Use of Cryptocurrency in Online Deals

In one of his speeches, Thomas Carper, a US Senator, said that virtual currencies, perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others, and confused the hell out of the rest.

Cryptocurrencies have inarguably captured news headlines since the year started. This new technology has grown exponentially and the most ever traded asset on this planet during the fourth quarter of 2017. One of the most exciting facts about cryptocurrency is that they are decentralized, anonymous, secure, irreversible, and most important, permissionless.

Currently, cryptocurrencies have become a phenomenon known to most people from all walks of life. Although it is still geeky and not well understood by people, financial institutions, governments, and companies are aware of its value to the economy and the people. It is true that the majority of people including bankers, scientists, developers, consultants, have very limited knowledge of information about cryptocurrencies and their use.

So, what are cryptocurrencies? After more than a decade of failed attempts to come up with a digital cash, the first decentralized digital cash system was released in 2009 by Satoshi Nakamoto. Although his initial idea was to create a Peer-to-Peer Electronic Cash System, it later came to be the world’s first decentralized currency.

Away from all the noises surrounding cryptocurrencies, a simple definition would be a digital currency created from codes or an encrypted string of data encoded to signify one unit of a currency free of all government or state control. There are numerous types of cryptocurrencies such as Ethereum, Ripple, Litecoin, Bitcoin, Monero, and others.

However, the most disturbing thing about cryptocurrency is where to use it. Many people are lost on what to do with their crypto coins after purchasing them. You don’t have to worry about anything as we have listed some of the major ways cryptocurrency is used in different online deals.

Modern Publishing Engagement

With the availability of the internet, many digital publishers and advertisers are scrambling to find different ways of increasing traffic as well as maintaining relevancy with one another. Of late, the traditional banner ads that are not even related to the article have become ineffective with the users.

To solve the problem of irrelevancy, companies like SolidOpinion have come up with a new type of pay-per-article advertising where you big companies can attach their advertisements to relevant articles that targets a specific audience.

This technology uses a different proprietary form of cryptocurrency known as Engagement Tokens to steam up the engagement. The good thing is that both the publisher and audience members are able to earn tokens by posting comments or original content.

Management of Wealth

The use of cryptocurrency in wealth management has become widespread. For instance, companies like Swissport are offering investors great opportunities to manage and control their wealth without border restrictions or limitations. Regardless of whether you are an individual or a financial guru, these companies are democratic ecosystems where you can easily manage your crypto assets.

Ending Electoral Fraud

It is very possible to use cryptocurrencies in the battle against electoral fraud or injustice around the world today. In fact, the co-founder of Democracy Earth, Santiago Siri, has teamed up with a group of experts to design an app that is able to combine with blockchain technology, making it possible to electoral-related problems and any other forms of corruption involving the use of money.

Learning Sector

The education sector has not been left out in the use of this great technology. More and more schools, colleges, and universities are accepting cryptocurrency as a form of payment. According to a popular website known as Futurism.com, most universities in developed countries like Germany, Switzerland, and the US have started accepting Bitcoins from students as a form of payment. There is no doubt that the use of cryptocurrency is soon going to become more and more popular.

Travel and Tour

As the good news about cryptocurrency is spreading wide and wild, many business enterprises have started to embrace it. The travel industry is on the front line of incorporating this new technology into their daily transactions. In fact, cheapair.com was the first travel agency to allows customers to purchase flight tickets, book hotel rooms, rent or hire cars, cruise rental using Bitcoin since 2013. The fact that cryptocurrency is anonymous and secure give it an upper hand when it comes to the privacy of customers.

Augmented Reality

It is inarguable that location-based augmented reality experiences will be the future of experiential marketing, thanks to companies like Pokemon Go Craze which have paved way for this new breed of technology. Additionally, these companies are merging to boost the in-person experiences with the use of cryptocurrencies.

Helpful in Fund-raising

Currently, there are numerous startups that are using cryptocurrencies to fund their projects, ideas, services, as well as products. Many people have shifted from the traditional VC funding or the use of popular websites like Kickstarter to raise funds, instead, they are looking to cryptocurrency as the solution to their problems. This is because it is trackable and safe for everybody.

eGaming World

Another industry where the use of cryptocurrency has taken it by storm is the gaming world. There is a good number of casino sites where cryptocurrencies are accepted. For instance, gambling sites like Fortune Jack Casino, vDice Casino, Crypto-Games.net, 1XBit Casino accept cryptocurrency from players. Many gamblers and players are attracted to this digital currency because they want to remain anonymous on the sites. Additionally, they are assured of the security of their funds at all times.

Conclusion

As you can see, there are numerous ways in which cryptocurrencies are changing the way we do our daily activities. Unlike the traditional currencies that are controlled by governments and states, these decentralized digital companies have no government affiliations at all. The market of cryptocurrencies is growing fast and wild. However, you need to be very careful when trading these cryptocurrencies because there are many different types of digital currencies available in the market. The future is here and revolution is already happening. Whether you like it or not, cryptocurrency is here to stay.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.