Cryptocurrency use cases: What’s in it for you?

2021-1-20 18:34

Ever wondered what’s all the hype about cryptocurrencies? what’s in it for you? well, you’re not alone. Most people, before they use cryptocurrencies, are skeptical about their potential.

The pseudonymous Satoshi Nakamoto created the first-ever cryptocurrency, Bitcoin, to make the financial system decentralized, faster, and more secure. With time, however, crypto pioneers came up with several other use cases to make our lives easier.

What Prompted the Creation of Cryptocurrencies

In today’s banking system, banks leverage on the money we hold with them and share a part of their profit with us in the form of interest. In this system, you and I don’t have complete control over our own money. Besides, the concentration of power in the hands of a countable few individuals has been the cause for many major banking frauds and scams.

Now, imagine a system that does not rely on any individual or central authority. You do not even need to rely on a central entity to transfer funds to your friends or relatives. That’s what Bitcoin is — a decentralized, peer-to-peer payment system.

But as you know, innovation is an ongoing process. Since the launch of Bitcoin in 2009, crypto pioneers have designed several cryptocurrencies with varied use cases across industries.

Cryptocurrency use cases: The Path to True Financial Freedom Payments

If you had to urgently send $1,000 to a friend who lives in a different country, it would be a nightmare to do it through a banking system. After all, urgent situations can’t wait three to seven days for a payment to settle.

With cryptocurrencies such as Bitcoin Bitcoin (BTC), Ether (ETH), or XRP, you can send the money to your friend while you both are still on the call. It’s that fast. Bitcoin takes about 10 minutes to settle transactions, but there are other cryptocurrencies that can reach your friend’s account almost instantly.

Store of Value

Apart from being a highly efficient means of payment, cryptocurrencies are also a safer store of value. The traditional currencies we use are inflammatory, i.e., they lose value over time. That’s the reason why you pay much more for a dozen eggs today than what you paid 10 or 20 years ago. Eggs are not getting expensive. Your money is losing value.

Cryptocurrencies, on the other hand, employ better supply mechanisms that restrict inflation and may increase in value with rising demand. Due to this, when you store your funds in cryptocurrencies, they can potentially gain value instead of losing value over time.

Lending and Borrowing

If you’ve ever stood in a queue or waited to get your paperwork done to get a loan, you know it’s a painful process. What if you could get a loan digitally, without even having to fill a single form or sign a contract? That’d be amazing, right? 

Decentralized finance applications have disintermediated the lending and borrowing process. They allow individuals to lend and borrow funds almost instantly using cryptocurrencies. In addition, as cryptocurrencies are borderless currencies, you can lend or borrow from these platforms irrespective of where you live.

Asset Tokenization

The advent of cryptocurrencies has made it possible to tokenize real-world assets. Anything from copyrights to real estate and art pieces to commodities can be tokenized and represented in form of a cryptocurrency token. For example, using blockchain, we can tokenize a luxury real estate property worth $10 million and represent it as one million crypto tokens worth $10. This adds more liquidity to an otherwise illiquid asset and makes the exchange of even non-liquid assets more convenient. Additionally, the buying and selling of these assets become cost-effective, fast, and more transparent.

Gaming

Cryptocurrencies, in the form of non-fungible tokens (NFTs), are already disrupting the gaming industry. In the gaming world, NFTs are crypto tokens that represent a unique digital asset inside a game. As each NFT represents something unique, they have different values and are not interchangeable. This gives every user a completely authentic in-game item, the likes of which is owned by no one but them. Digital cats called Crypto Kitties are the most famous example of blockchain-based NFTs.

Storage

The centralized cloud storage platforms have many major shortcomings from high fees to server outages. This has paved the way for decentralized storage created through the use of blockchain. In such a system, anyone can rent out their free storage space. 

If you had 250 GB free on your disk, you could rent it on a decentralized storage platform such as Filecoin and earn a passive income from it. People who opt to buy your storage space would pay you in the storage platform’s native cryptocurrency.

Making Crypto Easy for All

Despite a wide range of use cases, cryptocurrencies are often seen as a complex form of money. With the right information and solutions, it can be extremely easy to own, spend, and manage. Maybe, easier than the currency you use today. 

Through its hardware wallet and application, Ledger aims to help you reap the benefits of cryptocurrencies in a user-friendly and secure environment. By educating more people about cryptocurrencies, Ledger will also enable more people to claim ownership of their money and open access to the above-mentioned use cases. This will help a wider population to embark on their journey to financial independence.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Usechain (USE) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 USE

cryptocurrencies use people potential skeptical alone well

cryptocurrencies use → Результатов: 126


Where Can You Use Cryptocurrencies?

Once dismissed as a fad, cryptocurrencies are now a widely used alternative to fiat currencies. Although virtual assets such as Bitcoin, Ethereum, Tether, and Litecoin remain a controversial choice, more than 50 million people around the world currently use Blockchain wallets for a range of online transactions – and that number is growing quarter by […]The post Where Can You Use Cryptocurrencies? appeared first on CaptainAltcoin.

