Over the past few years, cryptocurrency has evolved from infancy to a significant force in the modern financial world. We’ve seen the rise of titans like Bitcoin, Ethereum, and many more over the past decade.
This exponential growth in the public acceptance of digital currency has led to many new and exciting developments surrounding them. Innovate uses and potentialities for cryptocurrencies are being discovered every day, and in more niches than just the financial sector.
For this article we’re going to be taking a look at eight of the most exciting and groundbreaking ways that cryptocurrency can be used, starting with:
#1. The de-corruption of charities
It’s no secret that certain charities have been known to be less than responsible with the proceeds of their fundraising. It’s a touchy subject to discuss and one with a myriad of angles to consider. Many have suggested passing new laws or restricting the flow of cash to charities which have been suspected of making use of funds in a disgraceful way.
However, using cryptocurrencies and blockchain, charities such as the World Food Programme (WFP) have been able to distribute cash assistance to hungry and impoverished areas responsibly. This is an exciting new development for the charity industry and can only lead to more transparent and honorable work.
Hopefully more organisations follow in the footsteps of WFP and decide to invest in cryptocurrency as a way to self-police their finances and keep themselves honest.
#2. Travel the world
The global acceptance of digital currency has come around faster than many detractors thought possible. The resilience of cryptocurrency and its many uses has opened so many doors for travellers looking for an easy way to keep their holiday cash safe and take advantage of online deals.
Everything from booking a flight to purchasing drinks by the pool can now be accomplished through the use of cryptocurrencies, meaning a whole world of possibilities awaits the modern holiday-maker.
#3. Going green
Solar-based energy has long been hailed as the answer to problems faced by the eco-friendly crowd. Carbon-based power is a sore point for many environmentalists who seek to lower their usage and switch to more of a ‘green’ solution.
Cryptocurrency could prove to be one way of lowering your adverse effects on the environment. Companies are now being set up that allow residents who utilise solar panel systems to participate in an electricity-sharing ecosystem, of sorts. They’ll be able to sell environmental credits (much like the blockchain infrastructure) – through an app on their phone – directly to people without access to solar panels who wish to support the movement.
#4. Educate yourself
It may sound bizarrely futuristic, but more and more schools are now actually accepting cryptocurrency as a form of payment. This method of paying tuition has been seen in Cyprus, Germany, Switzerland, and even the United States.
Don’t be surprised if this becomes more and more popular down the line as schools look for new ways to help families send their children to the institute they desire.
#5. Augmented reality and cryptocurrency
Location-based augmented reality has undoubtedly come on in leaps and bounds since its early days. Now apps like Pokemon dominate mobile devices, and some companies are seeing this as an exciting opportunity to combine augmented reality and cryptocurrency. Just look at any esports guide, every one of them proves the fact that “traditional” video games already use the cryptocurrencies on a daily basis, so VR and AR games will be no exception.
Not only will we soon see gaming applications that combine digital currencies and location-based gameplay, but we’ll also have access to apps which provide rewards for users. Many start-up companies are currently creating ways for customers to gain coins, tokens, and other forms of crypto by viewing specific augmented reality experiences in their city.
Perhaps, in the future, we’ll even see new and exciting applications that make use of cryptocurrency in virtual reality as well as augmented reality.
#6. Modern fund-raising
We don’t just mean charitable fund-raising here (although that’s also a viable and noble use for cryptocurrency), what we’re talking about is the ability for small start-ups to use modern crowd-funding websites like Kickstarter, or IndieGoGo, which accept the digital currency.
No longer do businesses and entrepreneurs need to look to angel investors or banks for their fund-raising and seed money. Now they can utilise the power of cryptocurrency to ensure the future of their company or product.
#7. Tackling electoral fraud
As strange as this one may sound it’s an excellent idea, and one which is very timely and relevant. Electoral fraud IS a problem in modern politics and finding a way to combat this – and help restore some sense of fair democracy – is a valiant venture.
The blockchain is an incorruptible entity, and as such it’s unable to be modified or subverted by outside sources. Because of this, companies such as Democracy Earth are currently designing applications that can utilise the same technology present in cryptocurrencies to store votes.
This can only lead to a much fairer playing field in politics and could actually turn out to be one of the most sensible and responsible avenues for blockchain technology to be applied to.
#8. Wealth management and trading
Although many people assume that cryptocurrencies are used merely as forms of payment, a whole array of options are available for those looking to enter the world of wealth management and trading. Much like real estate, gold, and other forms of investment, people can use cryptocurrency as a way to store their savings in an asset (while making some money at the same time).
If you’re willing to play the market and want to do more than just wait for the prices to rise, you can trade between different currencies and try to predict the rises and falls on sites like the bitcoin prediction market – as best as possible – to ensure you always come out on top. As with all trading, this is a risky manoeuvre but can lead to some exciting results.
Other types of blockchains are now being developed that treat crypto as an asset in a portfolio, much like traditional investment and trading. So more and more options will open up further down the line for those who are serious about crypto as a genuine financial venture.