Cryptocurrency has exploded onto the scene in recent years, and it’s making its way into industries that people never thought possible. With the sudden interest in cryptocurrency, many interested investors wonder about the various uses for this new form or currency. But it’s not just for your investment portfolio. Just like the American dollar, crypto has a wide variety of applications. Read on to learn how you can put cryptocurrency to work for you.
Online Shopping
No matter what you’re shopping for, cryptocurrency can often fund your transactions. Online stores are growing increasingly comfortable with Bitcoin and other digital currencies. Whether you want to purchase art, clothing, or basic goods, many online retailers accept cryptocurrency payments via third-party services like Coinbase or BitPay. If you don’t see an option to pay with crypto at checkout, simply email customer service asking if they take Bitcoin or another coin, and if so, how can you pay using their platform.
Funding Your Business
The rise of cryptocurrency is attracting people to new business opportunities in ways never seen before. For those willing to jump into the latest technology and harness its potential, there are a number of crypto-related options for earning income. One of cryptocurrency’s most exciting applications is for entrepreneurs who want to raise capital for their businesses. Instead of relying on banks or traditional stock exchanges, cryptocurrency users can simply create a new coin and sell it in an Initial Coin Offering (ICO).
There are no limits on how much an entrepreneur can raise, meaning crowdfunding with crypto allows entrepreneurs to sidestep restrictions that cap the amount an individual or company can receive through more traditional means. Not only does raising funds using ICOs remove some regulatory hurdles, but it also gives small businesses access to a large pool of investors.
Privacy
Through the power of blockchain technology, cryptocurrency offers its users the chance to maintain their privacy online. As blockchain networks become more popular, users rely on them to exchange secure information, from medical records to financial data. Since blockchains are encrypted and decentralized, they are a great tool for protecting this sensitive information when performing transactions with crypto. If you are someone who has concerns about online privacy and your purchases being tracked, crypto may be a great solution for you.
Rewards or Gifts
Crypto is much more than just a financial investment: it’s an incentive. Anyone from the founder of a company to a forward-thinking parent can give crypto as a reward or gift to their customers, friends, or family members as an incentive or custodial investment. In the world of business, cryptocurrencies allow companies to reach more people without boundaries and restrictions. For example, consumers can use Bitcoin to purchase tickets for events around the world using only cryptocurrency.
Cryptocurrency has caught the eye of consumers and investors alike in recent years. As crypto becomes more popular and widely used, more people will start to use it as a main form of currency in the real world. Keep this guide in mind as you explore the possible applications of cryptocurrency.
