To most people, cryptos are scary because they are a high-risk investment. However, whether you are fond of the technology or not, it would probably be a good idea for you to learn a little about the industry, it´s influence and growth potential. Moreover, it would be clever to learn about cryptocurrency uses.
As the world embraces cryptocurrency technology, we will find many uses for it.
Cryptos have yet to develop their full potential because they have not been adopted by a significant number of people and governments around the globe.
Much of what the technology isn’t yet it’s because of a lack of adoption. It is still a quite small industry if compared to all the people using fiat currency and credit cards for example.
Despite, when cryptocurrency hits mainstream it could have numerous benefits.
The industry is continuously expanding its grounds. And once the world loses the fear to advance in the technology it will be so powerful. Overall, the world will then discover that everything can be tokenized, and that life as we know it can have a whole other system, paths, and ways.
Low-cost money transfers
The low fees using digital currencies make them excellent payment systems whether for national or international money transfers.
If you are a new cryptocurrency user, when you first convert your fiat into cryptos, it is the only time you will spend a bit more money, which is during the conversion.
However, once you already own cryptos, the fees you pay are mere cents, maybe a couple of dollars. When compared to bank wires, it is a huge difference. Bank wires may cost more or less 50$, of course, it may vary from bank to bank but in total, they all cost pretty much the same.
If cryptos hit mainstream, no doubt it would be so much cheaper. And several other uses for cryptocurrency will surface.
You might want to read “Advantages of money transfer using cryptocurrency”
Censorship-resistant alternative store of wealth
This is one of the most impressive applications of crypto.
Many people argue whether or not cryptos are a store of value. However, the one thing we cannot take away from cryptos is its proprietorship. It gives its owners total ownership.
Cryptos like bitcoin are a censorship-resistant alternative store of wealth that only the person with the private keys to the wallet has access. Consequently, no personal bitcoin wallet can ever be suspended, frozen, or blocked by the authorities.
Cryptocurrencies that function like bitcoin are resistant to anyone except to its owner.
Is the world, governments, authorities ready to give up on their authority when it comes to other people´s money?
Individuals can execute transfers without having to explain why they are transferring a large sum of money, what the sources of the funds are and who they are sending it to. All in all, the entire traditional process can delay the transaction and involve needless bureaucracy.
When it comes to cryptocurrency privacy, there are several debates concerning frauds, money laundering and other criminal activities that could take place.
However, it’s hard to make a case when all of this is already happening with fiat currency. Such criminal activities were already happening decades, even centuries ago way before the existence of cryptos. So, when it comes to criminal acts, we must find a way to prevent it for sure. But should cryptos be to blame?
We´ve already spoken about the low fees of money transfers, now let’s take a look at how powerful the non-cash remittances industry is.
According to the World Bank, overall global remittance adds up to a total of US$689B, and it is expected to grow to $715B by the end of 2019. Say what?
As you can see, non-cash remittances are a very powerful use of cryptos in the money transfer industry. People can send non-cash remittances from anywhere in the world, for a low-cost, zero bureaucracy, from the comfort of their home.
Disclaimer: Our team works hard to bring you the best content in the cryptocurrency market, but it is only our point of view and not legal advice, and may be divergent from other opinions, so please do not make any decisions without concluding studies of your own to understand the profit possibilities and uncertainties involved at your own risk.