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Over recent years, cryptocurrencies have rapidly gained popularity with traders as an investment option. Now, as digital wallets are becoming commonplace in many households, the future of crypto is expanding so it can be used increasingly as an innovative payment option for shopping and paying bills.
Cryptocurrencies are decentralized, making them faster and safer to use than other currencies, so it is easy to see why digital currencies, such as Bitcoin, continue to grow exponentially.
Cryptocurrencies are even making their way into space travel as Richard Branston’s Virgin Galactic is accepting Bitcoin as payment for their pre-booked flights.
The use of cryptocurrencies to pay for flights is a rapidly developing area that is likely to be rolled out further as the popularity of crypto continues to increase. Currently, platforms such as cheapairline.com are one of the few that accept Bitcoin payments for flights, hotels, and car hire. Once on holiday, crypto can also be converted into the local currency in many cities, making travelling easier and stress-free.
2. Wealth management
Cryptocurrencies are not bound to the same restrictions that banks impose, as digital currencies are only controlled by the individual with access to the account. Decentralized currencies remove the risk of banks freezing assets and leaving people without access to their finances, which can happen with traditional bank accounts.
Digital wallets can safely store and manage crypto while only being able to be accessed by the person with the correct passcodes. SwissBorg is an example of a digital wallet that holds CHSB tokens. They also help people manage their wealth by providing a platform to invest or buy and sell currencies.
3. Non-cash remittances
Sending money internationally to countries with a high inflation rate or a weak national currency can be expensive. Using cryptocurrency non-cash remittances to send payments or money for gifts is a cheaper way to get funds to family and friends without losing out on the exchange rate.
SureRemit uses crypto tokens to enable non-cash remittances to be sent to specific African regions. The recipient can use the tokens to pay essential household bills.
4. Preventing electoral fraud
The use of cryptocurrency blockchain technology is being investigated as a way to enable fraud-free voting. Santiago Siri, the co-founder of the non-profit organization, Democracy Earth, is leading the development of a suitable app. Blockchain technology is perfect for preventing electoral fraud as it is impossible to corrupt the system or influence voting. Records are also traceable, making monitoring and safely storing votes easy.
5. Environmentally friendly schemes
Crypto is also involved with environmentally friendly projects. Brooklyn Microgrid is a local network that uses crypto blockchain technology to sell environmental credits to people wanting to use greener solar energy. Instead of wasting unused energy or giving it back to the grid, solar panel users can sell excess power to the microgrid for other residents to bid on. The sales are controlled through an app for easy management, and the green aspect of this project means fewer fossil fuels are being used, and there’s an increase in solar energy usage.
The use of cryptocurrencies is the ideal way to stop charities from being corrupted through lost funds. Using digital currencies enables transparent, traceable transactions, so there is no way to misplace donations. This makes charitable payments safer, ensuring charities do not lose out.
Charities can also use cryptocurrency for fundraising efforts. These traceable payments are quick and easy to make, so people can trust that their donations are going straight to the charity.
7. Invest in early start-ups
Investing in early start-up companies using a cryptocurrency payment is becoming increasingly popular. Investors purchase digital tokens, which are exchanged for Bitcoin, providing capital. This helps provide new companies with the vital start-up funding they need for survival. As the business becomes successful, this will attract investors, driving up the value of their tokens.
8. Post content for payments
Steemit uses a unique idea to use its own cryptocurrency tokens to pay bloggers to create content for its website. There are many additional ways to make money with Steemit, as voting or commenting can earn tokens too. The value each post earns will depend on the size of a blogger’s following and the popularity of a post. Users can then exchange the tokens they have earnt for a more popular cryptocurrency or a mainstream currency.
9. Reward ethical businesses
Businesses choose to use cryptocurrencies for transparent and easy-to-track transactions. It is impossible to corrupt crypto, providing a clear record of business transactions for customers to follow. This ensures that ethical businesses are rewarded as they can show they have nothing to hide. Using cryptocurrencies will drive companies with unethical practices to improve as their customers can monitor any unfavorable business decisions.
10. Rent out a harddrive
Instead of buying expensive cloud storage, it is becoming increasingly popular to rent out hard drive space to companies such as Storj. In exchange, crypto can be earned as a reward. Storing files on a rented-out hard drive space is more secure than the cloud, as files are encrypted and shredded, and servers are not involved. Hard drive storage also works out cheaper for the user as the cloud has added expenses to fund their purpose-built centers, making renting hard drive space more appealing.