To many, cryptocurrency is seen as a high-risk, volatile investment made only for tech insiders and Millenials. Amid the hype and speculation, the fact that bitcoin was created to have an actual use is somewhat lost.
There are many ways to use cryptocurrency, with various currencies boasting novel uses cases.
So, what can you do with cryptocurrency?
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, much higher and the transfer would have taken several days, or longer if this was a cross-border transaction.
The low fees associated with transactions using digital currencies such as litecoin (LTC), stellar (XLM) or bitcoin cash (BCH) make them excellent payment systems for international money transfers.
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 little to no access to cash, even if they’ve done nothing wrong.
This is where one of the most unique and powerful cryptocurrency uses comes into play. Cryptocurrencies like bitcoin act as a censorship-resistant alternative store of wealth that only the individual with the private keys to the wallet has access to. Hence, no personal bitcoin wallet can ever be frozen by authorities.
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.
In the past, access to these deals would have only been available to experienced venture capitalists, but the advent of cryptocurrency has opened these opportunities up to a much broader spectrum of investors.
Make private transactions
Privacy-centric digital currrencies such as Monero (XMR), Zcash (ZEC), and PIVX (PIVX) enable users to make anonymous financial transactions.
That means individuals can make money transfers without having to explain to a bank why they are sending a large sum of money, what the sources of the funds are and who they are sending it to, which can delay the transaction and involve unnecessarily bureaucratic processes.
Invest in Art
NFTs, or non-fungible tokens, have exploded in the crypto world. Though an NFT can be many things, it mostly appears as digital art in the form of still image, GIF, or video. NFTs have proven to be a popular investment vehicle, and millions of dollars are exchanged in NFT trading. The price point to enter NFT trading is as low as few dollars, depending on the artwork purchased.
How To Protect Your Cryptocurrency
Cryptocurrency and the blockchain stand to be a major driving factor in the technology of the future. However this popularity has attracted an element of cybercrime. There are several tools internet users should use to increase their online protection. One of these tools is SaferNet.
SaferNet is the perfect solution to the cybersecurity issues that individuals, families, and businesses face today. It not only connects every device using a secure, 24/7 always on, military grade VPN, but it also stops outside cyberthreats, malware and viruses as well. On SaferNet, all users are protected anywhere in the world, all the time, on any cellular or Wi-Fi network. In addition to SaferNet’s VPN and cyber protection, it also offers a range of employee or parental/family internet controls including internet filtering, monitoring, scheduling, and blocking access to websites or even entire website categories
Typically, a user would need 3 separate services for a VPN, Malware Protection, and Internet Controls; SaferNet offers all 3 features in one service. SaferNet truly is an endpoint security presence that can be implemented in minutes around the world, on phones, laptops, tablets, and computers at an economical price point that caters to all internet users. SaferNet guarantees a smooth setup and installation process that takes only minutes, and an easily accessible control hub for you to monitor all your employee’s or family members devices; including activity, time spent online, and threats blocked.