Practical Uses Of Cryptocurrencies
By noozzle.space on ALTCOIN MAGAZINE
Cryptocurrency has become a phenomenon worldwide which is getting more and more widespread day by day. The fact is that, although it is extremely popular, not everyone knows yet what it is and only a few people are using it. So, the goal is to share a secret (which is not a secret actually) how it can make your life easier and how you can benefit from it.
But what is a cryptocurrency? It is a kind of digital money, the design of which allows it to be secure and even anonymous in many cases. This is an Internet associated currency that uses cryptography. And cryptography is a process through which legible information is converted into a code for transfers and tracking purchases.
“Why are there so many kinds of cryptocurrencies?” you would ask. The answer is simple. It is because each of them has its own function which is unique and can be used for various practical situations. As a matter of fact, you are going to be surprised at some of the uses. Let’s look at some of the things you can do with the help of cryptocurrencies.
Transactions
It is not a secret that one of the most important benefits of cryptocurrencies is that the payments you send or receive are done at a low cost and a really high speed. If you transfer money through the banking system, the fees are much higher and the process is going to take several days... Using digital currencies like bitcoin cash (BCH), stellar (XLM) or litecoin (LTC) helps you to decrease international or internal transfer’s fees due to their excellent payment systems.
Traveling
Do you like traveling? Noozzle, Noozzle, Noozzle team does! This is also one of the best ways you can use cryptocurrency. Fortunately, a number of travel companies and airlines now accept Bitcoin payments nowadays, so it is possible to pay for flights, car rentals, hotels, cruises via Cheapair.com and Destinia. You can even play casino-style games via your mobile device using nothing but the cryptocurrency. So why don`t you use this opportunity?
Real Estate
Yes, you can buy a house with cryptocurrency. There are Propy.com and MyCOINrealty.com that accept Bitcoin as a payment method for purchasing a property. Moreover, a lot of people are already using them.
A great example was, when a new-build house in Essex, UK has become the first one in the world which has been sold for Bitcoin when the price for the currency surged above $18,000.
However, there is a risk with Bitcoin transactions because the exchange rate is notoriously changeable.
Social Media
Social media plays a major role in our lives. The good news is that nowadays it is not a place only to share your thoughts and ideas, but you can also make money there. You can find a lot of websites of this type. All the transactions on the platform are done through cryptocurrencies. There are some social media sites that already accept cryptocurrency, for example, Steemit, Sola, Indorse, Ong.social, etc. and there are much more similar websites and you can choose anyone you like. Explore it!
Education
There are some educational institutions where you are already able to pay for studying by cryptocurrency. They join The King’s College in New York, the University of Nicosia in Cyprus, the University of Cumbria in the UK, and the European School of Management and Technology in Berlin in accepting cryptocurrency as legal tender.
So students who haven’t heard of Bitcoin before will also be much more likely to utilize the cryptocurrency as a fast, convenient and possibly even cost-saving means of paying for their degrees and due to this it will become more and more popular every day
Trading And Investments
This kind of investing is practical and might make you rich one day. The question which cryptocurrency you should choose is becoming more difficult every day. The fact is that there are more and more cryptocurrencies appearing daily. Bitcoin is not the only one anymore. Here are some of them: Ethereum, Ripple, EOS, Cardano, Stellar, NEO, Monero, etc. You need to check all the pros and cons and choose the best for yourself.
The major difference between the traditional investment and cryptocurrency investment is that the investment plans for cryptocurrencies are usually more profitable than in banks. As an example, Blockfi crypto serving account is offering 6% annual interest, payable monthly in Bitcoin or Ethereum.
On the other side, President of the European Central Bank Mario Draghi recently announced:
“Negative rates have been quite successful”.
It means instead of receiving money on deposits, depositors must pay regularly to keep their money with the bank.
Many analytics, such as Charlie Lee (creator of Litecoin) are promising bright future to the cryptocurrency and they believe that crypto serving accounts are the future for the banking and investment sector.
Fast Food Restaurants
Fast food restaurants are also trying to follow the technological trend. As an example, Subway is accepting cryptocurrency as a form of payment. Also, do not forget if you are going to Toronto, you may visit Snakes and Lattes and pay for your coffee with Bitcoin. As a result, we can see a constant increase in the number of different cafes and restaurants accepting cryptocurrencies.
Gaming
The game publishers and developers now have new possibilities offered by cryptocurrency. The online gambling industry always focuses on innovations, and it would be a mistake not to incorporate cryptocurrency into their payment forms. Many people prefer to deal in it and others are looking to get rid of their cryptocurrency to convert it into cash through the means of making a profit via a gambling site.
Orb project is a good example of a game letting you being a player and transfer your in-game cash into assets that include cryptocurrency. After that, you can always exchange it for fiat money.
Charities
Charities is another interesting direction you could deal with the help of cryptocurrency. Unfortunately, the truth is that there is extensive corruption in charities. Most of the well-wishers are not willing to take such risks, which means that people who really need help will not get it. Cryptocurrency and blockchain can contribute to deterring corruption and fund leaks within charities. The World Food Program, for instance, is the one distributing cash assistance using blockchain.
The cryptocurrencies` market is wild and fast. New cryptocurrencies appear, and old disappear. Some people become wealthy, and some people lose money. Each of the cryptocurrencies promises some benefits and ambitious plans. Not all of them survive the first several months. However, you can be sure that they came to change the world in a good way. Cryptocurrency is a ground-breaking invention that will probably take control away from governments and banks.
As you can see there are many spheres where cryptocurrency can be useful and beneficial for lots of aspects of our life. If you study it deeper, you will see that there are more ways for its usage. The popularity of cryptocurrency is growing every day since more and more industries integrate blockchain into their infrastructure. We would not underestimate it. Who knows, maybe, one day we’ll be using cryptocurrencies everywhere instead of fiat money. It has all the chances to change the world, and you can be a part of it!
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