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Various Uses of Cryptocurrency

The growth of cryptocurrencies post the implications of the covid pandemic has shocked many in finance. With new-age investors growing in the world of trade, the temptation for a decentralized virtual currency does not seem to slow down any time soon!

The entire ordeal of cryptocurrencies began back in 2009 when an unknown person going by the pseudonym of Satoshi Nakamoto launched Bitcoin, the first-ever cryptocurrency.

Fast forward to 2022, things have changed drastically in the last couple of years for the crypto industry. While numerous businesses and industries are supporting the decentralized ecosystem, many are still skeptical about investing in crypto.

Thanks to the rising trend, we now have numerous uses of cryptocurrency. Many prominent businesses and service providers are supporting and even promoting the use of cryptocurrencies.

Have some crypto gains to spare? Let’s get you started.

Your Takeaway To Using Cryptocurrencies

Luxury Hotels Accepting Cryptocurrencies

This might come as a surprise, but many luxury hotels across the globe now accept cryptocurrencies in exchange for their services. One of the well-known examples is the Dolder Grand Hotel in Zurich which now accepts Bitcoin as a payment method. You can get anything from food, overnight stays, beverages, and more in exchange for a few units of BTC.

Others in the hospitality industry, like the Sandman group, have also decided to upgrade their payment methods recently. The new payment methods will include Bitcoin as a viable mode of payment. In addition, other prominent players from the industry, including Airbnb, have also shown their interest in cryptocurrencies and blockchain technology.

Affordable Money Transfer

After paying the facilitator’s transaction fees, sending and receiving money with fiat currencies can leave you high and dry. However, this is not a matter for crypto users! They can seamlessly transfer their money affordably, efficiently, and anonymously across any part of the world. This decentralized system has further amplified the interest of many fintech, banks, venture capital funds, and even institutional investors.

The Peer-to-Peer (P2P) mechanism adopted and leveraged by cryptocurrencies is one of the primary reasons behind this growing interest. This mechanism allows crypto users to send and receive money from anywhere globally without any border restrictions that come with fiat currencies. This is an ideal approach for many as they do not need to seek the approval of any authority for the purpose, and neither do they have to pay any additional charges.

Alternate Storage Of Wealth

The primary intent behind the launch of cryptocurrencies was to provide the general public with a more accessible mode of transaction for their daily transactions. While this sounds great, the practical application to realize this intent suffered many setbacks, with businesses showing reluctance to accept cryptocurrencies. However, this did not stop people from mining or buying cryptocurrencies and storing them as alternate storage of wealth.

The conventional financial system is certainly not as safe and secure as the authorities claim. There have been many instances the system has failed people, such as the financial crisis of 2008. However, that volatility is further minimized and better managed with cryptocurrencies, all thanks to the unmatched security offered by the blockchain.

It is not to say crypto investments are always safe and reliable, but the chances of them being wiped out of your account are relatively less. Further, no authority has control over cryptocurrencies meaning no government policy can impact the value of your cryptocurrencies.

Online Gaming

Perhaps the only sector to have the widest exposure of cryptos, the online gaming industry has been growing at an unprecedented rate! With growing access to the internet worldwide, the gaming sector, in collaboration with Blockchain technology is a hot topic today. Numerous gaming platforms today are solely based on cryptocurrencies, allowing easy purchase and trade of in-game programs.

With the association of Blockchain and cryptos, the industry is solving one of its primary issues associated with transaction frauds. Earlier, transaction fraud was a common scene between game players and developers. With crypto-based games coming into the picture, transferring ownership, streamlining payments is as seamless as it could be.

There is also the other sphere of crypto-based online games that come in crypto-based casinos. Today many crypto-based casino platforms allow users to gamble using their cryptocurrencies and earn rewards accordingly.

Gift Cards

Probably the simplest way to spend or use your cryptocurrencies is by purchasing gift cards from different brands in exchange for the crypto. This allows customers to purchase gift cards from various brands that would not accept cryptocurrencies conventionally.

One great example of these gift cards is Coingate’s Macy’s gift card which you can buy in exchange for your cryptocurrencies and use the gift card to make purchases from Macy’s. Many people are now leveraging this approach to spend their cryptocurrencies without the hassle and purchase whatever they want or need from the brand of their choice.

Final Thoughts

These are some of the most convenient uses of your cryptocurrencies. While this might not appear as many alternatives today but one can be hopeful for the future as more innovations bring in more alternatives. Furthermore, most businesses and authorities are also starting to accept cryptocurrencies which is undoubtedly a push for every crypto user.

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