The world is around 15 years into the crypto journey since the mysterious launch of Bitcoin in 2009 as well as the surrounding literature. Bitcoin quickly became a big buzzword in Silicon Valley and elsewhere around the world – but it would take a while until certain industries got used to the decentralized way and started to actually use cryptocurrencies. The uses we currently have are changing all the time and in the coming years, it is likely that other ways of using crypto will either be invented or embraced more widely.
For now, we will look at the existing options for people who want to use cryptocurrencies and blockchain. The list of applications is even more widespread when we consider cryptocurrency’s driving force; blockchain. Blockchain is behind decentralized finance methods and has uses besides money – it stands to alter the way people do contracts or even some public records.
Yield Farming: The New Age Digital Crop
No, it isn’t a term from a farming sim game – one of the most talked-about innovations in the crypto world recently is yield farming. The idea is to provide a way for people to use cryptocurrency by lending or staking their assets in decentralized finance (DeFi) platforms. It’s a bit like putting money in a savings account but the returns can vary. Some people consider this as a way to potentially earn passive income with crypto. This system is fueled by smart contracts and blockchain technology, and it creates a dynamic where users can move their assets around different platforms to try to find the highest potential yields. It isn’t guaranteed to make money and returns will likely vary, so people need to do their research, but yield farming has become a fascinating new frontier.
Blockchain is used to run yield farming operations and keep things transparent. Different companies have different approaches to yield farming and people should read the terms before starting.
Travel
Making travel a lot more accessible was always one of the potential benefits of cryptocurrencies. Even in the early days, the fact that cryptocurrencies could be used in multiple countries was thought to be one of the interesting use cases. People may not need to get money changed into local currencies when they go abroad (and lose the commission fees in the process).
Several travel agencies and individual hotels or airlines have started accepting Bitcoin and may embrace other digital currencies as payment. Destinia is a travel agency that allows users to book flights and hotels using Bitcoin. It isn’t the only company in its mold and there are many others that have decided to take crypto either directly or through a middleman service.
There are even entire destinations that are becoming crypto-friendly and people may be able to buy a cup of coffee or a taxi fair using Bitcoin. It is also possible to use anonymous Bitcoin wallets to potentially retain more privacy when out and about and to keep your details away from any other third parties.
Gaming and Crypto
A Venn Diagram of gaming and crypto sees quite a lot of crossover and there are numerous ways that the currencies have changed the way gaming works. Some blockchain-based games give players the chance to earn tokens or crypto while playing.
Games like Axie Infinity allow players to earn tokens, which can be converted and traded – this means that people may build digital real estate or participate in virtual economies to try to build up their profile. Axie Infinity is the most popular at the moment. There are lots of different forms of blockchain gaming that may potentially crop up in the future. Esports has also seen crypto being used for some of the prize funds, for instance. These fields may have a lot of tech-savvy people involved which can lead to them embracing new technologies quickly.
Micropayments and Tipping
Tipping used to involve a whole lot of cash, but many Americans now rarely use any form of cash and can go weeks without using paper money.
Crypto may provide platforms for fans to tip their favorite creators quickly and directly. Already we see some companies pioneering this model, where users can support content creators with small payments using digital currencies – the idea is a sort of Patreon but for digital, with people using Defi to tip creators.
Conclusion
Whatever somebody’s goals are with cryptocurrencies they are likely to be looking to embrace some of the benefits like a public ledger to track the transactions totally transparency and the fact they can cut out the middleman (normally the bank).
15 years has seen the world of crypto come a long way but it is very probable that there will be different businesses continuing to innovate and come up with new ways to use crypto and blockchain.
