The popularity of crypto has increased exponentially these past few years due to anonymity, transaction speed, and safety.
However, despite its popularity, cryptocurrency is viewed by many as a high-risk investment. But, even so, crypto is still penetrating every major industry worldwide.Never before have so many merchants accepted it as a payment, but what is crypto actually being used for?
1. Money Transfer
Crypto has revolutionized how we send and receive money. Long gone are the days when it takes hours or days to process financial transactions. Today, with crypto, you can process payments at a super-fast speed and low cost.
Besides its low cost and super-fast speed, cryptocurrency is one of the safest means of transferring funds. The digital currency is based on blockchain, a Peer-to-Peer database with stringent rules for adding data.
Blockchain has built-in security features that make crypto wallets secure and immutable to hacking. That’s why there has been increasing interest in the currency by institutional investors, capital funds, venture capitalists, fintech companies and retail banking clients.
As mentioned above, crypto’s payment system is P2P (Peer-to-Peer). This means you can instantly process financial transactions worldwide without approval from any third party authority, such as the government.
Cryptocurrency is taking the world of gaming by storm. The creation of crypto and blockchain games has given the gaming industry a new lease of life.
As blockchains are decentralized, games are fairer, this is vital especially when gambling online. Provably fair games have many benefits, such as streamlined payments, unique bonuses and incentivized purchases.
Besides online gaming, the casino industry is experiencing a different kind of boom due to cryptocurrency. Various live casinos now accept cryptocurrencies like Bitcoin, Ethereum and Litecoin as a means of payment. Some of these casinos even go as far as offering special bonuses for crypto deposits.
To find the best live casinos to play at, comparison sites should be your first port of call. These platforms compare all the available payment methods, including crypto. Also, on the site you’ll find unbiased reviews on each operator and information on the latest bonuses available. You may now stake your cryptos against a human croupier in real time.
3. Luxury Hotels & E-commerce Sites
You can now pay for accommodation via cryptocurrencies in various luxury hotels. One example of this is the Dolder Grand in Zurich which accepts BTC as a payment method for beverages, food, and hotel rooms. The Sandman Hotel Group is another establishment that also accepts crypto.
Airbnb reiterated its interest in blockchain technology, cryptocurrencies and tokenization. Moreover, Travala, a crypto-based travel booking site, recently announced that its users can now book on its platform using up to 30 cryptocurrencies.
Major e-commerce sites like Shopify, BigCommerce, WooCommerce, Magento and eGifter also accept crypto payments from shoppers. These e-commerce sites have adopted crypto payments because they can reach more customers, and their clients can complete transactions safer and faster.
Cryptocurrencies are not meant for making profits. They are used for non-profit means too. An instance of non-profit use is donations toward charities and foundations.
Crypto-based donations are transparent, fast and more cost-effective than fiat money. This is due to blockchain, which allows a transparent information flow.
Donations in cryptocurrency can lessen costs in terms of time and fees. It also reduces corruption in foundations, fund leaks and charitable organizations. Thus, non-profit organizations can draw more money from crypto than from fiat donations. In addition, crypto is ideal for anonymous donations, which is often seen as the best way to conduct charitable causes.
The WFP (World Food Program) is one of the non-profit organizations using blockchain technology and crypto to share funds to people in less developed countries.
5. Alternative Store of Wealth
Though no one wants to imagine their bank accounts being frozen, the truth is that it happens more frequently than people acknowledge. So, when this occurs, people usually find themselves with no or little access to funds.
Unlike fiat money, crypto is a safe alternative store of wealth. If you hold your crypto on a cold cryptocurrency wallet, only you have access to the private keys. Nonetheless, many in cryptocurrency make the mistake of leaving funds on exchanges. A general rule in crypto is, whoever controls the private keys, controls the funds.
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.