By historical standards, Bitcoin and altcoins are relatively new currencies. Their expansion into the global commercial market is in the process of active growth. Cryptocurrency applications are no longer limited to using them online.
In this regard, they attract more and more attention, both from ordinary citizens, and from entrepreneurs, large corporations and even the government. Compared to ordinary money, they have a number of features that are simultaneously their advantages: complete independence from the state, the absence of a controlling person, 100% protection from fakes, a high level of transaction security and applicability around the world.
Purchase of goods and services
First of all, digital coins are monetary units of calculation. Cryptocurrencies can be used to buy goods in stores and pay in online services. Many coins were developed specifically for making payments and are currently accepted for payment in a number of stores and countries.
Overstock at Coinbase became the pioneer in accepting crypto payments. Today in this marketplace you can buy various goods for an unlimited amount, paying with bitcoin. Computer giant Dell even encourages buyers to pay with bitcoin, offering a discount of 10%.
In Japan, bitcoin was officially recognized as a currency back in 2017, so literally everything can be bought for it there. No worse than the situation in Taiwan. The BitoEX exchange owns thousands of OK MART, Family and Hi-Life outlets there, where you can safely buy any product with a crypt.
Recently, everyone has been actively discussing the impact of cryptocurrencies and blockchain on business. Experts note that more and more commercial companies are involved in cryptocurrency transactions.
Cryptocurrencies have already been introduced by such banks as Reisebank and Standarde. Many financial institutions work with Ripple to make fast and secure payments. Transactions in XRP and the use of a token as an intermediate exchange coin for fiat are more economical than in traditional payment systems such as SWIFT.
Cryptocurrencies are also used for payments at the state level. For example, in Venezuela, an oil coin was developed, and in Ohio, the government developed a social website, ohiocrypto.com, where business owners can pay taxes to the BTC.
Use in games
Cryptocurrencies are an ideal unit of account for the video game industry:
- Etheria is a virtual game in which for each block mined a player receives one cell and can begin to build any game object in it. The game is integrated and built on the Ethereum blockchain.
- First Blood is a platform designed for eSports and betting. First Blood is powered by Ethereum’s smart counterattacks and has its own 1ST token. Smart contracts are also actively used to calculate results.
- FreeMyVunk is a platform based on the Ethereum blockchain, with which players will be able to exchange virtual property in games, and the VUNK internal token acts as an exchange currency.
A very popular cryptocurrency for payments in the gambling industry. Top online casinos like FortuneJack and Mr. Bit Casino also allows you to play cryptocurrency. There are ATMs throughout Las Vegas where you can cash out bitcoins. Even the strippers did not stand aside and apply temporary tattoos with QR codes to accept bitcoin as payment. The use of cryptocurrencies in this industry avoids unnecessary questions from the regulatory authorities.
Cryptocurrency is also accepted at leading educational centers around the world. For example, you can pay for your school year with digital savings at the University of Nicosia, located in Cyprus and Cambridge University in the UK.
Many travel companies, transport and airlines are ready to provide their services for cryptocurrency. In particular, you can pay with Bitcoin for a trip to any country in the world through the online services expedia.com, abitsky.com and others.
For the most popular cryptocurrencies, such as Bitcoin, Litecoin or Ethereum, you can dine in restaurants, book hotel rooms or pay for an excursion.
At the Brisbane Airport, located in Australia, it is planned to add the payment function for cryptocurrency services to payment terminals. At the moment, there are already available to buy goods for Bitcoin, Dash or Ethereum.
Buying real estate and cars
The solvency of cryptocurrencies is not limited to food products. Using digital money, you can make significant purchases, for example, to buy real estate or a car.
On the Internet you can find dozens of real estate sold for digital coins in the tourist regions of Spain, the USA, France, Panama and Bali. Payments for real estate and auto cryptocurrency are especially popular among Chinese millionaires.
Cryptocurrency is a unit of calculation in Darknet. This is the so-called shadow Internet, which is hidden from ordinary users. In the vastness of Darknet there are many dealers in narcotic substances, weapons, and even human tissues and organs. She wants to remain anonymous and act outside the law, so payment for prohibited goods and services is accepted exclusively in cryptocurrency.
Such popularity of digital coins on the black market is explained by the lack of the need to “shine” with personal data to make and accept payments. This makes transaction participants protected from regulatory authorities.
Digital coins are not subject to inflation and devaluation. In an extreme case, not in the usual sense for these words, and not like fiat currencies. Of course, cryptocurrency investors periodically undergo jumps in the exchange rate, but over a long time distance all the top cryptocurrencies show constant growth.
Cryptocurrencies do not exist in physical form. They cannot be tampered with or stolen. Access to the cryptocurrency stored on the wallet can only be provided by the owner by presenting the cryptographic key.
Cryptocurrencies have given a new round in the development of social projects. Now many charitable foundations accept crypto contributions from patrons who wish to remain anonymous. Special platforms are also being developed for these purposes, for example, GiveCrypto.org.
The demand for cryptocurrencies in this area is explained by universality in terms of geographical distribution. Money can be transferred in seconds to those in need in any country and then exchanged for national currency. At the same time, many international restrictions apply to fiat money.
Media and entertainment
If you are a blogger, writer or musician, then cryptocurrencies are especially important to you. Social networks such as Steemit, Cent, Bitchute and others built on the basis of the blockchain will reward you for your creative activity with cryptocurrency.
If you have something big in mind, but don’t have the money, you can apply for support on the Tokit crowdfunding platform working through cryptocurrency. And the blockchain itself can retain your copyright through services such as Bitproof, Blockai, Stampery, Ascribe and others.
As you can see, despite all the negative theories from skeptics, the recent bear market and the lack of public awareness about working with cryptocurrency, its areas of application are constantly expanding. Cryptocurrencies and blockchain are able to offer a new solution for almost any industry.