Cryptocurrency is an established yet continually evolving concept, spanning multiple platforms. We all tend to perceive it as a digital currency for secure transactions and investments over decentralised financial exchanges. However, have you ever wondered what interesting ways can this be used to pay for goods or services? Read on to find out! Further information can also be found by visiting the website.
10 unique applications of crypto in today’s world
1. Find great offers on e-commerce sites, including Amazon:
Purse.io raised $1 million from seeding Digital Assets Group, enabling the purchase of any Amazon item at 20-30 percent off if bought with bitcoins. This genius symbiosis is simple: connect people who have a supply of Bitcoins to exchange with those who possess Amazon credits yet demand Bitcoins! Although specific, this is a proliferating industry, particularly in the Asia Pacific region. Why not try for yourself? It’s quite useful for mass orders.
2. Value transfers via micro-remittances:
Bitcoin’s quick protocol is apt for bank transfers and incentivises them too. For instance, back in 2015, CoinHako enabled students from the National University of Singapore Overseas College to transfer nominal funds between the US and Singapore. The transaction fees are almost negligible in comparison to conventional banking methods, as are the exchange rates. Even processing times are a fraction of traditional banks – to the tune of being settled within 12 hours! Bitcoin apps including CoinPip empower institutions to transfer fiat money over the blockchain network indirectly, whilst handling all interim processes. It’s gained popularity by remitting money to distant contractors, suppliers and workforces.
3. Save on your Starbucks bill:
Fold enables bitcoin users to load coins onto their cards for buying Starbucks beverages. Now save a fifth off your order! Nevertheless, how does this work? Simple: yield a quarter increase in value of Bitcoins when buying with hard currency, however this only applies to the US, Canada, Mexico, Australia, UK, Hong Kong and Macau.
4. Pay Alibaba vendors using bitcoins:
Pioneering a payment gateway, bitcoins empower Alibaba. So, for those PayPal and telegraphic transfer lovers out there, here’s some welcome news. Alibaba vendors accept bitcoins, so always check with them or introduce the idea!
5. Purchase gift cards with discounts:
Gyft is a gift card app hosting over 200 retailers. You can save 3% by using Bitcoins on their platform, serving many industries. How versatile!
6. Pay bills and top-up/recharge phone cards:
Contrary to consensus, Bitcoin can replenish such monetary value storage cards, as Tokobitcoin does to serve four-fifths of the Indonesian population. They deploy bitcoins rather than credit cards for mobile phone balance replenishment, online electrical and gaming vouchers on a 24/7 basis. Sites such as Bitrefill enable users to do the same conveniently, from anywhere and at anytime. Now even employed professionals including expats can do so remotely on behalf of their families, remitting and saving on end-to-end delivery fees.
Leet.GG states that Bitcoin is ‘fast, cheap, and international’, propelling game industry creators including Zynga and Big Fish Games to begin accepting bitcoins since 2014. They allow betting coins on your own profile and selling them off too. Virtual paraphernalia marketplaces like OPskins and G2A yielded massive profits this way. Valve followed suit over Steam too, however then withdrew support, owing to high gas processing fees. Nevertheless, the esport betting industry is expanding exponentially.
Saving on traditional commission fees, simply purchase your bitcoins in holding currency and then sell them in a desired currency.
9. Invest in Kanye
Kanye West’s Coinye Go Fund Me page and his pleas to tech giants to invest in him (although the former was a supposed hoax and ceased operation a few years ago). Still, it set a legacy of crowdsourcing to finance his loans using a bitcoin wallet.
10. Own it
Why not own bitcoins? With inflationary trends, you never know how much they could amass in value – although now deflationary protocol is emerging to control monopolisation.
Incentivising Bitcoin use in imaginative ways will always create innovative strategies to harness its power. Whether you buy gift cards or commodities that are usually discount agnostic or otherwise, this is certainly a new approach to pioneer saving money in today’s frugal world.