For many people, cryptocurrencies are thought of as nothing more than high-risk investments only millennials or Silicon Valley insiders can appreciate. However, for those who dig deeper, cryptocurrencies actually offer a lot of amazing uses. Below are few of the awesome ways cryptocurrencies can be used:
Low-cost money transfers
Undeniably, one of the most well-known advantages of cryptocurrencies is it can be sent and received at high speeds and at a cost that is really low. For instance, a recent $99 million Litecoin (LTC) transaction only took the sender back a mere $0.40 in transaction fees and the transfer only took two and a half minutes.
Had the money transfer been done through a financial intermediary, the transaction would have taken several days and the fees would be way higher. Nowadays, the low transaction fees have made cryptocurrencies great payment systems especially for international money transfers.
An alternative store of wealth that’s censorship-resistant
While many think their assets and bank accounts can’t be frozen, it actually happens more than most people realise. This is especially prevalent in jurisdictions where the rule of law is dubious. At times, all it will take is a financial misconduct accusation and before you know it, you’ll find yourself with little to no access to cash.
Fortunately, this is where one of the most powerful uses of cryptocurrency comes in handy. Cryptocurrencies like Bitcoin can serve as alternative store of wealth that’s censorship-resistant. Only the person who knows the private keys to the wallet will have access to it. It’s safe to assume no personal Bitcoin wallet can be frozen by authorities.
It can be used to invest in innovative early-stage startups
The introduction of digital token-based fundraising has made it possible for anyone with an Internet connection to invest in innovative tech startups. Initial coin offerings (ICO) are new forms of fundraising that allows startups to raise capital. This is done by offering newly-created digital tokens to the project’s early backers.
In the years prior, access to similar deals are only available to seasoned venture capitalists. Fortunately, cryptocurrency has made it possible for the opportunities to be available to a much broader spectrum of investors.
However, those who are not well versed in cryptocurrency yet may will not really know how to find good ICO or what key considerations to take into account. Fortunately, nowadays, you can tap into the expertise of competent consultancy companies like Kryptoia. The team is composed of experts who knows cryptocurrency like the back of their hands and can provide guidance and help with anything related to cryptocurrency.
You can pay for your travels using cryptocurrency
Thanks to the massive growth in the cryptocurrency space over the years, it is now possible to travel the world and pay using cryptocurrency. Nowadays, a few travel agents now accept Bitcoin as payments for flights, hotel accommodations, and car rentals. Those who want to stay in apartments while travelling also now have the option to pay for their stay using cryptocurrencies.
And here’s something that’s even more interesting. In November of 2013, Virgin Galactic, Richard Branson’s commercial space travel company announced they are accepting Bitcoin payments for space travel bookings. Amazingly, even if the company has yet to launch a commercial space flight, some have already paid for their tickets in Bitcoins amounting to $250,000 each!