Crypto Has Many Uses
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1. Low-cost money transfers
One of the most well-known uses of cryptocurrency is for sending and receiving payments at low cost and high speed. For example, a recent $99 million Litecoin (LTC) transaction took only two and a half minutes to process and cost the sender only $0.40 in transaction fees. If this money transfer had gone through a financial intermediary the fees would have been much higher and the transfer would have taken several days, or longer if this was a cross-border transaction.
2. Earn interest on Bitcoin and other cryptcurrencies with 'Yield Farming'
Successfully trading crypto for profits requires a lot of time, experience and skill and instead many cryptocurrency owners are holding their coins for long term gain. There are ways to earn steady 'interest' on crypto, though. Popular examples include DeFi lending and crypto staking. This article covers the main ways an investor can engage in crypto yield farming, and this survey shows which platforms are offering the highest interest and on what coins.
With the interest rates offered by traditional bank accounts at all time lows, lending your crypto to a reputable platform is certainly an option - with 12% per annum being offered on some highly liquid cryptocurrencies like Tether. It is important to note, however, that this type of lending is not risk free and is not insured by the FDIC or similar government bodies in other countries. Don't have any crypto to stake? Check this article for how to mine crypto on your home PC.
3. A censorship-resistant alternative store of wealth
While you probably don’t think your bank account and assets could be frozen, the reality is that this occurs more often than people realise — especially in jurisdictions with dubious rule of law. All it can take is for someone to be accused of financial misconduct or making powerful enemies. When that happens, people can find themselves with no access to cash, even if they’ve done nothing wrong.
4. Invest in innovative early-stage startups
The emergence of digital token-based fundraising has allowed anyone with an Internet connection to become an investor in innovative early-stage tech startups, while at the same time providing new startup ventures with much-needed seed capital.
Although a rarer event these days, Initial coin offerings (ICOs) and IPOs are a form of fundraising that provides startups with the opportunity to raise capital by selling a newly-created digital token to early backers of the project in exchange for established cryptocurrencies such as Bitcoin (BTC) or Ether (ETH). The price of the newly-issued token then acts as proxy linked to the success or failure of said startup once it starts to trade in the secondary market.
5. Make private transactions
Privacy-centric digital currrencies such as Monero (XMR), Zcash (ZEC), and PIVX (PIVX) enable users to make anonymous financial transactions.
6. Send non-cash remittances
Another powerful use case for cryptocurrencies is non-cash remittances. Blockchain startup SureRemit, for example, enables its users to send non-cash remittances from anywhere in the world to selected African nations.
7. Get paid to post content
The world’s first incentivized social media and blogging platform, Steemit, enables publishers to receive financial rewards in the form of cryptocurrency for posting content and for curating on the network by upvoting high-quality content.
8. Rent out your spare hard drive space to the cloud
Decentralized blockchain-based cloud storage solutions such as Storj enable users to earn cryptocurrency in exchange for renting out their hard drive storage space to those who need it on a peer-to-peer basis.
9. Travel the world & beyond
Due to the explosive growth of the cryptocurrency ecosystem in the past 10 years, it is now possible to travel the world by spending cryptocurrency.
Established travel agents such as CheapAir and Destinia accept Bitcoin as a payment method to book flights, car rentals, and hotels.
The growth of the bitcoin ATM market also means travelers are now able to convert their cryptocurrency into local currency in most major cities around the world.
If space is more your scene, Richard Branson’s commercial space travel company, Virgin Galactic, announced way back in November 2013 that is accepting Bitcoin payments for space travel bookings.
10. Buy a lambo (or a Tesla)
Last but not least, you can also use your cryptocurrency to buy a Lamborghini. The Bitcoin luxury marketplace De Louvois enables the “crypto rich” to purchase sports cars including the cryptocurrency community’s favorite status symbol, the Lamborghini, using bitcoin. The marketplace also offers a range of other luxury goods such as art, fine wines, and real estate for those whose digital pockets are deep enough. Also, Elon Musk says Tesla will soon be accepting crypto for its cars.
