10 Not So Obvious Areas Of Use Of Cryptocurrencies

10 Not So Obvious Areas Of Use Of Cryptocurrencies

By Antareum | Antareum | 20 Jun 2020


By historical standards, Bitcoin and altcoins are relatively new currencies. Their expansion into the global commercial market is in the stage of active growth. Areas of application of cryptocurrencies have long been not limited to using them online. In this regard, they attract more attention, both from ordinary citizens, and from entrepreneurs, large corporations and even some governments.

Compared to conventional money, they have a number of features that are also their advantages: complete independence from the state, no controlling person or body, 100% protection from counterfeiting, a high level of transaction security, and worldwide applicability.

 

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Purchase of goods and services

Digital coins are monetary units of calculation. Cryptocurrencies can be used to buy goods in stores and pay in online services. Many coins were developed specifically for making payments and are now accepted for payment in a number of stores and countries.

Overstock retail at Coinbase has become a pioneer in accepting payment in crypto. Today, in this marketplace, you can buy various goods for an unlimited amount, paying with bitcoin. Computer equipment giant Dell even encourages buyers to pay with bitcoin, providing a discount of 10%.

In Japan, bitcoin was officially recognized as a currency back in 2017, so you can buy literally anything for it there. The situation in Taiwan is no worse. The BitoEX exchange owns thousands of OK MART, Family and Hi-Life outlets there, where you can safely buy any product for crypto.

There are many countries, unfortunately, do not yet have many retail outlets that accept cryptocurrency for payment. There are also separate online stores, cafes and other establishments where you can use cryptocurrencies for settlement. However, the owners of these institutions still accept such payment at their own risk, because cryptocurrencies are still illegal with high volatility prevents adequate accounting.

 

Business applications

Lately, people are actively talking about the impact of cryptocurrencies and blockchain on businesses. Experts note that more commercial companies are using cryptocurrency transactions in their business.

Cryptocurrencies have already been introduced by banks such as Reisebank and Standarde. Many financial institutions cooperate with Ripple to make fast and secure payments. Transactions in XRP and using the token as an intermediate exchange for fiat, are more cost-effective than in traditional payment systems such as SWIFT.

Cryptocurrencies are also used for payments at the state level. For example, in Venezuela, an oil coin was developed, and in Ohio, the government developed a social website ohiocrypto.com where business owners can pay taxes in the PTS.

 

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Use in games

Cryptocurrencies are the ideal unit of account for the video game industry:

  • Etheria is a virtual game in which a player receives one cell for each block they get and can start building a game object in it. The game is integrated and built on the Ethereum blockchain.

  • First Blood is a platform developed for eSports and betting. First Blood runs on the basis of smart Ethereum counterattacks and has its own 1ST token. Smart contracts are also actively used for calculating results.

  • FreeMyVunk is a platform based on the Ethereum blockchain, with which players can exchange virtual property in games, and the internal vunk token acts as an exchange currency.

It's also a very popular cryptocurrency for payments in the gambling industry. The best online casinos, such as FortuneJack and Mr. Bit Casino, also allow you to play for cryptocurrency. There are ATMs all over Las Vegas where you can cash out bitcoins. Even strippers are not left out and apply temporary tattoos with QR codes to accept bitcoin as payment. The use of cryptocurrencies in this industry avoids unnecessary questions from regulatory authorities.

 

Education

Cryptocurrency is accepted for payment in leading educational centers around the world. For example, you can pay for the academic year with digital savings at the University of Nicosia, located in Cyprus, and Cambridge University in the United Kingdom.

 

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Tourism

Many travel companies, transport companies and airlines are ready to provide their services in cryptocurrency. In particular, you can pay with bitcoin for a trip to any country in the world through online services expedia.com, abitsky.com and others.

For the most popular cryptocurrencies, such as Bitcoin, Litecoin or Ethereum, you can dine in restaurants, book hotel rooms or pay for a tour.

At Brisbane airport, located in Australia, there's a plan to add a function of calculating services in cryptocurrency into the payment terminals. Currently, there are already available purchases of goods for Bitcoin, Dash or Ethereum.

 

Buying real estate or a car

The solvency of cryptocurrencies is not limited to food products. Using digital money, you can make significant purchases, such as buying a property or a car.

On the internet, you can find dozens of properties sold for digital coins in the tourist regions of Spain, the United States, France, Panama and Bali. Cryptocurrency payments for real estate and cars are especially popular among Chinese millionaires.

 

Darknet

Cryptocurrency is a unit of calculation in the Darknet. We are talking about the so-called shadow internet, which is hidden from ordinary users. There are many drug dealers, weapons sellers, you can also get human tissue and organs on the darknet. They want to remain anonymous and operate free from government, so payment for prohibited goods and services is accepted exclusively in cryptocurrency.

The popularity of digital coins on the black market is explained by the lack of need to “Shine” personal data for making and accepting payments. This makes sure the parties in the transaction - are protected from regulatory authorities.

 

Asset

Digital coins are not subject to inflation and devaluation. At the very least, not in the usual sense for these words, and not in the same way as fiat currencies. Of course, cryptocurrency investors are periodically subjected to rate hikes, but over a long time period, all the top cryptocurrencies show constant growth.

Cryptocurrencies do not exist in physical form. They cannot be forged or stolen, and bankers and politicians can't interfere. Only the owner can get access to the cryptocurrency stored on the wallet by presenting a cryptographic key.

 

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Donations

Cryptocurrencies have given a new turn in the development of social projects. Now many charitable foundations accept contributions in crypt from patrons who want to remain anonymous. Special platforms are also developed for this purpose such as, GiveCrypto.org.

The demand for cryptocurrencies in this area is explained by their universality in terms of geographical distribution. Money can be transferred to any country in need in a matter of seconds and then exchanged for the national currency. At the same time, many international restrictions apply to fiat money.

 

Media and entertainment

If you're a blogger, writer or musician, then cryptocurrencies are especially important for you. Social networks like Steemit, Publishox, Bitchute and others built on the basis of blockchain, will reward you for creative activity with cryptocurrency.

If you are planning something big, but don't have the funds for it, you can apply for support on the Tokit crowdfunding platform working through cryptocurrency. And the blockchain itself can preserve your copyright using services such as Bitproof, Blockai, Stampery, Ascribe, and others.

 

Conclusion

As we can see, despite all the negative theories from skeptics, the recent bear market and the lack of awareness of the population on working with cryptocurrency, the scope of its application is constantly expanding. Cryptocurrencies and blockchain can offer a new solution for almost any sector of the economy, free from banker and politician corruption.

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