The crypto world is seeing a flurry of excitement as a growing number of investors, businesses, and organizations are proponents of Bitcoin and other cryptocurrencies. Today Bitcoin and other altcoins have a wide range of use cases. If you’re a crypto newbie, and you want to learn what exactly crypto can be used for, here we provide an overview of some of the most popular means of using crypto today.
What is Cryptocurrency?
A cryptocurrency is a completely virtual currency used as a medium to transfer funds over the internet. There are many benefits of using crypto. Because the cryptocurrencies are powered by blockchain technology, each transaction is anonymous (this applies to privacy-centric cryptocurrencies), and you can easily send and receive private crypto payments. Another advantage is that typically the transaction fees are low, which is beneficial for cross-border payments.
Moreover, the online gambling industry is gaining traction, while due to Bitcoin’s bull cycle, the popularity of Bitcoin is growing and there are great online casinos that offer a vast collection of bitcoin games that you can play from industry-leading providers like Evolution Gaming, Quickspin, Pragmatic Play, and other brands.
So, if you’re a fan of live casino games that offer an immersive gambling experience, you can use your use BTC and play your favorite live casino games. And, of course, you could choose to from a great range of table games, slot games in many variations.
In terms of the gaming industry, it is one of the most profitable sectors right now. There are over 2.7 billion gamers worldwide, and this global industry was worth $162.32 billion in 2020. A lot of gaming platforms and tech giants are integrating blockchain technology and accepting crypto payments because they want to allow crypto owners to use their cryptocurrencies on their platforms. This decision helps them reach an entirely new audience and simultaneously increase their revenue. One example is Microsoft; as a gamer, you can use your BTC, for example, to purchase games, music, apps from the Xbox Store.
Cryptocurrencies today are also appealing for new investors because they are typically decentralized, which means the value of most altcoins is not impacted by financial crises, hyperinflation, political crisis, or any other events that would impact traditional occurrences. In fact, a lot of investors treat Bitcoin, as a safe-haven asset.
Furthermore, as opposed to centralized banking systems, there aren’t monetary or fiscal policies that can regulate the relationship of the supply and demand and thus, directly influence the price of crypto.
So, this is why retail and institutional investors want to invest in cryptocurrencies in the long run, especially when coins like Bitcoin achieved considerable growth during times of crisis. Actually, the price of BTC has tripled in less than a year.
Products and Services
As we mentioned earlier, there is a huge interest in the business sector to accept crypto payments, and the number of businesses and organizations that accept cryptocurrencies is increasing, especially during the last bull market phase.
So, this means that you could support your favorite brand by buying products and services with your cryptocurrencies. Just make sure to check what kind of crypto payments they accept. For example, there are brands that only support Bitcoin, like Tesla, for instance.
But there are many other companies that accept different cryptocurrencies. Some well-established brands that accept crypto payments are Etsy, Dish Network, Overstock, Bitrefill, OkCupid, and many other reputable, small businesses.
In conclusion, there are many advantages associated with cryptocurrencies, therefore an increased number of brick-mortar and online businesses, as well as crypto trust funds support crypto payments and investments. Moreover, many non-profit organizations and governments are getting involved with crypto and support the mainstream adoption of digital currencies. This means that crypto owners will have even more options to use their crypto funds in the future.