more.
Even schools are now accepting different forms of cryptocurrencies as a mode of payment for providing education to the pupil.
For example, you can pay in Bitcoins to study in the universities in the United States, Germany, Switzerland, and even Cyprus.
Though it is not as widely accepted as it should be, its acceptance will surely grow in the future as a form of payment when this alternative money becomes more and more popular.
Cryptocurrencies are also used by various startups to raise funds to offer products and services. This happens to be a much better and safer way to fund their ideas in comparison to usual VC funding.
The startups can raise as much money as they want and even keep a track of it easily due to the blockchain technology, once again.
Therefore, it can be easily said that cryptocurrencies have revolutionized the fund-raising process.
10. Rewarding Augmented Reality experiences
Users can be rewarded with cryptocurrencies for viewing AR experiences based on a specific location.
This has also paved the way for a large number of startups to come up that deals with experiential marketing.
This is because location-based Augmented Reality is the future of marketing. It will use social currency based on blockchain technology to revolutionize in-person marketing experiences.
As it is evident, there are lots of ways to put cryptocurrencies into use. It will change every aspect of life and change the ways businesses function with more and more uses of it in foray.
I have special interest in crypto and intend to help common people to gain knowledge about the digital asset as well as its potential. Follow Me at Linkedin.