The Future of Finance: A Look at the Many Uses of Cryptocurrency

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Are you thinking about investing in cryptocurrency? If you’re not, you might want to consider it.

Many cryptos like Bitcoin have seen massive growth in recent years. In fact, if you invested $1,000 in Bitcoin a decade ago, you’d have around $15.6 million today.

But what if you don’t want to convert your coins into a physical currency? 

Today we’re going to look at the many uses of cryptocurrency. While you might’ve heard of one or two of the following uses before, there’s a good chance that others will surprise you.

Read on to learn about some of the many legitimate uses of cryptocurrency.

Money Transfers

If you’ve ever tried transferring large sums of money before, you know how frustrating it can be. Most banks charge you transfer fees and other costs, and the process can take several hours or days to complete.

Cryptocurrency is reinventing what money transfers, both large and small, look like.

In a matter of minutes, you can transfer millions of dollars worth of coins to anyone else on Earth. The best part? Given the decentralized nature of cryptocurrency, the fees are minimal!

In one famous example, a businessman transferred almost $90 million worth of Litecoin and paid no more than $.40 to complete the transaction.

Startup Investments

With so many startups popping up in the tech sphere, it shouldn’t come as a surprise that many of them also accept cryptocurrencies. Yet besides just accepting them, startups also allow you to form a part of new and rapidly growing currencies.

Initial coin offerings or ICOs are a type of fundraising that many startups use. It allows companies to fundraise by selling off new and popular cryptos for more established coins like Bitcoin.

Some of the more successful ICOs have seen massive growth—sometimes as high as several thousand percent. All of that means more money for the startup and you, the investor.

Private Transactions

If security and privacy are two things you’re after, then cryptocurrencies are perfect for you. Blockchain technology takes power out of the hands of centralized institutions and into your own. There’s no centralized institution watching over what you purchase.

Some currencies such as Zcash and PIVX allow you to make completely anonymous transactions. This adds layers of convenience to any transactions you make.

If the amount of money you’re transferring is large, you don’t have to worry about calling your bank to explain why you’re moving it. This shortens the transaction time, ensuring that your money gets to where it needs to go as fast as possible.

Remittances

A remittance has a few different meanings in the financial world, but it often refers to foreign workers sending money to their families overseas. On account of tax laws and other fees, this can often be an expensive endeavor.

Cryptocurrency makes it easier than ever.

SureRemit is a startup that lets people from anywhere in the world send remittances to a select group of African countries. You can then use the crypto you’re sending to pay for anything rent to mobile phone bills.

As cryptocurrencies become more and more common, these sorts of payment startups will as well.

Renting Out Hard Drive Space

Do you have a large amount of extra storage on your computer? If so, you might want to look into renting it out in exchange for crypto coins.

Programs like Storj allow you to do just that. They provide you with a safe and secure way to share your hard drive space with those who need it. You also get paid for it!

The decentralized nature of cryptocurrencies comes back again to make your life easier. Programs like Storj are safer and faster than traditional cloud-based platforms.

Traveling

If you’re someone who enjoys traveling, you’ll be happy to learn that more and more travel platforms are beginning to accept Bitcoin.

Destinia and CheapAir are two travel agencies that allow you to pay with crypto. You can use it to do anything from reserve hotels to book flights and car rentals.

The best thing is that the Bitcoin ATM market is also starting to take off. Soon, you’ll get to avoid conversion rates, taxes, and any other fees you’d have to worry about when transferring money internationally in the past.

Bytefederal.com can help you find a Bitcoin ATM near you. Once you find one, you’ll be able to get the money you need faster, easier, and cheaper than ever before.

Buying Cars

If you’re in the market for a luxury car, you’re in luck. Many car brands are starting to accept crypto payments.

De Louvius is a luxury crypto platform that allows you to buy cars, as well as things like art, real estate, and wine—all with your hard-earned crypto coins. Lamborghinis are one brand the platform allows you to buy.

Elon Musk has gone back and forth about whether people can use Bitcoin to buy Teslas. The latest news makes it seem like he may accept it sometime soon.

Understand the Different Uses of Cryptocurrency

Cryptocurrency can be difficult to wrap your head around—even if you’re someone who comes from a tech background. If you can’t conceptualize blockchain technology or digital currencies in general, don’t worry. The important thing is that cryptos are becoming more and more popular!

Use this guide to help you understand the many uses of cryptocurrency. If you’re thinking about investing in crypto, start planning how you’ll use the money you make. With any luck, your profits will be huge!

Are you looking to learn more about using crypto? If so, make sure to check out the rest of our site for more great content.

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