1. Low-cost money transfers
One of the most well-known uses of cryptocurrency is for sending and receiving payments at low cost and high speed. For example, a recent $99 million Litecoin (LTC) transaction took only two and a half minutes to process and cost the sender only $0.40 in transaction fees. If this money transfer had gone through a financial intermediary the fees would have been much higher and the transfer would have taken several days, or longer if this was a cross-border transaction.
2. Earn interest on Bitcoin and other cryptcurrencies with 'Yield Farming'
Successfully trading crypto for profits requires a lot of time, experience and skill and instead many cryptocurrency owners are holding their coins for long term gain. There are ways to earn steady 'interest' on crypto, though. Popular examples include DeFi lending and crypto staking. This article covers the main ways an investor can engage in crypto yield farming, and this survey shows which platforms are offering the highest interest and on what coins.
With the interest rates offered by traditional bank accounts at all time lows, lending your crypto to a reputable platform is certainly an option - with 12% per annum being offered on some highly liquid cryptocurrencies like Tether. It is important to note, however, that this type of lending is not risk free and is not insured by the FDIC or similar government bodies in other countries. Don't have any crypto to stake? Check this article for how to mine crypto on your home PC.
3. A censorship-resistant alternative store of wealth
While you probably don’t think your bank account and assets could be frozen, the reality is that this occurs more often than people realise — especially in jurisdictions with dubious rule of law. All it can take is for someone to be accused of financial misconduct or making powerful enemies. When that happens, people can find themselves with no access to cash, even if they’ve done nothing wrong.
4. Invest in innovative early-stage startups
The emergence of digital token-based fundraising has allowed anyone with an Internet connection to become an investor in innovative early-stage tech startups, while at the same time providing new startup ventures with much-needed seed capital.
Although a rarer event these days, Initial coin offerings (ICOs) and IPOs are a form of fundraising that provides startups with the opportunity to raise capital by selling a newly-created digital token to early backers of the project in exchange for established cryptocurrencies such as Bitcoin (BTC) or Ether (ETH). The price of the newly-issued token then acts as proxy linked to the success or failure of said startup once it starts to trade in the secondary market.
5. Make private transactions
Privacy-centric digital currrencies such as Monero (XMR), Zcash (ZEC), and PIVX (PIVX) enable users to make anonymous financial transactions.
6. Send non-cash remittances
Another powerful use case for cryptocurrencies is non-cash remittances. Blockchain startup SureRemit, for example, enables its users to send non-cash remittances from anywhere in the world to selected African nations.
7. Get paid to post content
The world’s first incentivized social media and blogging platform, Steemit, enables publishers to receive financial rewards in the form of cryptocurrency for posting content and for curating on the network by upvoting high-quality content.
8. Rent out your spare hard drive space to the cloud
Decentralized blockchain-based cloud storage solutions such as Storj enable users to earn cryptocurrency in exchange for renting out their hard drive storage space to those who need it on a peer-to-peer basis.
9. Travel the world & beyond
Due to the explosive growth of the cryptocurrency ecosystem in the past 10 years, it is now possible to travel the world by spending cryptocurrency.
Established travel agents such as CheapAir and Destinia accept Bitcoin as a payment method to book flights, car rentals, and hotels.
The growth of the bitcoin ATM market also means travelers are now able to convert their cryptocurrency into local currency in most major cities around the world.
If space is more your scene, Richard Branson’s commercial space travel company, Virgin Galactic, announced way back in November 2013 that is accepting Bitcoin payments for space travel bookings.
10. Buy a lambo (or a Tesla)
Last but not least, you can also use your cryptocurrency to buy a Lamborghini. The Bitcoin luxury marketplace De Louvois enables the “crypto rich” to purchase sports cars including the cryptocurrency community’s favorite status symbol, the Lamborghini, using bitcoin. The marketplace also offers a range of other luxury goods such as art, fine wines, and real estate for those whose digital pockets are deep enough. Also, Elon Musk says Tesla will soon be accepting crypto for its cars.
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