For the most part, millennials and Silicon Valley insiders view cryptocurrencies as high-risk investments. The majority of decentralized digital currencies, like bitcoin, were created to “do something,” so they have a wide range of powerful use cases that are getting lost in the hype and speculation. To the question, “What can you do with cryptocurrency?” here are some responses:
1. Transferring cash at a low cost
Transferring cash at a low cost is one of the most well-known uses for cryptocurrencies. Another is to send and receive money quickly and cheaply. For instance, a recent $99 million Litecoin (LTC) transaction cost the sender only $0. 40 in transaction fees and took only two and a half minutes to complete. Fees would have been significantly higher and the transfer would have taken several days, or longer if this was a cross-border transaction, if it had been made through a financial intermediary. Digital currencies like Litecoin (LTC), Stellar (XLM), and Bitcoin Cash (BCH) are excellent international money transfer payment options due to their low transaction fees. You can use Coinbase or Binance for this purpose.
2. Earn interest on Bitcoin and other cryptocurrencies
With “Yield Farming,” you can earn interest on Bitcoin and other cryptocurrencies. Trading cryptocurrencies for a profit takes a lot of time, experience, and skill, so many people are holding onto their coins for long-term gain. However, there are methods for consistently earning “interest” on crypto. Crypto staking and DeFi lending are two well-known examples. This survey reveals which platforms are offering the highest interest and on which coins, as well as the primary ways in which investors can participate in crypto yield farming. Lending your cryptocurrency to a reputable platform is definitely an option now that traditional bank accounts have interest rates that are at all-time lows. For example, some highly liquid cryptocurrencies like Tether offer annual interest rates of 12%. However, it is essential to keep in mind that this kind of lending carries some risk and is not covered by the FDIC or other government agencies in other nations. Have no cryptocurrency to stake? Learn how to mine cryptocurrency on your home PC in this article.
3. A censorship-resistant alternative wealth store
You probably don’t think your assets and bank account could be frozen, but this happens more often than people think, especially in countries where the rule of law is questionable. It only takes one person to be accused of financially dishonesty or of making powerful enemies for that to happen. Even if they haven’t done anything wrong, that can leave people without access to money. One of the most innovative and potent uses of cryptocurrencies comes into play here. Bitcoin and other cryptocurrencies serve as an alternative form of censorship-resistant wealth storage that can only be accessed by the owner of the wallet’s private keys. As a result, no public Bitcoin wallet can ever be frozen.
4. Invest in innovative early-stage startups
The advent of digital token-based fundraising has made it possible for anyone with an Internet connection to invest in innovative early-stage tech startups and provided new startup businesses with much-needed seed capital at the same time. Initial coin offerings (ICOs) and initial public offerings (IPOs) provide startups with the opportunity to raise capital by selling a newly created digital token to early backers of the project in exchange for established cryptocurrencies like Bitcoin (BTC) or Ether (ETH), despite the fact that these events are becoming less common. Once it begins trading on the secondary market, the price of the newly issued token serves as a proxy for the startup’s success or failure. Previously, only experienced venture capitalists had access to these deals; however, the rise of cryptocurrencies has made these opportunities accessible to a much broader range of investors. Cryptocurrency-based fundraising has helped startups raise over $12 billion in the past two years, and in some instances, the digital tokens of the most successful ICOs have increased in value by several thousand percent.
5. Private financial transactions
Private financial transactions are made possible by privacy-focused digital currencies like Monero (XMR), Zcash (ZEC), and PIVX (PIVX). This means that people can send money without having to tell a bank why they are sending a lot of money, where the money is coming from, or who they are sending it to. This can cause the transaction to take longer and involve unnecessary bureaucratic steps.
6. Non-cash remittances
Non-cash remittances are an additional compelling application for cryptocurrencies. For instance, the blockchain startup SureRemit lets users send non-cash remittances to specific African nations from anywhere in the world. Diaspora Africans have the option of purchasing SureRemit’s native RMT tokens. These tokens can be used within the SureRemit app to send non-cash remittances to relatives in Africa for things like utility bill payments or mobile data top-ups.
Get paid to post content Steemit
Get paid to post content Steemit, the first incentivized social media and blogging platform, gives publishers the opportunity to earn cryptocurrency in exchange for posting content and curating content on the network by upvoting high-quality content. Instead of selling user data to third parties like Facebook does, Steemit financially empowers its users by rewarding them for contributing to the platform. Steemit has become particularly popular in emerging markets, where it has a large user base, as a result.
8. Play crypto games
With digital coins you can play crypto casinos like Stake, Roobet, or Rollbit. You can deposite and win Bitcoin, Dogecoin, Ethereum and other crypto.
9. Rent your spare hard drive space to the cloud with decentralized blockchain-based cloud storage solutions
Users can earn cryptocurrency by peer-to-peer renting their hard drive space to people who need it.
Storj has the potential to be faster, less expensive, and safer than conventional cloud storage platforms. Faster, cheaper, and more secure as a result of being served simultaneously by multiple machines, your file is encrypted and shred, and you are renting people’s spare hard drive space rather than purchasing a dedicated data center. You shouldn’t trust a business, its vulnerable servers, or its employees with your files. Storj completely eliminates trust, according to the company’s website. In addition to providing users with a new revenue stream, Storj and other decentralized cloud storage solutions like Siacoin and Filecoin offer a less expensive and more secure alternative to existing corporate cloud storage platforms.
10. Travel the world and beyond
As a result of the rapid expansion of the cryptocurrency ecosystem over the past ten years, it is now possible to spend cryptocurrency to travel the world. When booking hotels, car rentals, and flights, reputable travel agencies like CheapAir and Destinia accept Bitcoin as a method of payment. Travelers can now exchange their cryptocurrency for local currency in most major global cities thanks to the expansion of the bitcoin ATM market. If you prefer space travel, Richard Branson’s commercial space travel company, Virgin Galactic, announced in November 2013 that bookings for space travel can now be made using Bitcoin. Although the company with its headquarters in California has not yet been able to successfully launch a commercial space flight, several potential astronauts, including Bitcoin advocates Cameron and Tyler Winklevoss, have already paid for their tickets, which are worth $250,000, in Bitcoin.
11. Buy Tesla or Lamborghini
Last but not least, you can buy a Lamborghini with your cryptocurrency. The “crypto rich” can use the Bitcoin luxury marketplace De Louvois to buy sports cars, including the Lamborghini, the cryptocurrency community’s favorite status symbol. For those with sufficient digital funds, the marketplace also provides a selection of additional luxury goods like real estate, fine wines, and art. Additionally, Elon Musk claims that Tesla will soon accept cryptocurrency for its automobiles.
Originally posted: https://medium.com/@vpnprivacy.services/why-use-crypto-most-popular-ways-to-use-bitcoin-and-other-cryptos-d33c9bafa228
