To sign up for our daily email newsletter, CLICK HERE
Originally, cryptocurrency was just supposed to be digital money and an alternative to cash payment. While this still hasn’t been given up on, the truth is that, in 2024, cryptocurrencies are so much more.
While people do pay (and get paid) in crypto, there are also those who invest, bet, and handle smart contracts on a daily basis using this form of payment. With all of this in mind and without further ado, here’s what you need to know about the non-transactional nature and uses of cryptocurrencies in 2024.
1. Investment options
Cryptocurrencies are a completely new asset type and an amazing opportunity to invest in. They can be used to diversify your portfolio, but you could also get them because they have a low entrance cost and a high potential return.
A lot of people were there when BTC first exploded and saw first-hand the increasing number of crypto millionaires. However, while BTC may grow again in the future, you have to keep in mind that, if you want to see that kind of percentual return, you’ll probably have to look elsewhere.
Big coins like BTC and ETH are great as a store of value, but for optimal (potential) returns, you have to check out available presales on the market. These presales are high-risk, high-return investments, and as long as you know the first thing about risk management, they have the potential to be incredibly profitable.
Lastly, you need to understand that modern technology has advanced so far and that with the help of investment tools like copy-trading and robo-traders, you can make investing look easy. Just find the right exchange and start placing your investments as early as today.
This is one of the first real uses of cryptocurrencies and is what most early adopters have their sights set on.
2. Crypto casinos
Some people prefer to find a crypto casino and wager with cryptocurrency instead of fiat money.
The first reason for this is the fact that it comes with enhanced privacy and security. You don’t have to leave your personal info; you don’t even have to give your real name. Since a lot of people are not very comfortable with being vocal about their affinity for luck-based games, this is really one of the best ways to go.
Another thing you need to understand is that, in most countries, online casinos operate in a sort of grey area. If they’re not outright legal, they’re illegal to host from within a country, but you can place a bet on an online casino hosted abroad. Sometimes, luck-based games are banned, but skill-based games (like poker) are not. Since all of this is complex, convoluted, and outright messy, it’s easier to just go for crypto casinos.
Their international nature helps them avoid all of the red tape, especially for people who would otherwise have trouble registering or offering their bank/card information.
Other than this, you get to enjoy all the advantages of online casinos, like lower transaction costs (more money to play with), global accessibility (more to choose from), and no third-party interference (simplified process).
3. Smart contracts in the rental industry
One of the biggest problems in the rental industry is the fact that so many contracts are abused by either of its parties due to ambiguity. Sure, ambiguity is often easy to settle when there’s some good faith on either side, but what if this is not the case? Well, this is a process that can be solved pretty easily and efficiently with self-executing contracts.
These contracts operate on blockchain technology, which ensures that the data cannot be tampered with and that, as soon as the conditions are met, the contract is in effect.
It doesn’t take a genius to figure out how to minimize the work of property managers and eliminating unnecessary administrative tasks and middlemen from the process can help you out.
It’s not just about the entire property. You see, smart homes and networks now exist on home network systems. This means that these rental homes could have extra amenities that they could pay to unlock. This would add extra flexibility to both property owners and tenants who would no longer have to move in order to upgrade or downgrade their suite.
Lastly, this brings us to an important issue that doesn’t get enough spotlight: it gives you a great way to handle squatters.
4. Gatekeeping premium services
People are relying on software more than ever, and they’ve become accustomed to different types of monetization. Through online (mostly mobile and browser-based multiplayer) games, they’ve grown accustomed to the in-game (in-platform) currency.
For some platforms, like AI tools, AI coins are used as a gatekeeping currency for unlocking certain features and functions. In other words, while the platform itself may be free to use, the only way to actually use some of its functions is to acquire a certain set of AI coins.
Due to the increase in the popularity of AI coins, it’s quite safe to assume that the demand for these coins will increase further. The most important thing you should take into consideration is the fact that these utility tokens are closely tied to a technology or a function, and the bigger the potential behind the technology (or its use), the higher the potential behind the coin in question.
Utility tokens are getting more and more numerous, seeing as how more and more developers recognize the advantages of crypto technology and their potential implementation in various industries. In fact, choosing cryptos to buy depending on their utility can be a great method to diversify your crypto investments.
5. Remittances
At the moment, global remittances are roughly $860 billion. We’re talking about people who travel to a country with a better standard, earn money there, and send it back home. The remittances are increasing, and cryptocurrencies are one of the most convenient ways to send them.
First, they have low fees and instant transfers. This makes them ideal, seeing as how sometimes the remittance money gets just in the nick of time (or minus a fee that you didn’t count on). Even more importantly, it simplifies the procedure regarding the exchange rate.
This is also amazing for places that are either unbanked or underbanked. The ability to both send and receive funds via a smartphone is simply amazing. You don’t even have to give your full name, which is great for anonymity in places where receiving a hefty sum from abroad would be a safety concern.
Overall, only a small portion of remittances are still in crypto, but their number rapidly increases. It isn’t that hard to imagine cryptos taking over this industry in the near future.
In 2024, cryptocurrencies are so much more than just an alternative to money
Cryptocurrencies are a valid investment, a token you can use to access various platforms and functions, a great way to send money back home, and even a token you can use for entertainment. In other words, getting some crypto sounds like a great idea, especially since you’ll find a lot of good use for it.
