Cryptocurrency has a great ‘attractiveness’ quotient attached to it. More and more people are looking to understand the dynamics of how the cryptocurrency works and what more can be done with it. The concept that originated in 2009 took its time to grow but in the last five years, it has really established itself in the financial markets. Those who are miners and those who are investors have reaped in the benefits of cryptocurrency through buying, selling and trading. Investments in cryptocurrency have yielded 8-10 times profits to investors who started early and have been constantly tracking their investments.
Trading of cryptocurrency is now an established process that you can do with digital money. However, as it this concept is strengthening its foothold, there are many options opening up for it. Here are uses of cryptocurrency discussed by Yee Kok Siong, some of which you aware of while some would come as a surprise:
Cryptocurrency is a good way to multiply your money. Once you get cryptocurrency in hand, you can decide how much to spend from it and how much to invest. However, getting cryptocurrency from a reliable source is very important. Cryptocurrencies come in many names like Bitcoin, Ethereum, Ripple, Indus Coin etc. While going in for purchasing these, you need to check the authenticity of the service provider. Check if they display the ticker rate and symbol on their page and the exchanges where you can trade your cryptocoins.
2) Pay for travel
The travel industry is opening to the prospect of using cryptocurrencies like never before. Hotel stays, air travel and packages can now be bought using cryptocoins. Travel operators that provide customized packages find the concept of cryptocurrency really convenient since there are no conversions required when you pay using cryptocoins and it is the fastest method of payment from an inter-country perspective as there are no middle men involved. This also works out to be the cheapest method since there is no percentage kept with the banks or financial institutions when they route your payment.
3) Pay for education
Wherever there are diversities coming in, cryptocurrency will be preferred. In case of educational services, payments done by students to colleges (mostly fees) have always been complex. Account transfers, wire transfers, foreign currency demand drafts and such instruments are the most popular methods. However, all of these attract an additional fee when you make the payment. Moreover, these are not instantaneous. Students across the world have been looking for options that can ease this burden for them.
Cryptocurrency contains the power to change this scenario and make it simple. University of Nicosia, Cyprus is the first accredited university in the world that has officially accepted Bitcoin as a mode of payment. The payment comes through the processor Bitpay and it can be done in BTC. The University truly values the potential of this digital currency and has even started a course called Masters Degree in Digital Currency to prepare specialists for the future.
4) Crowd Funding
Crowd funding is a unique way of utilizing your cryptocurrency. Just as how any other crowd funded business works, here also you can put your money on somebody else’s business and be a part of his success. Many companies that offer funds to new businesses have created a platform using cryptocurrencies for e.g. crowd funding company called Lighthouse has a platform of Bitcoin.
The way it works is that you can donate your money from your wallet to the company for a specific business. There are no charges for the donation until your money is delegated to a specific project and that particular company meets its goals and objectives. Your funds remains safe with the crowd funding company until the project has met its criteria. This is a great way to invest your cryptocoins and completely hassle free. You can also withdraw the donation at any point of time. Cryptocoins like Altcoin, Dogecoin are also popular for crowd funding apart from Bitcoins.
5) Common daily purchases
Coffee shops, pizza outlets and grocery chains are opening up to accepting this new form of payment. You can transact at these outlets in the regular manner and pay up using your cryptocurrency wallet. Wal-Mart is one of the biggest names that have associated itself with cryptocurrency. Apart from these, TigerDirect, NewEgg and OverStock are also names that come in this category.
Inclusion of cryptocurrency in daily life has led to a huge change towards perception of cryptocurrency and also for clearing the skepticism that the common man still faces over the concept of digital currency.
Cryptocurrency is growing steadily from strength to strength. With more consumers and more avenues opening up, the time is not far when digital currencies would be the most accepted form of payment especially for payments that transcend borders. Uses of cryptocurrency are also increasing and apart from those mentioned above, electronics, online retail and trucking industry are also taking it up in a big way. Your time to buy cryptocurrency is now and you can be rest assured if you go in with a trusted partner like.
Also read: Precautions While Searching For Best Cryptocurrency Exchange