For those people who do not have the slightest clue about the world of cryptocurrencies, this topic is limited to trading. Cryptocurrency prices rise or fall, traders invest and withdraw profits, and for other purposes ephemeral bitcoins seem to be of no use. But this is a beginner’s mistake. Now we will tell you about 6 uses of cryptocurrencies that may be more profitable than using regular money.
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1. Resolving problems with transferring funds
For example, In India, playing online casino is not forbidden, but the operation of gambling houses based in the territory of the state is forbidden. That is why online casinos that were founded outside the jurisdiction of the state are so popular in the country. However, players from India also face another problem – they cannot make deposits and withdrawals via bank transfers, as local banks refused to cooperate with online casinos. They could do it legally, but they are afraid of drastic changes in the law, which will cause a lot of bureaucratic problems. That’s why local players are looking for alternative payment methods and online casinos such as Golden Reels casino offer them this opportunity. Deposits with cryptocurrencies not only make it possible to legally deposit money, but also speed up the process, depriving the player of any commission as well.
2. Cheap and fast money transfers
One of the reasons cryptocurrencies were created was to try to create reliable and fast money transfers that would be a profitable alternative to other wire transfers. And the result has exceeded expectations. For example, recently there was a money transfer through the cryptocurrency Litecoin in the amount of 99 million dollars. This transaction took only 2 minutes, and the sender paid only 40 cents for it. If intermediaries were involved in this process, which are present in other methods of money transfer, the commission would be multiple times higher, and the process itself would take several days.
3. An alternative to bank deposits
Despite the fact that cryptocurrencies regularly change in value, many people prefer to keep their money in them. Plus, on a long-term basis, currencies like bitcoin still show growth. Yes, sometimes the drawdown in them can reach 25%, but if you compare the chart of the same bitcoin, you will see that a long-term deposit made 5 years ago would now lead to unprecedented growth. In addition, you do not have to worry that the bank where you are keeping your funds will collapse or will not be able to give you the amount you need.
4. Invest in innovative early-stage start-ups
A lot of today’s startups are based on the fact that you can invest in them using cryptocurrencies. It’s really very easy, because you don’t have to do lengthy translations, register documents and get tangled up in bureaucracy. Now everyone can feel like a real investor, in a few clicks transferring money to the project he is interested in.
5. Private transactions
One of the main advantages of cryptocurrencies is the privacy of all the actions you take. Coins like Monero Zcash and PIVX allow their owners to make anonymous transfers without fear that the transaction can be traced by any authority. This removes the need for you to explain yourself to banks and tax authorities, declare transfers, etc., as this could entail unnecessary bureaucracy and slow down the money transfer.
6. Travel around the world and beyond
The incredible growth in popularity of cryptocurrencies has led to the fact that it is now possible to use them to buy travel packages. The most famous travel agencies accept bitcoins as payment when booking flights and hotels for their clients. Also, cryptocurrencies allow you to easily convert electronic money into the local currency, which will eliminate the problem of constant money exchange in exotic countries. Want to travel further? No problem! Virgin Galactic has introduced bitcoin payments for space travel since November 2013. Of course, they haven’t done any flights yet, but the company has big plans and trips bought in advance cost a lot less money.