Bitcoin was one of the first decentralized cryptocurrency to be launched in 2009, and it has since been widely used in criminal operations. Hearing about Bitcoin has been regarded as a laughingstock or a hoax by the majority of the populace. It has been utilized to conduct illicit activities, but this incorrect perception is rapidly changing.
Those majority organizations that called Bitcoin a Ponzi scheme had no idea that the power of blockchain will forever change the financial landscape and diversify how we exchange money. Now, Bitcoin isn’t the only digital currency on the market; there are also other, larger, and more well-known cryptocurrency sectors or bitcoin network, but what exactly is this thing?
Cryptocurrency is a type of electronic asset that is created via encryption, making it impossible to forge or spend twice. It’s also utilized in a variety of transactions as a means of exchange. Despite the fact that bitcoin is widely discussed in the news and on social media, many individuals and businesses are unaware of its existence. It is critical that people understand the effects and applications of bitcoin or bitcoin wallet in our linked world.
USES OF CRYPTOCURRENCY
1. EFFICIENT, FAST AND LOW CHARGE MONEY TRANSFER
Receiving and sending payments transactions at low-cost and fast speed is one of the widely known potential uses of cryptocurrency. Nowadays, there is an increased interest that is shown by retail mobile wallet users, banking clients, investors, delivery service, customer service, real estate, and venture capital funds in this digital currency.
This Peer-to-Peer(P2P) payment system can directly send and receive payment transactions across the world without the approval of a third party financial institution.
Furthermore, there is a minimal transaction fee, no over charges, no returned deposit fees, simple interest, compounding interest, etc.
2. INTEREST EARNING IN CRYPTOCURRENCY
Trading cryptocurrency for taking profits requires a lot of time, effort, skills, knowledge and most importantly understanding that this market industry is volatile. Many crypto owners hold their digital currency for a long-term gain.
There are a variety of methods to take profit and have a steady interest in crypto. One of the popular examples is yield farming. This is the practice of staking or lending crypto assets to generate high returns or rewards in the form of additional cryptocurrency.
3. ALTERNATIVE AND SECURED WEALTH STORAGE
Compared to cash, digital payments like cryptocurrencies behave like a secured alternative store of wealth, which is not yet regulated. It is said that only the authorized people with the private keys can access wallets, unlike traditional banks that are vulnerable to hacks, thefts, and malpractices. Hence, no personal digital wallet can ever be frozen by authorities.
4. EXPLORE THE WORLD WITH CRYPTOCURRENCY
It is now possible to travel the globe by using cryptocurrency. This is now being used as mode of payment in every transaction that you will do in your leisure time anywhere in the world.
Established travel agents such as Expedia, CheapAir, Destinia and Air Baltic now accepts bitcoin as a mode payment in booking flights, hotels, car rentals. Also those who are more comfortable in staying in an apartment when travelling using the bitcoin (BTC) or Ethereum (ETH).
The growth of the bitcoin ATM market also means travelers are now able to convert their cryptocurrency into local currency in most major cities around the world.
5. PRIVATE TRANSACTIONS IN SENDING MONEY
As the growing numbers of hackers and data breaches continue to escalate, there are people turning to privacy coins to protect their digital monetary transactions from snoopy eyes.
So, there is this PRIVACY-CENTRIC DIGITAL CURRENCIES such as Monero (XMR), Zcash (ZEC), and PIVX that allow the user to make themselves anonymous in every transaction.
That means individuals can make money transfers or lend money without having to explain to a bank why they are sending a large sum of money, what the sources of the funds are and who they are sending it to, which can delay the transaction and involve unnecessarily bureaucratic processes.
Last Thoughts
These five remarkable uses of cryptocurrency could help to end the top most problem of any country – poverty and shrink the wealth gap.
Cryptocurrency no longer depends on the traditional financial system to collapse for it to prosper. The new blockchain technology has the power to change how we transact and think about money, credit card, currency, finance, bank offers, cash pickup informing lawmakers and those in positions of power.
With so many user-friend Apps and fiat on-ramps, the future of cryptocurrency is outpacing traditional finance. The financial system is trying to conceive negative opinions about cryptocurrency. Little by little the government, banks, hedge funds and business sectors are all grasping the idea and power of the blockchain.
Cryptocurrency is changing the financial industry services the way more you will expect! Stability will be achieved when you invest in cryptocurrency and make way easier for everyone to use and adapt the new paradigm of digital and technological innovation of the uses and influences of Cryptocurrency.
Though nowadays, many people are still skeptical of the concept of cryptocurrency. Acceptance is the key and how it is universally talked about. The future of cryptocurrency is getting harder to imagine without it and it will surely be splendid.
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