5 Interesting Uses for Cryptocurrencies

Cryptocurrencies are a new type of currency that has taken off over the last decade or so. Cryptocurrencies are not connected with any national bank or government, nor are they regulated by any central authority. This gives us an exciting new form of currency. But one that many are cautious around, as it represents an unknown. Although not regulated traditionally, they are secured via complex mathematical algorithms.

Private Transactions

It is the unregulated nature of a cryptocurrency that allows transactions to be more private than traditional bank transfers or card payments. The transaction itself is not kept on a ledger anywhere, and so if you are looking to move money without any scrutiny, then this is a useful method. There are various reasons someone may require this; you could be hiding money from a partner or family member. It could also be to conceal finances from the authorities.

International Travel & Earning

For travelers, it can be a significant hassle to be converting and transferring money from one currency to another all the time. Using cryptocurrency can help with this issue. There are so many places that now accept Bitcoin as a payment method that you can travel, eat, and shop without transferring currencies. Even earning in foreign territories can be made easier. If you are temporarily working overseas, then being paid in crypto can keep your funds where only you can access them in the event of any territorial disputes overtax.

Day Trading

Day trading is not a new concept. Traders buy and sell shares in a short period (usually within the same day), monitoring short-term shifts in value to make a quick profit. It is easy to buy and sell Bitcoin. The tricky part is guessing the market, and this requires a lot of knowledge and a little bit of luck. Be sure you know what you are getting yourself into, as it’s easy to lose vast amounts of money quickly if you get it wrong.

Everything Mainstream

There are a surprising number of mainstream businesses that accept Bitcoin, the most famous of all cryptocurrencies. You can spend coins in a variety of places for all sorts of things, flights, sandwiches, and even at Microsoft. We can see attitudes changing in big business strategy. Take the example of JP Morgan who was initially very anti-cryptocurrency, but now actively provides support for customers using crypto coins.

Video Game Transactions

Online was always where the big use of cryptocurrency was likely to be most prominent. In the early days, we saw a huge amount of crypto activity coming on niche tech sites, and even on the dark web (due to its nature of being extremely secure and private). But these days we are seeing this trend continue but in a more up-to-date fashion. That is in gaming and other apps. In-app purchases are not a new feature of mobile software, and it has always been an area where multiple payment options have been first seen such as PayPal, Apple, and Android pay.