If you haven’t come across the word cryptocurrency at least once, you must have been living under a ginormous rock. It is honestly challenging to escape the growing revolution towards the digitized currency. Even governments of countries are now looking favorably towards e coins, and the agenda to make digitized money enter the mainstream market is working quite successfully.
However, you say that the functions of cryptocurrencies are limited as a payment gateway is significantly reductionist. So if you are interested in finding out some of the great uses of cryptocurrencies beyond a payment gateway, then this article is for you.
Interesting functions of cryptocurrencies beyond a payment gateway that you must know:
- Cryptocurrencies can be used for wealth management. Companies like Swissborg have been taking advantage of cryptocurrencies for investment solutions. Electronic currencies have the power to provide excellent opportunities to investors without the restrictions created by geographical boundaries. The decentralized autonomous nature of cryptocurrencies makes a global democratic system.
- Cryptocurrencies promote ethical business practices by utilizing the technology behind them to encourage transparency. The blockchain technology that powers cryptocurrencies can note down every transaction, which makes records of any business available out there for the public to go through. This makes it one of the best ways to curb unethical practices by companies, especially the ones with human/animals rights abuses.
- Cryptocurrencies have the power to combat electoral fraud. No matter how much people try, nobody can modify or corrupt the data of votes in a block. The fear of electronic fraud can then be completely shut down as the democratic and decentralized nature of cryptocurrencies will make sure that every ballot registered or money donated to a political party is in the public records for all to see.
- Cryptocurrencies can curb corruption in charities. This is a massive problem in society, and it is highly shameful that people take advantage of disadvantaged groups to fill up their pockets through unscrupulous means. It is pretty difficult to fight corruption and charitable organizations, especially fund leaks. However, with the use of cryptocurrencies, all of this can be avoided so that every transaction will be securely recorded through the use of blockchain technology. Many charitable organizations have already adopted cryptocurrencies, including the World Food Programme.
- Cryptocurrencies have the power to combat the levels of carbon footprint produced by us. As the pressure on resources and the environment is increasing, people are more mindful about how they impact their surroundings. If you are aware of all the environmental problems that the world is going through, it is time to crack down on our daily habits, including how we spend money. Cryptocurrencies can make the Earth greener. We already see great work done by organizations like the Brooklyn Microgrid. They have been doing great work encouraging solar-based energy rather than going for non-renewable sources like carbon-based power.
- Cryptocurrencies are changing the way people travel. The world is moving towards a more digitized global space. Electronic currencies bring the world closer, and it makes travel transactions much more effortless. Which cryptocurrency is you do not have to continuously change the Fiat currency of your country to the one you are traveling to; you can use cryptocurrencies that have the same value all across the world. Cryptocurrencies also create transparency and proper records, which protects travel agencies and consumers, reducing the number of fraud bookings.
The popularity of blockchain and cryptocurrency is at an all-time high. Head over to any like this trading bot reputable exchange to enter the world of cryptocurrency. Enjoy all the benefits it can bring to your life and let cryptocurrency change how you view money or financial transactions and how electronic currencies are perceived. Once you introduce cryptocurrencies in your life, you will be throwing open a wonderful world of opportunities for you that this technology has brought to the table.