Disclaimer: We want to emphasize that this is not financial advice. Cryptocurrencies operate in a volatile market, where values can drastically fluctuate in a blink of an eye. It is imperative to conduct thorough research and seek guidance from a qualified financial advisor before investing.
An Introduction to Crypto Use Cases
The first thing that needs to be discussed about cryptocurrencies is their definition. According to Investopedia, a cryptocurrency is “a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank." This means that there are no banks or other financial institutions involved in holding your coins so you have complete control over them.
There are many different types of cryptocurrencies out there today but Bitcoin was by far one of the earliest ones created back in 2009. The creator’s name is Satoshi Nakamoto and it has become a household name in the cryptocurrency world. Since its creation, we have seen cryptocurrencies that were created in different ways and for different purposes such as Ripple (XRP) which was created to ease banking transactions, NEO (NEO) which is meant to be the Chinese Ethereum, IOTA (IOT) which holds Internet Of Things in its name, and Ethereum (ETH) which is basically a global computer.
What was once a fad in the tech world has now turned into a worldwide phenomenon with very promising investment opportunities. Cryptocurrencies have made their way onto stock exchanges and investors are starting to jump on board buying up different coins expecting them to rise in value.
Crypto Use Cases in Different Industries
One of the biggest industries that cryptocurrency has made its way into is the gambling industry. With the rise of the new term blockchain sports betting, we can see how much this industry embraces crypto as its payment processing method.
A crypto-currency revolution has taken place in this industry with casinos being able to provide better odds for gamblers, no tax evasion, and instant payouts. They have also been behind specific games such as Bitcoin Dice which you can find on sites like Bitcasino.io.
There are many other industries that we saw cryptocurrency take off in such as The advertisement and media industry, wireless and mobile payment platforms, and retail store points reward programs.
Another industry that it has been used in is the adult entertainment industry. Many sites such as LiveJasmin accept Bitcoin for tipping and subscribing to a model. The adult entertainment industry has been around since before Bitcoin, but only recently did cryptocurrency become a large part of it.
The last company that cryptocurrency took off in was retail stores through specific mobile payment platforms like Bitpay and Coingate. With Coingate, merchants can accept cryptocurrencies such as Bitcoin through “online payment integration” and is able to use it for purchasing sites like Steam and WordPress.
What is the Future for Crypto Use Cases?
The future of any industry always starts with a spark that changes everything on a fundamental level. In the early 2000s that spark was the Internet which gave companies the ability to change many old-school ways of doing business. This started a shift in the world economy and internet-based companies began to overtake physical brick-and-mortar-based businesses.
I believe that cryptocurrency is the next big thing for economic changes because it has given people better control over their money. It allows people to make transactions without the hassle of fees, banks, and other barriers that once prevented them from getting what they want or need. This has opened up global markets for everyone to take advantage of which means it is now easier than ever to sell things worldwide.
Another major benefit that cryptocurrency has given us is its acceptance among different companies who are now using it in exchange for their products and services. While this may not seem like a big thing, imagine being able to buy groceries or get gas for your vehicle with cryptocurrencies directly instead of having to pay with fiat money.
The future of digital payment is a big topic, especially with the rise in popularity of cryptocurrencies and the implementation of blockchain technology. Blockchain has turned out to be an excellent way to store data as it is very secure, scalable, and accessible from anywhere as long as you have an internet connection.
In conclusion, cryptocurrencies have been a growing topic since their creation over 10 years ago. In the near future, there will be more regulations on these types of currencies and it is important to keep updated on current events surrounding them so you can maximize your investment opportunities.