The Practical Uses of Cryptocurrency

by Andrew McGuinness     Jul 16, 2019

Cryptocurrency is becoming more and more practical in comparison to the fiat currencies we use on a daily basis. Whether you already own some form of digital currency or have yet to, it is important to remark upon just how convenient and practical the usage of cryptocurrency has become. If you are still unsure of whether cryptocurrencies would be worth investing in, here are some of the top practical uses that have come to ensure the value of digital currency.

1. Donating

When being faced with the option of donating to charity, who can say no? The idea of extra money you don’t necessarily need going to a good cause would be music to anyone’s ears. However, this interest in donating seems to crumble upon realizing how much (or how little) of your hard-earned money is actually reaching your chosen charity and the people you assumed it would help.

The amount of money donated that actually goes to help a charity may be as low as 50% of the initially donated funds. It’s no wonder that this causes people to hesitate about donating when where the other half of their donation goes is a mystery. Not that much of a mystery, of course, upon realizing how many businesses are affiliated with these charities.

When using digital currency to donate, however, you are guaranteed an accurate route of where exactly your donation has gone. TampaBay does a good job of this, allowing you to track your cryptocurrencies and their journeys over 10 years.

2. Buying Property

No one has ever said that buying property was easy. Even when you have more than enough money to pay for all fees involved in buying a property, whether residential or commercial, the purchasing process itself is long and daunting. Not to mention the third parties that are also involved in this process who need to be paid as well.

Between the fees of the property itself, lawyer fees, real estate agent fees, notary fees, and the seemingly never-ending process with what feels to be an endless number of steps, it’s no wonder that so many people end up renting. By creating a Bitcoin contract, however, you may be able to pay a reasonably small percentage of these costs, while at the same time removing the need for third-party involvement.

3. Universal currency

Because cryptocurrencies are digital, this means they are not attached to any country or limited to any geographical boundaries. What this also means is that there are no transaction fees, exchange rates, or interest rates involved when using this form of currency. There is no need to manipulate digital currencies in any way in order to use them internationally. Cryptocurrencies can be used free of any extra charges, anywhere and everywhere that accepts them as a form of payment. Yet another benefit of this is the fact that there is no week-long international transaction processing period. Cryptocurrencies allow for immediate processing and will arrive in an instant to whoever you want, wherever you want.

4. Entirely owned by you

One of the most beneficial features of cryptocurrencies is the fact that your earnings are truly your own. No one owns some sort of account within which your earnings are located, such as within a bank or Paypal. There are no third parties able to gain access of your account, or carry out actions against you, like freezing funds if you don’t obey certain rules or guidelines. Instead, in the case of digital currencies, you are given your own cryptocurrency address as well as a private key to keep to yourself and do with as you please.

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