Photography Credit: Sam Truong Dan
Popularity of Cryptocurrency is increasing on a daily basis. The ability of these currencies to get work done has contributed a lot towards its popularity. In fact, people will be able to use Cryptocurrencies to resolve issues, which cannot be done with the usage of flat money.
1. Make Donations to Causes
You would come across the need to support causes, which are not approved by the government. In such instances, you can think about Cryptocurrencies. WikiLeaks can be considered as a perfect example to prove the above mentioned fact. Back in 2011, people were restricted from donating money to WikiLeaks. As a result, they could not make any contributions through PayPal or Credit Cards. "Satoshi Nakamoto", who is the creator of Blockchain, figured it out and he took necessary measures to assist people make their donations to WikiLeaks. Defense donations fund, which was raised in favor of Edward Snowden can also be considered as a perfect example to prove the above mentioned fact. Likewise, you would come across different donations that are not supported by government and you will be able to make legal contributions to them with the assistance of Cryptocurrency.
2. Purchasing Goods
Within some countries in the world where there are a great limitations related to the digital or even the regular offline banking system and on-line forms of payment services such as PayPal, Neteller and Skrill not available to the population due to different laws and local regulations. You will not be able to go online and use some of these popular payment solutions in order to buy a service or a certain goods for you or your family. When you encounter such a situation, you don’t need to worry about anything because you can simply purchase what you want with the help of your cryptocurrencies. There are plenty of websites, which offer such services and goods to you and accept Cryptocurrencies as the payment. Therefore, you don’t need to go through any hassle in order to get hold of something you want.
3. Gambling Industry
This can be considered as one of the most popular uses of Cryptocurrency. In some places in the world, you are prohibited from gambling using your fiat money. Cryptocurrency would provide you with the opportunity to take part in gambling without any jurisdictional local currency transfers. Moreover, Cryptocurrency gambling is in a position to offer instant payouts to the people. You don’t need to create an account in order to receive these payments. You just need to provide the ID of your Cryptocurrency wallet and you will be provided with the payment. The same wallet ID that you enter to make a payment would be used to deliver payouts to you instantly. With Cryptocurrency, you will be able to take part in any gambling activity around the world. This can expand the opportunities that are available for you in the gambling space. (Opinion: Gambling is bad for your wallet, I do not recommend it at all).
4. Transfer Assets Across Borders
In some countries, If you try to transfer your assets across the borders, you would encounter a difficult, slow and frustrating process. In order to avoid hassle and frustration linked with this process, you can use a digital form of asset and that's exactly what Cryptocurrency aims to be. That’s because Cryptocurrencies are considered as one of the more secure methods available for you to store and transfer money abroad. For instance, you cannot carry gold across borders, its a metal and it may be too heavy to carry on with you, but you will be able to do it with an asset in a form of a Cryptocurrency, all it takes is a digital, secure blockchain powered wallet within your mobile phone. Even if someone managed to steal your mobile phone from you in the airport or during your travels, your secure passphrase (digital key) is the only way to access and use your cryptocurrencies. As long as you keep this key secure and unknown to anyone but yourself, no one else should theoretically be able to spend your digital wallet's cryptocurrency assets. Hence, it can be considered as one of the most convenient and secure methods available for you to transfer assets across borders.
5. Tremendously Faster Transactions
If you have at least ones tried to send a certain amount of money between one bank account to another bank account, even if both accounts are within the same country but different banking brands, you most probably could realize how slow the process can be. In certain countries, a local bank wire can take from a long hours to a day time. When thinking about transfers to another country, you most probably know that in this case the transfer can easily take up to a few days and in other worst cases over a week time. Being slow isn't the only issue with bank transfers, the other great concern is the high fees. Real life example, John living in Europe accepted a job for an US based company, when he finally received his first payroll of $1000 he realized that his bank deducted from him $175. Upon the approach to his bank's account manager, the bank responded to him that in his account, international incoming wires in a foreign currency costs manual handling and exchange fees. So we can conclude two facts at least: Bank wires can be very slow and still remain expensive up to this day. Thanks to a modern money era, we can tremendously improve this situation and solving two problems at least, making the transfers super fast and basically free of any fees. Cryptocurrency is that exact technology that capable of doing both things much better than a bank, transfer takes about a few seconds and fees either very small (few cents) or not exists at all. Doesn't matter where you are located and where the other side is located in the world, the transfer will be as fast and as reliable. Finally, geographical location doesn't matter any more when it comes to cryptocurrency transactions.
6. Paying Bills Easily
You can now easily make your bill payments with digital currencies. That’s because the cryptocurrency wallet is installed within the mobile phone as an app. Whenever you want to make a payment, you just need to open the app and transfer funds. Making payments has never become this much easy.
7. Keep Private Health Information More Secure
The Cryptocurrencies have provided a tremendous assistance to the medical world as well. People are now being provided with the ability to purchase what they want by making payments in Cryptocurrencies. On the other hand, the Blockchain technology allows them to store their health information on the decentralized ledger. They can then let the healthcare professionals access their personal healthcare information, without worrying too much over the safety.
8. More Security Against Chargebacks For Business or an Individual Freelancer
Unfortunately, this is a very common issue with fiat payments where criminals attempt to use a stolen credit card or hacked paypal accounts in order to try and buy digital goods or tangible products online. This concern not only painful to the business but also to the individual freelancer who sold his services to a thief. Those unethical people sending money, receive the goods or the service they've purchased and days, weeks or some times even months later the service provider realize that the received funds went thru a charge back process, which means returned to the original owner. Blockchain technology can help eliminate this kind of security issues and avoid this needless loss of money from the service providers. Once money sent out from 0ne blockchain wallet to another, it is only after a verification and use of proper digital passphrase key. An attempt of transferring funds without a proper passphrase key would end up in a failure of transfer and prevent from the criminal the ability of sending someone else's funds to a vendor. Furthermore, once the payment arrives from wallet A to wallet B, it cannot be reversed unless the receiving side decides to send back the funds.
As always, I would appreciate any comments, feedback and upvote!
Disclaimer: The written article is for a general knowledge and entertainment only. This is not a financial advice or any other professional advice of any kind. Anything you may choose to do or not to do based on the written above is at your very own responsibility .