Cryptocurrencies has gone from something only discussed on obscure internet forums for people interested in cryptography and technology to being discussed around dinner tables and water coolers. Even though the crypto market, along with both international indices and economies, has taken a sharp downturn in the last six months there are still lots of people heavily optimistic for the future of crypto.
But the world of cryptocurrencies is not only investing and speculation. The actual and practical uses of crypto are many and diverse, and some of these might surprise you. One of the main goals of many crypto enthusiasts is crypto gaining a bigger adoption in everyday life and this is something that is slowly but surely starting to become true. Today one can play on bitcoin casinos with provably fair casino games, and blockchain is becoming more and more adopted every day.
The main practical use of crypto is transactions
When Bitcoin first was launched in 2009 the goal was to enable seamless online transactions that were more or less impossible to trace. It was first launched on a forum for cryptography to mild reception, although it didn’t take long for people to realize the potential for the future.
By being able to transfer money directly from user to user, Bitcoin enables transactions with minimal oversight to anywhere in the world. Most proponents of cryptocurrency claim that this will make it easier for people to send money to and from family members in different parts of the world.
Bitcoin has also been used to pay for things online. Implementing ways of payment for smaller vendors or independent artists can be extremely expensive, and by taking Bitcoin or other cryptocurrencies these types of enterprises are able to function at a lower cost basis.
Investing and speculation is still a massive part of the crypto scene. Most people that bought crypto in the last couple of years did not do it with the intention of using it for transactions or sending money to family members. Instead, it has been bought with the intention of later being sold for more. Investing in crypto has gone from something that was hard to grasp to being available to everyone with a few clicks of a mouse. The future for investment in crypto is impossible to ascertain, but as long as practical uses remain many people continue to invest periodically.
Practical uses for Blockchain
Even though it might be several years until we see full scale adoption of crypto as a form of payment online, blockchain technology has started to show some real potential in several different areas. Blockchains allow for the sending and receiving of data that is impossible to interfere with. Because of this, it’s for example being tested as a way of sharing medical journals from hospital to hospital. It’s also being tested as a way of giving digital diplomas, and for holding online elections where it’s paramount that the information being sent and received is secured.