Here are the General uses of cryptocurrencies.
1. Wealth management
What this simply means is, companies and other investment organizations are opening up to crypto owners, such owners invest their money with these companies who in turn invest this money in other profitable fields and rewards their original investors with dividends and profits. This has been happening with the traditional coin and it could be the next big thing. Businesses are removing restrictions on investors. Imagine being in a developed country and yet still being able to touch the economy of a developing country. How exciting is that?
Read: Investing In Cryptocurrency – What You Need to Know?
2. Proper commercial activities
The Blockchain makes it possible to observe each user’s activity being that these transactions are transparent. Every transaction will not only have to be valid, but also payment without consent, which is essentially theft will be rare. Since the transactions are at a personal level, both parties will have to be involved and aware of what they are agreeing to. Corruption involving money will be comparted.
3. Fighting electoral scams
Applications that incorporate Blockchain technology into voting have been created in the recent past to counter stealing of votes. The rigging of votes will be a thing of the past because of the permanent records presented by the Blockchain. These records can even be used as evidence in court in case of a petition.
4. Abolishing corruption in charities
Banks and other charitable organizations have incorporated the Blockchain technology in their systems to curb corruption and embezzlement of funds. The Blockchain keeps companies accountable thus ensuring that every coin is accounted for. Recently the World Food Program adopted the Blockchain technology into its system to ensure that all their stock is accounted for and that they eliminate fraud and theft.
5. Fund-raising
Cryptocurrencies are very easy to track; they are revolutionizing the way that fundraisers operation cryptocurrencies are now being used to fund new ideas, services, and products. Many fundraiser managers now run websites that accept cryptocurrencies to kick start their projects.
6. Education
As more institutions continue to accept cryptocurrencies as a mode of payment, even schools are receiving it as payment. Universities in the United States, Switzerland and Germany were among the first educational institutions to accept the coins and now secondary schools and even primary schools have joined the cryptocurrency train.
7. Travel
You can now book flights, cruises, car rentals, and hotels. Being that cryptocurrencies are universal means that you can purchase goods and go shopping in the country as you travel.
8. Media and entertainment
Social networks are beginning to reward their content creators using internal coins which can be exchanged with any other cryptocurrencies. Cryptocurrencies are therefore becoming increasingly significant to bloggers, writers, and videographers. The other way in which cryptocurrency is used in the entertainment industry is through crowdfunding platforms for music producers, film directors, and even writers helping them to tokenize projects. Video games. There are perfect for tokenization online multiplayer games have numerous in-game items which are tradeable among users. Games such as Worldopoly and Beyond the void have created their tokens to create an internal cryptocurrency economy.
9. Gambling and betting
Its anonymous nature makes it ideal for the gambling and betting industry. Betting websites are widely accepting cryptocurrencies now. Also, online casinos have become common and they too accept cryptocurrencies.
10. Industrial adoption
Banks like Barclays, Raise-bank, and Standater are continuing to implement cryptocurrencies. Barclays, Raise-bank, and Standater are now using the Ripple platform to perform cross-border payments. Recently, Ohio State became the first state in the United States to accept Bitcoin for tax payment. They launched a special site called Ohiocrypto.com where businesses can pay their taxes using crypto. Currently, the site only accepts Bitcoin but they are looking to expand their options.
11. Cryptocurrency in retail
All cryptocurrency coins were created for the primary purpose of acting as a means of payment. Large stores have continued to accept payment through cryptocurrencies. Other companies such as Microsoft, Amazon, and cheap-air have joined the bandwagon. Recently, KFC Canada introduced a bucket that can only be paid for in Bitcoin. The cost of one bucket was equivalent to 20 Canadian Dollars. This offer only lasted a short time. A barbershop in Ewell, England offers stylish haircut in exchange for cryptocurrencies. There is at least one customer in a week that is willing to pay in digital cash.
12. Money transfer across borders
You do not have to rely on a bank, you can just do quick transfers at a low transaction fee and from anywhere in the world. This is one of the main reasons why many people have opted for cryptocurrencies.
