The world of cryptocurrency can seem confusing at first. What is the difference between Bitcoin and Ethereum? How do you buy cryptocurrency? What is the impact of the Bitcoin whale on cryptocurrencies? But where do you store it? And what are some real-world applications of this new digital currency? Here are five ways that people are using Crypto-currency in their daily lives.
There are many real-world applications of cryptocurrency. Cryptocurrency is a digital currency that is not physical money. You can use it to buy things online and offline, and it’s much more widely accepted than regular cash, but it’s not used as widely as credit cards or checks. The reason cryptocurrency hasn’t been widely adopted yet is that it has only recently become popular in mainstream culture after being introduced by Bitcoin around 2009.
Online gambling
Online gambling is a big industry, and many people use cryptocurrencies to gamble online. Several casinos accept cryptocurrencies as a form of payment. One example is Cryptologic, which offers online casino games such as blackjack, slots, and poker. Players can also use their cryptocurrency to bet on sporting events worldwide with sportsbooks.
Currency Conversion
Everyday use of crypto-currency is a currency conversion. This can be particularly helpful if you often travel or live in a country where your native currency is not widely accepted, such as Venezuela or India. You can use a crypto-currency to buy items and services abroad, saving money on converting your foreign earnings into local currency.
For example, suppose you’re travelling internationally, using euros as its official national currency. In that case, it might be easier for you to exchange your U.S. dollars into Bitcoin before leaving home so that when it comes time to pay for things abroad, like the food at restaurants. Then, you must convert your bitcoins back into euros at an exchange rate determined by market forces instead of paying heavy fees for exchanging currencies through banks or other institutions.
Transferring money overseas
- You can use cryptocurrency to transfer money overseas.
- There is no need to go through a bank or other intermediary here, which results in lower fees than traditional methods.
- Some examples of cryptocurrencies used for transferring money overseas include Bitcoin and Ethereum.
Paying for goods and services online.
One of the most obvious uses for crypto-currency is paying for goods and services online. A few businesses have started accepting digital currency, but many more are expected to follow suit shortly.
If you want to pay with crypto-currencies:
- Find a business that accepts cryptocurrency. Look at their website or social media page for an address where you can send your payment. This might be an email address. You should also find out what type of currency they accept. And how much it costs them to receive payments from customers like yourself will usually be listed on their website.
- You can send your payment through whatever method they specify by email, text message, etc. You may need to provide some personal information before making the payment. Ensure this is done securely by following all guidelines your chosen site provides.
Related Article: How Can I Create My Own Cryptocurrency?
Buying domain names.
The domain name industry has been around for decades, but it’s still an excellent way to make money. If you’re interested in getting into the game, you can also use cryptocurrencies such as Bitcoin to buy domains.
Paying for flights and hotels
In the future, you may be able to book your flights and hotels with cryptocurrency. Such a transition would be beneficial for both travellers and service providers. For travellers, using crypto for travel means having no foreign exchange fees or bank service charges. It’s also much more secure than carrying cash and cards when travelling abroad.
On the other hand, service providers also gain from accepting cryptocurrency. They’ll get paid immediately instead of waiting for traditional payment methods like credit card transactions. It can take up to 30 days before getting paid out by banks after receiving funds from customers.
Final Words
There are many real-world applications of cryptocurrency. It’s a new technology that is still being developed, so the possibilities for its use are endless.
