AI Gain | 06/02/2020

Apart from Investing, what are the Other Uses of Cryptocurrencies?

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While many investors are scrambling for cryptocurrency investments and trading, others remain cautious and vigilant on them; they believe that the digital coins are incapable of replacing physical cash or becoming part of mainstream financial system. Obviously, this situation reflects the lack of public awareness on cryptocurrencies. Therefore, AI Gain, the up-and-coming star in the currency industry, aspires to deepen people’s knowledge about cryptocurrencies by discussing their uses in detail. So, what are the other practical applications of cryptocurrencies?

Shop for goods and services

One of the main uses of cryptocurrencies is to shop for goods and services. Did you know your that the first real-world Bitcoin transaction happened on 22nd May 2010? On that day, an American programmer named Laszlo Hanyecz decided to buy two Papa John’s pizzas for 10,000 Bitcoins (Worth $41 at the time) in order to prove that cryptocurrencies have the same transaction value as physical cash. In addition to becoming the world’s first Bitcoin transaction, 22nd May has become known as Bitcoin Pizza Day.

Since its introduction in the market, Bitcoin has peaked at $14,000 with its users able to shop for goods and services in major stores, namely Amazon, JCPenny, Sephora, etc. This justifies the economic values of cryptocurrencies in digital economy. With multiple central banks actively studying and planning to launch their own cryptocurrencies, the uses of these digital coins will be extended to various industries.

Make payments in gaming industry

Apart from shopping for goods and services, cryptocurrencies play a vital role in video game industry. As an emerging high-tech product, video game cannot be separated from technological innovation. In 2020, technological innovation will continue to disrupt the industry with revolutionary changes. One of the latest innovations in the world of gaming is cryptocurrencies.

Mobile game is the most popular application in video game industry. However, progress in this type of game is only possible when you buy in-game items via physical cash and complicated payment methods. In this regard, cryptocurrencies decentralise and eliminate complex payment intermediaries with the blockchain technology they rely upon. Without the centralised management of third-party payment providers, players may now buy or sell in-game items with cryptocurrencies through convenient and efficient payment channels.

Besides, the applications of cryptocurrencies offer gamers the opportunity to earn while they play. They can use the cryptocurrencies that they have received from the game to trade or to invest at major exchanges and investment platforms to maximise their profits.

Perform cross-border transfers

Time is money, especially for entrepreneurs. However, conventional cross-border transfers require complicated procedure and long waiting time, causing many users to delay their transfer time. On the other hand, cryptocurrencies use global payment method to offer users with safer and more convenient cross-border transfer services. They are capable of saving intermediary bank fees and transaction processing time through their decentralised features. Users no longer need to worry about any currency risk as a result.

Conclusion

Cryptocurrency is one of the hotly debated topics at the moment, thus it is important to pay close attention to its uses and developments. As the saying goes, “Better late than never”, if you want to make money in this rapidly evolving digital era, then all you need is a fully-featured investment platform. In this regard, AI Gain, the investment platform that is second to none, has a transparent trading environment and plenty of excellent programmes that will help you to achieve multiple trading goals. Register an account at AI Gain to explore unlimited profitable opportunities now!