The New Uses For Cryptocurrencies
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The new uses for cryptocurrencies

Crypto has shaken up the world of traditional finance, and laid the possibilities of a decentralised future. Often, the biggest barrier for new consumers to get on board with the crypto boom is understanding precisely what such currencies can be used for. Often, they are only discussed in terms of investment opportunities.

But crypto is far more than this—and more and more we are seeing new uses for it in every day life. Today, we’re going to look at some of the biggest new uses for cryptocurrency, and how you can see it not just as a chance of making money, but as a way to fundamentally change your life.

The new uses for cryptocurrencies

Let’s get started.

1. Anonymous transactions

Perhaps one of the clearest advantages of cryptocurrency is its built-in anonymity. Not all crypto transactions are anonymous, but if that’s what you are looking for, then it’s very easy to find ways to use it in this way.

Though this may sound shady, there are plenty of legitimate reasons why you might want to be anonymous in an online transaction. In the modern world, far too much of our personal data is at risk, and crypto can eliminate this risk entirely.

Privacy is of more importance to people now than it ever was. Every day, there are around 65,000 attempts to hack businesses, and the amount of large-scale data breaches per year is in the thousands.

Crypto is one of the first steps in combating these issues of privacy. Four in ten business report cyber security breaches of some form or another in a year—how far would that figure be reduced by adoption of crypto?

2. Crypto casinos

But the uses for crypto aren’t only practical. One thing that has naturally arisen as a development of crypto is crypto casinos. These are, mostly online, casinos where you can wager on and with cryptocurrencies. There are many advantages to this over traditional betting.

For one thing, again, you have the anonymity as well as the added layer of security that the blockchain brings. Traditional casinos and bookmakers are declining everywhere; the crypto casino is rapidly rising to take their place.

There are a wide range of casinos available—as many as 30 dedicated crypto casinos on the market today, with many older sites moving to accept crypto bets, too.

Crypto casinos also offer all the same advantages offered by traditional casinos. The welcome bonuses, for example, are usually just as lucrative. They also have an equally wide range of games.

With lower transaction fees, better verification and security, and by its decentralised nature, the crypto casino seems to be the casino of the future.

3. Buy a car

So, maybe you’re not a gambler. Maybe you have no reason to be interested in anonymity, and you trust the security of the traditional bank and finance model. What you want to hear is how you can use cryptocurrency in your everyday life.

Well, retail in general is beginning to take on wider adoption of cryptocurrencies like Bitcoin. You can use crypto in retail stores from the biggest chains to the smallest, independent corner shops.

One of the biggest adopters of crypto on the market have been car companies like Lamborghini and Tesla. Both of these companies accept Bitcoin and other cryptocurrency payments for their car sales, and in some years, have reported as much as 5% of their sales are carried out via crypto.

Marketplaces like De Louvois contain catalogues of all sorts of luxury items like expensive cars and artwork. But you can also use cryptocurrency to make purchases in smaller shops for every day items.

Though the adoption still has a long way to go, what you can clearly see is that major brand retailers are interested in making use of crypto for their everyday business. There are many advantages to both themselves and the customer for this. Cutting out the bank middle man often means that transaction fees, even on extremely large transactions, are cut down to basically nothing.

A single transaction equalling a payment of around $19 million USD incurred a transaction fee of only around $0.40. This is staggering when compared to the cost of a transaction on a traditional financial network.

More and more, then, what we are seeing is how crypto is shaking up the old model. The finances of the old world were tied up in the hands of a wealthy elite—crypto gives back to everyone. You can use it for anything from ordinary shopping to casino betting, and we can only expect to see the uses for crypto expanding in the years to come.

If there was ever a time to get in on the hype, it’s now—it’s not too late. If you’re unsure, there is plenty of resources to learn.

Source: Plato Data Intelligence: PlatoData.io

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