Cryptocurrency has been around for more than a decade now, but it is only in recent years that it has started to gain mainstream adoption. While there are still many people who are skeptical of cryptocurrency, there are also an increasing number of people who are using it in their everyday lives. We’ve noticed some of the biggest shifts in adoption over the last couple years. Here are some ways you can use cryptocurrency in the real world that would have been unheard of 10 years ago:
1. Online Shopping
One of the most popular ways to use cryptocurrency is for online shopping. Overstock.com was one of the first major retailers to start accepting Bitcoin back in 2014, and since then, many other businesses have followed suit. Nowadays, you can use cryptocurrency to buy everything from clothes to airline tickets to home goods.
Online shopping is convenient and easy, but it can also be expensive. With cryptocurrency, shoppers can get the best of both worlds. By using cryptocurrency, online shoppers can enjoy the convenience of online shopping while saving money on their purchases. Cryptocurrency is a new type of digital currency that allows users to make secure, peer-to-peer transactions without the need for a central bank or third party. Online retailers can adopt cryptocurrency by allowing customers to pay with Bitcoin, Litecoin, or other types of cryptocurrency. This would allow shoppers to save money on fees and make their purchases anonymously. In addition, online retailers could offer discounts to customers who pay with cryptocurrency, further incentivizing the use of this new form of payment. With the adoption of cryptocurrency, online shopping could become more affordable and convenient than ever before.
2. Travel
If you like to travel, you can use cryptocurrency to book hotel rooms, rent cars, and even buy plane tickets. Some travel companies that accept cryptocurrency include Expedia, CheapAir, and Surf Air. Expedia and others rely on Coinbase to accept Bitcoin, so you’ll need to connect your Coinbase account to pay with cryptocurrency.
Nowadays, more and more people are using cryptocurrency while traveling. A big benefit of using cryptocurrency while traveling is that it is not subject to inflation like traditional currencies. This means that the value of your money will not decrease while you are traveling. Another benefit of using cryptocurrency is that it is decentralized, which means that it is not controlled by any government or financial institution. This can be helpful if you are traveling to a country where the local currency is not very stable. Finally, using cryptocurrency can help to protect your privacy as your transactions are not tracked by your government or financial institution.
If you are interested in using cryptocurrency while traveling, there are a few things you should keep in mind. First, make sure to educate yourself about how cryptocurrency works and how to store it safely. Second, only use trustworthy exchanges and wallets when buying or selling cryptocurrency. Finally, remember that cryptocurrency is still a new and volatile asset, so invest responsibly.
3. Credit Cards
Last year, crypto rewards credit cards became popular – with BlockFi leading the charge with their Bitcoin rewards credit card. Many companies followed as Mastercard and Visa started accepting more crypto rewards partnerships. Today almost any major cryptocurrency can be earned as a reward one of these credit cards.
One of the biggest anticipated features of a crypto card is to actually pay with crypto that is loaned to the user instead of FIAT. Under current regulations and tax rules, this feature is difficult to navigate and offer. There are some companies like SALT Lending, that aim to make that type of functionality accessible, but their products are not currently available.
For now, the largest step in connecting cryptocurrency and traditional credit cards is the introduction of crypto rewards. We are excited to see more innovation in this space and that will allow blockchain technology to continue to disrupt traditional finance.
4. Investing
Cryptocurrency can also be used for investing. There are a number of different platforms that allow you to invest in cryptocurrency, such as Coinbase and Binance. You can also use cryptocurrency to invest in traditional stocks and shares.
Robinhood’s use of Doge on their platform accidentally lead to a tremendously successful and viral method of gaining new users. When investors wanted to buy Doge during 2019 and 2020, Robinhood was one of the easiest places to buy it. This led Robinhood to develop their own crypto wallet which has been newly released.
