When it first emerged onto the fiscal landscape, cryptocurrency was very much a niche digital concept. To some it appeared to be something that would never catch on, perhaps even something viewed as a fad that was to be played with by the rich and technically astute. Through all this doubt, unwillingness to adopt, and overall disinterest showed in it during those early years, cryptocurrency has emerged to become a more mainstream element within the wider financial world.

Far from the days of Bitcoin being something which a relatively small number of investors would trade in and toy with, it became a genuine decentralised digital currency that has grown in both popularity and potential usage. As we make our way through this article, we will take a look at how and where cryptocurrencies are now used, where they are accepted as payment, and a cross section of industries that have embraced them in a way that many may not have believed possible.

Yield Farming

You can also use your bitcoin for yield farming, which entails depositing it into a decentralised application (or DApp) in order to earn incentives. The advantage is that you keep your cryptocurrency assets and gain from the interest that is created. Some common techniques include loaning, staking, and liquidity provision; nevertheless, each of them carries a unique set of hazards, therefore, it’s crucial to lend to a trusted platform. Although some currencies have been reported to have interest rates as high as 12% per year, the amount of profit you may make often depends on the currency’s liquidity.

Crypto Casinos

In the past few years online gambling has become a global phenomenon and an industry that generates billions of dollars worldwide. Part of this revenue is now seen in cryptocurrencies, as online casino companies have begun to see and harness the power of this digital finance. As one of the more recent and constantly evolving trends on the digital frontier, the rise of cryptocurrencies has brought about some important and sizeable changes across the global online casino business. For many who enjoy the thrill and pastime of online gaming activities, access to a cryptocurrency-based casino can be advantageous, allow one more way to pay as you play and win as you go. In addition to this, there is also the increased security provided by cryptocurrencies through the use of encryption. When it comes to online betting, few things are more important than security and protection as hackers and those intent on fraud become more sophisticated with their methods. Reducing the possibility of unauthorised transactions or fraud is something that crypto casinos can certainly claim to be leading.

Private, Low-cost Transactions

The most obvious application of cryptocurrencies as money is for sending and receiving payments. Cryptocurrency has several advantages over traditional money, including being typically faster because of blockchain technology and having much lower fees thanks to its decentralised nature. Because crypto wallets do not contain any personal information and do not use a bank or other centralised system, there is no one to ask why you are sending substantial amounts of money or who you are sending it to. This is another reason why many cryptocurrencies are frequently more private. Cryptocurrency might be the future of digital payments since it moves more quickly and with fewer restrictions.

Investing in Startups

Investing in startups is one of the more fascinating and interesting uses of cryptocurrencies, despite being less popular presently. Initial Coin Offerings (ICOs) enable startups to produce and exchange digital tokens that reflect ownership in the firm to generate money for initiatives. The value of these tokens will rise if the firm is successful, making the investor a profit. Investors can then buy these tokens. For instance, despite being the second-largest digital currency today, Ether tokens were initially priced at $0.31 each. This is a riskier decision, with the success of the startup obviously not being a guarantee. However, should the startup thrive, it may also be quite lucrative.

Travel

As previously mentioned, cryptocurrencies are generally for spending, even though historically it has been a challenge to find storefronts that accept crypto as payment. However, it may come as a surprise to learn that one thing you can use your cryptocurrency for is travel. Travellers can now book flights and hotels without having to worry about currency conversion rates thanks to the expansion of cryptocurrencies in recent years and the number of travel agencies and airlines that now accept cryptocurrencies as a form of payment. Currently, Bitcoin is the most widely used cryptocurrency for travel. Alternative Airlines, Destinia, and CheapAir all accept Bitcoin as a form of payment. Even space travel with Virgin Galactic may be booked with Bitcoin; tickets cost $450,000 or £356,000.

Real Estate

When cryptocurrencies emerged, few people could envisage that one day it would be possible to purchase something as momentous as property with this digital form of payment. It seems appropriate that the first ever property sold using cryptocurrency was owned by the TechCrunch founder Michael Arrington as part of an auction process. Though it is now legal to use various cryptocurrencies to purchase property in many countries, there are some lenders and lawyers that shy away from this form of payment.

This may be because it is yet to represent a mainstream method of real estate transaction, or it could be to do with the ability to unearth the provenance as is required by law with ‘cash’ payments. Either way, you can, with the right market, lawyer, property and vendor, use cryptocurrency within the real estate market. As more transactions occur, the more likely we are to see this too became a more mainstream area of usage for existing and emerging cryptocurrencies.

eCommerce Products and Cars

Perhaps it is not surprising that the new owner of Twitter (or X, as he has now styled it) is at the forefront of the digital currency revolution. As someone who is in favour of the expansion of usage for Bitcoin, and cryptocurrencies in general, he allows his Tesla vehicles to be bought with a digital currency. He is not alone, as there are now other dealerships to be found in the USA and elsewhere that will also consider this as a form of payment for a vehicle. Following this lead in terms of eCommerce products are tech behemoth Microsoft and telecommunications giant AT&T. Although Amazon has not yet entered this payment process, places like online vendor Shopify have, meaning it is perhaps just a matter of time before more follow that lead.

Conclusion

In conclusion, cryptocurrency has a variety of uses that make it a valuable investment. An obvious use is that of digital transactions, as it is a currency and therefore ultimately meant to be spent. Online gambling and travel opportunities are a few of the more fun activities that can come from spending cryptocurrency. That being said, there are ways to make more money from your cryptocurrency, for example, by investing in startups and yield farming.

While these need more knowledge and experience, developing a solid understanding of technology and market trends can end up being very profitable. There are some risks in many of the areas where crypto can be used, be it fraud, frauds, or poor investments. Research, preparation, and no small amount of caution should still be taken while navigating this exciting and innovative market.