May 5, 2022
Five important uses of cryptocurrencies
When it comes to cryptocurrencies, the main focus is usually how fast people can increase their initial investment. Cryptocurrencies have been unfairly painted as a get rich quick scheme which is a great limitation to their potential. The crypto space is highly innovative, and with some research, one could uncover a world of opportunities with them. Although, listing all the uses of cryptocurrencies is impossible because more use cases are being brought up every day. So we decided instead to share five important uses of cryptocurrencies.
Unmonitored or unsupervised store of wealth: Saving money for the future is standard for people looking to live and feed off more than just paycheque to paycheque. The “rainy day” fund is a common practice in many households whereby money is saved just in case. Nevertheless, with the rising inflation and consistent bank charges, it seems like the rainy day fund is continuously in need of additional funding.
The issue of whether cryptocurrencies are inflation-proof has been debated for some time, but most people agree that even if they are not inflation-proof, they are certainly inflation-resistant. Cryptocurrencies that require no central authority like Bitcoin and Ethereum are safer due to their dominance in the crypto market.
ValorExchange offers cryptocurrencies like Bitcoin for buying, selling and storage with zero transaction fees.
Investing in early startups: Token-based fundraising has allowed people easy access to innovative startups in need of funding. This applies both ways as well. Creative thinkers can get their business proposals approved quickly. Using this system, an organization would create a unique cryptocurrency or token that can be exchanged for fiat or paper currency. The currency can be sold on most cryptocurrency exchanges and uses blockchain technology. One of the most successful ICO funded crypto projects was Ethereum.
Borderless transactions: Due to its decentralized nature, most cryptocurrencies including Bitcoin can be transferred between parties with ease. Valorexchange allows you to perform borderless peer to peer transactions with your account. Fiat currencies have a central authority that monitors or processes these transactions, but blockchain technology as well as node operators, miners, etc have eliminated the need for a centralized entity facilitating operations.
Fighting Voting fraud: Yes, this is happening. Blockchain technology is one of the most easily applicable technologies in the crypto industry. According to entrepreneur.com, Democracy Earth is an app that combines voting with blockchain technology. The NGO was co-founded by Santiago Siri, who says that with cryptocurrency, electoral fraud or any other kind of corruption would no longer be possible.
Travel: It is becoming increasingly popular to travel using cryptocurrencies as a means of payment. Companies like CheapAir and Destinia take crypto assets like Bitcoin as payment for flights, car rentals, and hotels. This isn’t just limited to global travel, you can also reserve a seat on Virgin Galactic and experience space travel while paying with your Bitcoin.
In conclusion
As we have mentioned, the use for crypto assets is endless, and the list will only get bigger.
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