Since Bitcoin first launched in 2009, the world has increasingly become aware of the power of cryptocurrency. Making headlines for over a decade, this digital, decentralized form of currency provides a wide variety of benefits and has opened doors to a plethora of new forms of technology via its blockchain system.
Many people have become familiar with cryptocurrency at-large due to its media cycles of rapid growth and price fluctuation. As such, cryptocurrency is often viewed as a commodity – but what else does it do in day-to-day life?
Let’s examine the most common real-world uses of cryptocurrency to illustrate the versatility of this commodity in our modern society.
Value Storage
For many, the most common use of cryptocurrency is a non-traditional form of value storage. Whether somebody is a savvy investor or simply looking to get a better deal than interest rates offered by banks, many turn to cryptocurrency as a tool that allows for medium-to-long-term financial growth.
At a minimum, more stable forms of cryptocurrency offer an offset to inflation: they can help investors reduce the likelihood of losing value in the short-term due to declining monetary value. Given the average growth of cryptocurrency prices, many see the commodity as a way to beat more traditional investment strategies.
Virtual Entertainment
Virtual entertainment is a multi-billion dollar industry in Australia and beyond. Many individuals – particularly those utilizing overseas casinos – prefer to use cryptocurrency as a simpler way to transfer funds.
Online casinos and betting platforms often accept cryptocurrencies, making it simple for people from anywhere to deposit or withdraw funds. This ultimately allows some players in countries where casinos and virtual entertainment may be outlawed to access the platforms regardless.
Many online casinos accept these currencies, but not all do. Therefore, you need to do your research beforehand. In order to find the casinos that do allow you to use cryptocurrency, sites like internetpokies.org can make the task much easier with handy reviews on the banking options each casino accepts. There are additional bonuses to doing your research and looking through the different casino options. Not only can you get to have as much fun as possible by only playing the best games, but you can ensure that you are using a legitimate site because they leave reviews on safety and security.
Online Gaming
More traditional forms of online gaming are also getting in on the cryptocurrency action. Not only are platforms like Atari beginning to unveil cryptocurrency-based online gaming platforms, but major names in the business are incorporating various cryptocurrency technologies into their gaming infrastructure.
As one example, Microsoft is beginning to utilize the blockchain technology incorporated in cryptocurrencies to improve its royalties and refund systems. Additionally, there are cryptocurrencies designed specifically for online gaming, with Enjin and FunFair being two prime examples.
Blockchain Benefits
Chances are you benefit from cryptocurrency’s blockchain technology on a daily basis and don’t even realize it. Platforms such as Spotify are already integrating massive amounts of blockchain-related tech into their operations, improving day-to-day app performance.
Everything – from healthcare and finance to security and privacy – is embracing the benefits that blockchain technology now offers the masses. As such, cryptocurrency’s emergence as a currency may have led to its technology being indirectly adapted for substantially larger purposes. Blockchain technology is incredibly popular due to its verifiable yet relatively decentralized and secure nature.
Online Shopping
Online shopping has already transformed the retail market, allowing more and more customers the opportunity to shop when it is most convenient for them. For businesses, this has only proved to be a positive change to the market. However, to ensure they are making the most of it, many online retailers try to offer as many payment options as possible. This ensures that they aren’t giving the customer a reason not to complete their purchase.
One new avenue that retailers, including major brands, such as Whole Foods, KFC, Starbucks, Bed Bath and Beyond, and more, are exploring is to allow consumers to pay by cryptocurrencies in a number of countries. It has grown in popularity by 30.3% since 2017. As this trend continues and even shopping malls and complexes start to embrace this form of currency, it is likely that this will become a popular option for many.
With the issues surrounding normal forms of payment, such as slow transaction times and high fees, and the potential of cryptocurrencies eliminating fraudulent chargeback claims, there are benefits to using cryptocurrency to pay for your online goods. From food to software, gifts cards to retail, you can, next time you are doing your online shopping, check to see if they offer the cryptocurrency payment option to put your digital money to good use.
Travel
Traveling provides many of us with a much-needed escape, but now you can get away and put your cryptocurrency to good use. In 2013, CheapAir began accepting Bitcoin, but other leading businesses followed suit, including Expedia and Surf Air. Although the changes to the market have been slower than other industries, there are still some great ways to put your digital currency to good use if your chosen airline or booking site doesn’t offer the option. Some airports in Australia, for example, will allow you to spend your coins in their restaurants and stores while you wait for your plane.
If you use a site that accepts cryptocurrencies, you can continue this trend by heading to a crypto-friendly destination. Countries such as Singapore or Australia widely accept cryptocurrencies as a form of payment. If not, until the world becomes more familiar with this form of currency, you would still benefit from taking cash. More changes might occur in this industry, so it is good to keep updated on this.
If you are currently new to the world of cryptocurrencies or are looking for new ways to use your coins, then use this article as a great helping hand. These examples are perfect encapsulations of real-world cryptocurrency applications in daily life, but there are many others. As the commodity continues to grow in popularity, its effects continue to be felt in finance, technology, and beyond.