Cryptocurrencies have been around for a surprisingly large amount of time at this point. When Bitcoin came out, it was seen as a potential reservoir against inflation, and as a potential replacement for traditional fiat currencies.
Since then, many other cryptocurrencies have improved significantly on the original blockchain technology. Particularly Ethereum and the ones who are looking to replace it have done a lot to expand the uses of these emerging technologies. Let’s take a look at some of the most important ways we have been using cryptocurrencies in 2022.
Spend them Online
One of the most common ways to use cryptocurrencies is to treat them, well, like currency. There are more and more places that are accepting cryptocurrencies. You may be surprised by how many industries and big names are accepting them.
A good example would be online casinos accepting cryptocurrency as a payment method, particularly in Asia. There are platforms that provide guides on various payment methods as well as the best casino bonuses offered by the top operators for Asian players in countries where gambling is strictly prohibited. Based on deposit methods, services, and game availability, these websites recommend the best ones. You can filter your search according to your preferences, such as games, live dealers, or bonuses. These evaluations will also consider customer service to ensure that you can deposit using your preferred payment method.
While they are common in that sector as a payment method, there are many other names that you may recognize who are accepting some form of crypto. They include the movie theater chain AMC Theatres, the electric car manufacturer Tesla, and the tech giants Microsoft, and Wikipedia.
As an Investment Asset
The creators behind cryptocurrencies are insistent that they can change the world. They are promising to bring about the next generation of the internet, which they are calling Web 3.0. However, one of the main ways that people are using cryptos is actually as an investment asset.
In other words, you are hoping for a bright future for Bitcoin and other cryptos. People are buying and holding on to cryptos just hoping that others will find uses in them, thus buying more of them, sending the price into the sky. This is not exactly a use value, but it is definitely something that you can do with them.
The value of Cryptocurrencies, like the value in most stock markets around the world, has been dropping this year. You can see this in a couple of ways. While it may be startling that people have lost on their original investment this year, you could also see it as fulfilling the adage to buy low and sell high.
Smart contracts are a fascinating technology enabled by blockchain technology. They are contracts that use this coding technology to automatically enforce themselves. They are part of the decentralized finance revolution that promises the possibility to carry out a number of financial transactions without the need for a bank or other financial intermediary.
Smart contracts are already behind a number of new apps, referred to as DApps, or decentralized applications. They rely on smart contracts and a user interface to make cryptocurrency applications.
There are several increasingly prominent examples of them. STEPN is a popular Move2Earn app. The SandBox is one of the largest metaverse applications. Both of these attract huge crowds of users and rely on smart contracts to do so.
Another popular way people are using cryptocurrencies is to make donations. This is especially true because cryptocurrencies have the potential to bring banking and financial services to underserved communities around the world. If you want to help people who do not have this kind of access, cryptocurrency offers a potential solution.
Plus, cryptocurrencies are not bound by national boundaries. This makes it easier and cheaper to send them across political borders. Some of the biggest charitable organizations in the world are now accepting them, or even setting up funds dedicated entirely to cryptocurrencies, as is the case for the UNICEF crypto fund, for example.
If you want to begin accepting cryptocurrencies at your nonprofit, it is never too late. You will need at the very least a wallet so that people can send them to you. The wider range of blockchains that they support, the better. The better for you, and the better for the people your nonprofit is serving.