Some of you may be thinking, I’ve heard of crypto trading & investing.
But what is crypto used for in real life?
Well here’s a little sample of the possibilities that lay in store.
Crypto is used as an investment, to purchase goods & services, and to send & receive money. Its transactions are usually secured & recorded on a blockchain. Which is a decentralized digital ledger, that makes these processes safe, fast, & transparent.
Nowadays most people are either trading crypto or buying it to hold for the long term, especially bitcoin.
Since bitcoin is finite, meaning they’ll only create so many of them, it has a limited supply.
Bitcoin also has what is called a first-mover advantage, it was the first cryptocurrency to hit the market.
Furthermore, there are other people who see crypto & the blockchain as the future of financials.
Because of this a lot of people are using it as a store of wealth and investment.
Lately, bitcoin and other cryptocurrencies are being able to be used as payment with more and more companies.
AMC, Intuit (a technology platform, with products like QuickBooks), & NewEgg (sells consumer electronics & computer hardware) are some, just to name a few.
But there are many others, all you have to do is search the internet for what companies accept bitcoin and you’ll see.
Not to mention, the new fangle Crypto Debit Cards, which are similar to prepaid debit cards.
With these cards, you add crypto to them and then you can use it to purchase things from retailers, who don’t normally accept cryptocurrencies.
Crypto can also be used to send money overseas quickly and cheaply.
The more conventional ways of sending money tend to be more expensive and slower.
Now, speaking of fast and cheap, in 2018, ninety-nine million dollars worth of Litecoin was traded in a single transaction, and it only took 2.5 minutes & cost a mere forty cents in fees.
So, that’s what I call moving money at the speed of light and for pennies on the dollar.
Crytpo has come a long way since its beginning, and now you can go a long way with it too.
Since cryptocurrencies are now being accepted by some travel sites and agencies.
Alternative airlines, Destinia, and Berkeley Travel (a luxury travel company) are just a few of the companies that you can use crypto to fly the friendly skies & roam the world with.
So now you know that you’re free to go with crypto…Haha
There are a few ways to give crypto as a gift. For instance, you can send it straight to someone's crypto address.
But, if you want to be a little more creative and make it seem more like a traditional gift.
Then you might want to think about trying a cryptocurrency gift card.
You can buy the gift card with cryptocurrencies like bitcoin and then they can be used for well know retailers, like Macy’s, Home Depot, and Dunkin' Donuts.
As most of you probably know, there’s been a lot of protests going on in the world lately.
One pretty big and prolonged one, happened in Canada, with the trucker convoy protest.
Now I’m not going to get into all the details of the protest.
Since that’s not the main concept of what I’m talking about here.
But what I am going to talk about, is the fact that the Canadian government froze protestor's bank accounts.
This means they no longer had access to their money, and if it can happen in Canada, it’s possible anywhere.
However, they couldn’t stop Bitcoin from being sent to people's crypto wallets.
Although, the Prime Minister did make it harder for them to convert it into Canadian cash.
Still, the point that I’m making, is that the government couldn’t seize the crypto from people's personal wallets or stop the original purpose of crypto, peer-to-peer transactions.
Now, these are just a few of the ways crypto is being used nowadays.
As a little bonus section, here are a couple of things that the blockchain is being used for.
Blockchain technology is being used in the healthcare industry in more than one way.
Here is a couple of them.
For one, it’s being used in the area of medical records.
Because the blockchain is decentralized, fast, and secure; the storing and transferring of patient records between pharmacists, nurses, doctors, and any other medical personnel that might be needed, will become much more efficient.
Since it will eliminate all the confusion, bloat, and red tape.
Blockchain tech is also being applied in the pharmaceutical supply chain.
There it can be used to accurately track drug shipments with greater transparency.
So, we can know for sure where the drugs originated and who has handled them along the way.
Bringing a greater sense of certainty and safety, when it comes to the pharmaceutical industry.
Some video games are using blockchain technology to allow players to purchase, trade, and sell virtual game items with cryptocurrencies or NFTs (non-fungible tokens).
Usually, the publisher of the game gets a fee from the transactions as a way to monetize it.
There are also games referred to as play-to-earn. Where the players can actually earn cryptocurrencies, and then they can sell them later for fiat currency (regular money).
Most people who are venturing into the world of crypto are using it as an investment and a store of value. However, there are those who actually use it like a normal currency, to pay for services and goods. Then even still, you have the people who are coming at it from the angle of protection from asset confiscation. But no matter how you look at it, crypto seems to have a lot of uses and they appear to be ever-growing.