2020-8-27 17:13


Фото:

US Government Vague On Bitcoin Role In Fentanyl Drug ‘Epidemic’

The US government has singled out cryptocurrencies including Bitcoin as a funding mechanism for the ongoing trend for smuggling the drug fentanyl. FinCEN Advisory Mentions Cryptocurrencies In an advisory issued on August 21, the Financial Crimes Enforcement Network (FinCEN) highlighted the use of “convertible virtual currency” (“CVC”) in facilitating the black market.

2019-8-23 16:00


India set to lose $12.9 billion worth of market if they proceed to ban crypto

The rumors about the Indian government planning to put a blanket ban on cryptocurrencies finally turned out to be true. The official report along with the draft bill from the interministerial committee tasked at formulating the framework for crypto use was released on July 22, a day before the Supreme Court was scheduled to hear […] The post India set to lose $12.

2019-8-8 20:00


The New Cryptocurrency Marketplace Everyone’s Talking About

A new online cryptocurrency marketplace is on its way to completely revolutionize how users buy and sell online. Welcome, AllForCrypto! Being the first-ever online marketplace that will accept cryptocurrency only, this new e-commerce platform will be fully secure, transparent and profitable for buyers and sellers, thanks to blockchain integration and use of cryptocurrencies. No more […]

2019-7-29 09:36


Congressman Brad Sherman calls for a complete ban on cryptocurrency, says Bitcoin only facilitates “nefarious transactions”

Congressman Brad Sherman, a vocal critic of the crypto industry, again called for a complete ban on cryptocurrencies. Sherman said Bitcoin had no real use other than to fund illicit activities and warned about the risks cryptocurrencies pose to the political and financial stability in the U.

2019-7-20 21:44


Can Blockchain solutions cure healthcare woes?

Blockchain has been the buzzword in the tech industry for the past few years since Bitcoin and other cryptocurrencies have surpassed other assets in terms of value. Bitcoin seems to satisfy one use case and sticks to it while other projects have forked, built and innovated on Bitcoin’s core promise of a decentralized, trust-less environment […] The post Can Blockchain solutions cure healthcare woes? appeared first on AMBCrypto.

2019-7-18 17:00


Monero, ZCash record growing acceptance on dark web merchant sites; Bitcoin rules the roost

Bitcoin’s popularity on the dark web net is no secret, with cryptocurrencies focused on anonymity and privacy recording growing acceptance in its shady underbelly. The growing use of privacy-centric coins especially is mainly because it provides anonymity on all 3 facets of the transaction – sender’s address, receiver’s address, and the transaction amount.

2019-7-17 18:00


Фото:

India May Ban Bitcoin And Cryptocurrencies Except ‘Digital Rupee’

India is preparing to do the impossible by banning cryptocurrencies such as Bitcoin in any form, a newly leaked document revealed this week. Alleged Draft Law ‘Prohibits’ Bitcoin & Crypto Uploaded to sharing site Scribd by local blockchain and tech lawyer, Varun Sethi, the document allegedly shows the preliminary text of a new law designed to “prohibit the use of cryptocurrency.

2019-7-16 19:00


Ethereum rules the roost in terms of loans issued; figures cross $150 million mark in Q2 of 2019

The use case of cryptocurrencies has been the claim to fame for the industry and some parameters are already reflecting that ideology. Major digital assets like Bitcoin and Ethereum have been in the news multiple times this year, not just because of their price hikes and an increase in market caps, but also for the […] The post Ethereum rules the roost in terms of loans issued; figures cross $150 million mark in Q2 of 2019 appeared first on AMBCrypto.

2019-7-13 16:00


Trump Blasts Bitcoin For Illicit Use As NY College Is Hit With $2M Ransomware

Last night, the TV personality, businessman, president of the “free world,” Donald Trump took to twitter to blast Bitcoin, Facebook’s Libra, and the entire asset class of cryptocurrencies. The outspoken United States president said that the asset class is “highly volatile,” “unregulated,” “based on thin air,” and “can facilitate unlawful behavior, including drug trade and.

2019-7-13 23:00


President Maduro Orders Petro Transaction Desks to be Opened in Venezuelan National Bank

There is significant use of cryptocurrencies by people in first world countries for the purposes of paying for goods and services as an alternative to fiat currency and also as an investment tool. There is, however, also the use of cryptocurrencies in countries are struggling with inflation and various financial issues as not just an […]

2019-7-5 21:17


Cryptocurrency transactions could be the savior as Cuba mulls over ways to evade US-imposed sanctions

Is there any other currency that can be used to pay for pineapple pizzas and escape the economic sanctions imposed by the most powerful country in the world. Yes, there is. According to Reuters, the communist government of Cuba announced on July 2 that it was mulling the “potential use” of cryptocurrencies, in order to […] The post Cryptocurrency transactions could be the savior as Cuba mulls over ways to evade US-imposed sanctions appeared first on AMBCrypto.

2019-7-3 12:00