In order to invest in cryptocurrency, you will either need to setup a wallet or find an investing app that allows you to invest in specific tokens. By using an app like WeBull or Robinhood, you don’t actually own the currency, but you are investing in its current market value. However, if you setup a wallet, that is where you would store your crypto. You can either set up a software wallet on your computer or phone, or you can use a web-based wallet. Once you have set up your wallet, you will need to find a reputable exchange where you can buy and sell cryptocurrencies. Some popular exchanges include Coinbase, Binance, and Kraken. Before buying any cryptocurrency, make sure to do your research to ensure that it is a legitimate investment – you can verify each coin address on Coinmarketcap.com under the “contracts” subsection.
5. Donations
Finally, you can also use cryptocurrency for donations. If you want to donate to a charity or other cause, you can do so with Bitcoin or another type of cryptocurrency. Some notable charities that accept crypto donations include the American Red Cross (through BitPay) and UNICEF.
Ironically, businesses have been criticized for accepting cryptocurrency as payment, especially if the payment can be received anonymously, but cryptocurrency can also be used to pay for very beneficial causes by helping these incredible organizations.
Future Use Cases for Blockchain & Cryptocurrency
Cryptocurrency is a digital or virtual currency that uses cryptography for security. It is decentralized, meaning it is not subject to government or financial institution control. Bitcoin, the most well-known cryptocurrency, was created in 2009. Since then, many other cryptocurrencies have been created. Ethereum was one of the first cryptocurrencies with smart contracts, which inturn has caused it to be the primary cryptocurrency for tokens with real world utilization.
So where else can cryptocurrency and blockchain be used? In recent years, blockchain has emerged as a potential game-changer for supply chains. By creating a shared digital ledger, blockchain can help to improve traceability and transparency throughout the supply chain. Additionally, blockchain can be used to streamline supply chain processes, reduce costs, and improve efficiency. For example, blockchain-based smart contracts can automate key tasks such as payments and product approvals. In addition, blockchain can be used to track the movement of products through the supply chain in real time. As a result, blockchain has the potential to transform supply chains by improving visibility, reducing costs, and increasing efficiency.
The interest in cryptocurrency and blockchain has intensified in waves, and large companies like Amazon and Google are trying to figure out how to use it in their own companies. Google is reportedly working on its own cryptocurrency. The search giant is said to be developing a coin that would be used to purchase items and services online, as well as to send money between individuals. While the details of the project are still murky, it appears that Google is partnering with several major financial institutions, including JPMorgan Chase and Citigroup. The coin is also rumored to be backed by a physical asset, such as gold or platinum. If successful, this “Googlecoin” could upend the existing crypto landscape and give the search giant a major foothold in the burgeoning world of digital currencies.
What is Blockchain Technology?
Blockchain is the underlying technology of cryptocurrency. It is a distributed database that records transactions in a secure and accurate way. Blockchain has the potential to revolutionize many industries beyond finance, including real estate and event planning. Blockchain technology is a distributed database that securely stores a growing list of transaction records, or blocks.
Each block contains a time stamp and links to the previous block, making it virtually impossible to modify the data without being detected. Blockchain technology is often used in Bitcoin and other cryptocurrency transactions, but it has potential applications far beyond financial transactions. For example, blockchain technology could be used to create a tamper-proof vote-counting system, or to track the provenance of goods through supply chains. As blockchain technology becomes more widely understood and adopted, its potential uses will only continue to grow.
Our Take
These are just a few of the ways you can use cryptocurrency in the real world. As more businesses start to accept crypto payments, we will likely see even more uses for it in the future. We’d like to see the decentralized finance space take off, and introduce blockchain technology to old and outdated systems – like traditional banking. We also expect to see more ticketing services use NFTs as their system of record, because of how beneficial blockchain would be in that environment.
Just as in the early days of the internet, no one knows for sure how this technology will evolve and who the key players will be down the road. Very few websites that were popular in the early 2000s are still in use today. The world of cryptocurrency could follow that same trend. As the world adopts this technology – what ways would you like to be able to use crypto?
