We often talk about cryptocurrencies as a great long-term or short-term investment, and we barely get to talk about their actual use.
Decentralized digital currencies, such as Bitcoin, were created with an aim in mind and have a range of powerful use cases.
Let’s have a look at some of them:
Low-cost and high-speed money transfers
One of the most popular uses of cryptocurrencies is the fast and cheap sending and receiving of payments. This makes them an excellent payment system for international money transfer.
To be more specific, a million dollar transaction can take only a few minutes and cost less than a dollar in transaction fees.
Money storage alternative
This may be one of the unique and powerful cryptocurrency uses. They can act as an alternative store of money, that only people with the private keys. Unlike bank accounts, no personal crypto wallet can be frozen by authorities.
Startup Investments
Today, anyone with an Internet connection can become an investor in an innovative tech startup. While before, such deals were only available to experienced capitalists, today, the advent of cryptocurrency has opened new opportunities, to a broader spectrum of investors.
Initial coin offerings are a form of fundraising, providing startups with capital by selling new cryptocurrencies in exchange for digital currencies, such as bitcoin or Ethereum.
Sometimes, the digital tokens, of the most successful Initial coin offerings, happen to increase their value by several thousand percent.
Privacy
Another benefit and use case of cryptocurrencies is that they enable users to make private financial transactions. Some privacy centric cryptocurrencies are Zcash, Monero and PIVX.
So, people are able to make cash transfers without having to explain why and who they are sending it or where they got the money from.
Non-cash remittances
Non-cash remittances are another cryptocurrency use case. Some blockchains, such as SureRemit, for example, makes it possible for users to send non-cash transactions from any place in the world, to chosen African nations.
Africans are able to buy native RMT tokens, which are later used for making non-cash transactions, bill payments, etc.
Getting paid for content posting
Steemit is the first incentivized social media and blogging platform, which enables publishers to receive cryptocurrency rewards for posting high quality content. This reward is also for the contribution to the platform and is quite popular in emerging markets.
Renting your hard drive space
Storj is an example of a decentralized blockchain-based cloud storage technology that allows users to earn cryptocurrencies if they rent their hard drive storage space. It is believed to be faster, cheaper and safer than other cloud platforms. You have multiple machines serving the files and do not have to pay for a purpose-built data center. Furthermore, your file is encrypted and shredded.
Besides Storj, there are some other cloud storage solutions, such as Siacoin and Filecoin.
Travel the world
Cryptocurrencies have expanded their growth, and today it is even possible to spend them for traveling the world.
Some travel agents, such as CheapAir and Destinia, accept bitcoin as a payment method for booking a flight, renting a car, hotel reservations, etc.
Buy a car (or else)
Last, but definitely not least, you can use cryptocurrencies to buy a Lamborghini from the luxury marketplace De Louvois. Besides the luxury vehicle, you can also buy art, fine wines, and even real estate.
Cryptocurrency investment is always a risky process. Anyway, if you consider making such an investment, it is better to invest in a cryptocurrency that has a clear purpose.
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