Top 5 Cryptocurrency Use Cases – CryptoMode

The popularity of crypto has increased exponentially in recent years due to its anonymity, transaction speed and security.

But despite its popularity, cryptocurrency is seen by many as a high-risk investment. But nevertheless, crypto still penetrates every major industry worldwide. Never before have so many merchants accepted it as a payment, but what is crypto actually used for?

1. Money transfer

Crypto has revolutionized the way we send and receive money. Long gone are the days when it takes hours or days to process financial transactions. Today, with crypto, you can process payments at a super-fast speed and low cost.

Besides low cost and super fast speed, cryptocurrency is one of the safest ways to transfer money. The digital currency is based on blockchaina peer-to-peer database with strict rules for adding data.

Blockchain has built-in security features that make crypto wallets secure and immutable to hacking. That is why there has been increasing interest in the currency from institutional investors, private equity funds, venture capitalists, fintech companies and private customers.

As mentioned above, crypto’s payment system is P2P (Peer-to-Peer). This means you can instantly process financial transactions worldwide without the approval of any third-party authority, such as the government.

2. Games

Cryptocurrency is taking the gaming world by storm. The creation of crypto and blockchain games has breathed new life into the gaming industry.

As blockchains are decentralized, games are fairer, this is important, especially when playing online. Probably fair games have many advantages, such as streamlined payments, unique bonuses and incentivized purchases.

Besides online gaming, the casino industry is experiencing another type of boom due to cryptocurrency. Various live casinos now accept cryptocurrencies such as Bitcoin, Ethereum and Litecoin as a means of payment. Some of these casinos even go so far as to offer special bonuses for crypto deposits.

To find the best live casinos to gamble on, comparison sites should be your first port of call. These platforms compare all available payment methods, including crypto. On the page you will also find objective reviews about each operator and information about the latest available bonuses. You can now bet your cryptos against a human croupier in real time.

3. Luxury hotels and e-commerce sites

You can now pay for accommodation via cryptocurrency at various luxury hotels. An example of this is the Dolder Grand in Zurich which accepts BTC as a payment method for drinks, food and hotel rooms. Sandman Hotel Group is another establishment that also accepts crypto.

Airbnb reiterated its interest in blockchain technology, cryptocurrencies and tokenization. Also, Travala, a crypto-based travel booking site, recently announced that users can now book on its platform using up to 30 cryptocurrencies.

Major e-commerce sites such as Shopify, BigCommerce, WooCommerce, Magento and eGifter also accept crypto payments from buyers. These e-commerce sites have adopted crypto payments because they can reach more customers and their customers can complete transactions more securely and quickly.

4. Charities

Cryptocurrencies are not meant to make money. They are also used for non-profits. An example of non-profit use is donations to charities and foundations.

Crypto-based donations are transparent, fast and more cost-effective than fiat money. This is due to blockchain, which allows a transparent flow of information.

Cryptocurrency donations can reduce costs in terms of time and fees. It also reduces corruption in foundations, fund leaks and charities. Thus, non-profit organizations can draw more money from crypto than from fiat donations. Additionally, crypto is ideal for anonymous donations, which are often seen as the best way to run charities.

WFP (World Food Program) is one of the non-profit organizations that uses blockchain technology and crypto to distribute funds to people in less developed countries.

5. Alternative Store of Wealth

While no one wants to imagine their bank accounts being frozen, the truth is that it happens more often than people recognize. So when this happens, people usually have little or no access to funds.

Unlike fiat money, crypto is a safe alternative store of wealth. If you keep your crypto on a cold cryptocurrency wallet, only you have access to the private keys. Nevertheless, many people in cryptocurrency make the mistake of leaving funds on exchanges. A general rule in crypto is that whoever controls the private keys controls the funds.

None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses incurred by acting on information provided on this website by its authors or customers. Always do your research before making any financial commitments, especially with third-party reviews, pre-sales and other opportunities.