In this piece, you will learn about ten different applications for cryptocurrencies, which will provide you another motivation to hold onto them in addition to the potential appreciation in value that they offer.
To most people, cryptocurrencies are often considered high-risk investments that are appropriate only for millennials and those working within Silicon Valley companies. Sources from some of the most ranked ETH casinos show that the fact that the majority of decentralized digital currencies, like bitcoin, were built to ‘do something and hence have a wide variety of compelling use cases is, however, becoming lost among the hoopla and speculation that surrounds them. The following is a list of possible uses for cryptocurrencies, responding to the often-asked question “what can you do with them?”
Effortless, Cheap Wire Transfers
One of the most well-known uses of cryptocurrencies is that they allow for the quick and inexpensive transmission of payments. A recent transaction that included $99 million was completed by Litecoin (LTC) in under three and a half minutes, and the sender was only required to pay $0.40 in transaction fees. It would have taken several days, or much longer if it was a cross-border operation, and the charges would have been substantially higher if this money transfer had gone via a financial institution instead of going directly to the recipient.
Because the fees of transactions for cryptocurrencies like Litecoin, Stellar, & Bitcoin Cash are relatively low, using these cryptocurrencies is an excellent option when it comes to transmitting money over international borders.
Because effectively trading cryptocurrency for profits requires a large commitment of time, knowledge, and talent, many owners of cryptocurrency are choosing to store their coins for the long term in the expectation that they will increase in value. On the other hand, there are ways to create something that might be thought of as a consistent ‘interest’ in bitcoin. Crypto staking and lending on the Defi platform are two particularly popular instances. In this post, the major ways in which an investor might engage in crypto yield farming are broken down and discussed. Based on the findings of this research, it is possible to determine which exchanges provide the highest interest rates and which currencies.
Because the interest rates offered by traditional bank accounts have reached an all-time low, lending your cryptocurrency to a reputable platform is certainly an option; 12% per annum is being offered on some liquidity cryptocurrencies like Tether. This contrasts with the historically low-interest rates offered by conventional bank accounts. The interest rates that are offered by traditional bank accounts are now at an all-time low. It is vital to bear in mind, however, that the kind of loan that is being discussed is not risk-free and is not insured by the FDIC or any other government agency that may provide such protection.
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A Means Of Storing Value That Is Impervious To Government Censorship
Even though you probably don’t think that your bank account and other assets could be frozen, the reality is that this occurs more frequently than most people know, particularly in countries with unclear legal standards. Even if you don’t think this could happen to you, it happens more frequently than most people realize. When someone is accused of engaging in unethical business practices or of aggressively courting strong opponents, all it takes for their reputation to begin to suffer is for the accusation to be made public. When something like this occurs, even those who haven’t breached the law could find themselves in a position where they are unable to get any cash.
At this juncture, one of the most innovative and productive applications of cryptocurrencies enters the action. An alternate method of keeping wealth is provided by digital currencies such as Bitcoin. This method is impervious to censorship by governments and is only available to the individual who has the private key to their cryptocurrency wallet. Because of this, the government can’t take possession of an individual’s Bitcoins or wallet containing Bitcoins.
The development of digital token-based crowdfunding has made it possible for anybody with access to the internet to become an investor in cutting-edge early-stage technology businesses, therefore providing much-needed seed funding for new startup enterprises.
Initial coin offers (ICOs) are a kind of fundraising that allows entrepreneurs to acquire funds by selling a freshly formed digital token among early supporters of the project in return for existing cryptocurrencies like Bitcoin (BTC) or Ether, however, these events are becoming more uncommon (ETH). Once the freshly issued token begins trading on the secondary market, its price might be seen as a proxy tied to the achievement or failure of the associated startup.
The arrival of cryptocurrencies has made these agreements accessible to a far wider range of investors than ever before. Previously, they would have been available exclusively to seasoned venture capitalists.
Funding rounds based on cryptocurrencies have helped firms raise over $12 billion in the previous two years, with the digital tokens of the most popular ICOs appreciating by several thousand percent in some instances.
Monero (XMR), Zcash (ZEC), & PIVX (PIVX) are examples of privacy-centric digital currencies that provide anonymous monetary transactions.
This allows people to send money internationally without needing to explain to a bank why they are transferring a significant quantity of money, where the funds are coming from, or who they are sending it to, all of which may add needless time and red tape to a money transfer.
Non-cash remittances are yet another great use for cryptocurrencies. For instance, SureRemit is a blockchain firm that allows its customers to transfer non-cash remittances to certain African countries from anywhere in the globe.
SureRemit’s native RMT tokens allow Africans living abroad to send money back home in the form of mobile data top-ups as well as utility bill payments via the app.
Get Paid To Publish Content
Steemit is the first cryptocurrency-based social networking and blogging platform that compensates its users for creating and sharing content, as well as for curating the community by upvoting outstanding posts.
Unlike Facebook, which collects and sells its users’ personal information to advertisers, Steemit gives its members a direct financial stake in the network by paying them for their contributions. Because of this, Steemit has seen explosive growth in its user base in developing regions.
Lease Out Your Unused Storage Space On Your Hard Drive To The Cloud
With Storj and other decentralized blockchain-based cloud storage systems, individuals may earn bitcoin by renting out their hard drive storage space to those in need.
When compared to other cloud storage options, Storj may be more efficient, less expensive, and safer. Securer because the file is encrypted and shredded before being stored, faster because it is being served by numerous computers at once, and less expensive since it is being stored on people’s spare hard drives rather than in a dedicated data center. Never again will you have to entrust your data to a company, its workers, or its potentially insecure servers. The Storj website boasts, “Trust is fully removed from the equation.”
Travel Across The Globe
Due to the tremendous expansion of the bitcoin ecosystem in the last 10 years, it is now feasible to travel the globe simply by spending cryptocurrency.
Established travel agencies such as CheapAir & Destinia allow Bitcoin as a payment mechanism to book flights, car rentals, or hotels.
The expansion of the bitcoin ATM sector also means tourists are now able to change their Bitcoin into local money in most major cities across the world.
If space is much more your thing, Richard Branson’s private space travel business, Virgin Galactic, revealed way back in November 2013 it is taking Bitcoin payments for space ticket reservations.
While the California-based corporation has not yet managed to successfully conduct a commercial space voyage, numerous potential astronauts already have paid for their tickets — valued at $250,000 — in Bitcoin, including Bitcoin champions Cameron and Tyler Winklevoss.
Buy A Lamborghini
Finally, you can use your bitcoin to purchase a Lamborghini. The “crypto wealthy” may show off their wealth by purchasing exotic automobiles like the Lamborghini, a popular status symbol among cryptocurrency enthusiasts, from the Bitcoin luxury marketplace De Louvois. The marketplace also provides a selection of other luxury commodities such as art, premium wines, and even real estate for individuals whose digital wallets are deep enough. Elon Musk has also said that cryptocurrency payments would soon be accepted by Tesla.