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Crypto's purpose is being lost to an investment reputation - which industries drive the intended use?

Crypto's purpose is being lost to an investment reputation - which industries drive the intended use?

The intended use for cryptocurrencies is suggested in the name — cryptocurrency. However, cryptos are increasingly being used as an investment asset similar to gold instead of being used as currencies.

Camilo Wood
Oct 12, 2021

Table of Contents

The intended use for cryptocurrencies is suggested in the name — cryptocurrency. However, cryptos are increasingly being used as an investment asset similar to gold instead of being used as currencies. There are now thousands of different cryptocurrencies available and naturally the most popular cryptos which have the biggest chance of actually being a viable currency are also the most valuable. As a result, these cryptocurrencies are also the most likely to be used as investment assets instead of currencies.

Some crypto experts are decrying the transition of cryptocurrencies to investment asset, while others see it as one more step in the natural progression of this new form of asset. A number of industries, and large conglomerates, are starting to utilize crypto payments in order to drive the use of crypto as a true global currency.

Crypto and real estate

You may not have realized it, but in many countries, it is possible to buy a home or plot of land using crypto — the catch is that you need to make sure that both parties are on board. Buying a home is typically the largest single purchase that many people make in their entire lives, so why not make it in crypto?

Cryptocurrencies are, by their nature, extremely volatile assets, so as a buyer, it is certainly beneficial to trade a volatile asset for a more secure asset such as a home. Real estate will typically appreciate over time and unlike crypto, it will not dramatically lose and gain value every passing week.

Crypto adoption by large companies

There are a number of large conglomerates which are driving the push for crypto by allowing crypto payments. Tesla fully committed to “going crypto” until its CEO realized the devastating environmental impact which some cryptocurrency mining has. Tech companies like Microsoft, PayPal and Twitch all allow crypto payments and processing as well.

You might be surprised to learn that you can also now pay for your celery juice with crypto at Whole Foods, buy the resin earrings from a girl in Santa Monica through Etsy’s crypto-supporting payment processor and purchase a couch via Overstock using crypto. an increasing number of companies are offering crypto payment options as a way to ensure user data security and attract attention as innovative and tech-focused companies.

Online gaming and gambling platforms

One of the sectors which has a very high level of crypto use is the online gaming and gambling industry. The gambling industry has exploded in popularity over the course of the last 10 years and there are now hundreds of different online casinos all vying for the attention of interested gamblers. In order to stand out from the crowd, online casinos have innovated by offering crypto payment options, adding live dealer games such as live blackjack to their game libraries, and offering competitive registration bonuses.

One of the benefits of using a cryptocurrency to make any payment — but especially to make a payment for a gambling site — is the anonymity and security associated with crypto. For many people, gambling is a personal choice and depending on the country they live in, their social situation, and their own privacy concerns, they may appreciate the heightened level of anonymity brought by the use of cryptocurrency over more traditional payment methods such as wire transfers, bank cards and alternate online payment processors.

Looking to the future of crypto

If we could tell you the future of crypto with accuracy, we would probably be sitting on a yacht right now and not writing this article. The world of crypto is extremely volatile and has witnessed some of the most impressive highs and lows of the global economy over the last decade. However, the one thing we can be certain about is that crypto is here to stay — whether it is in an investment capacity or as a currency.

We are still in the early days of crypto, relatively speaking, so it is difficult (if not impossible) to determine how cryptos will be used in 10, 20 or even 100 years. No matter where you fall on the crypto as investment versus currency discourse, it is important to remember that the crypto revolution is only just beginning and that we likely will not have a good sense of where crypto will ultimately end up for a few more decades. So, if you can, strap in, get ready for near constant change and enjoy the crypto journey.

Camilo Wood | Every day, to make a conscious decision to do something, say something, or act in a way that will improve my work experience. I assist organisations in disrupting the status quo of transition. I teach them how to turn their community from enduring change to evolving through change using a realistic and repeatable structure.


Bitcoin in the Next Decade

Bitcoin came into the market as a revolution. In the current finance ecosystem, it behaves like a through the thing. Although it is volatile, the overall picture of Bitcoin has remained too rosy to cash. When we see the introduction of Bitcoin coming in a big way, we see some change taking place.

Can a local business accept bitcoin?

Nowadays, many startups and small businesses have come into existence. Everyone uses mobile phones, and everyone wants to pay digitally rather than in cash. There are multiple online payment options like Google Pay, Phone, Paytm, PayPal, Card swipe, QR code, UPI, and many more, and it makes the payment easy.

Earn good money with bitcoins – What are the top methods?

The primary motive of every person in life is to earn money. There are numerous ways to earn money, but bitcoin is the perfect option if you want to do it uniquely and easily. Bitcoin is not only a cryptocurrency that allows you to make payments, but it also provides you with several methods through which you can earn money, and some of them are listed below.

Do Bitcoin Benefits Overshadow Its Risks?

Bitcoin's journey has been quite interesting as it has ride waves of market volatility and interest of the public, but the main reason behind swings in its price is an actual reality. The crypto world is massive as thousands of cryptocurrencies exist in it and offer significant advantages to users.

Is bitcoin taxable or not?

It is difficult to say whether bitcoin is taxable because in some countries, bitcoin is taxable, and in some countries, there are no rules for bitcoin. Some countries banned bitcoin because it is a decentralized system that means the government cannot control the bitcoin and cannot trace and charge tax for bitcoin transactions.

The Basic knowledge of blockchain

Bitcoin was launched in 2008 by Satoshi Nakamoto to make the digital world. Yes, there were a lot of problems before bitcoin. For example, people use fiat currency, and if they want to transfer money abroad or outside the country, they need to pay high charges to third parties like banks and financial institutions.

Different ways to make money with cryptos!

Everyone is talking about cryptocurrencies nowadays. For most people, it is just a method for trading. However, if you look at the bigger picture, it is not only trading that has made it so popular. You can go for other methods of making money with cryptocurrencies, provided you are aware of them. First of all, you need to get the small picture of cryptocurrency.

Finding the 'Right' time to invest in Bitcoin

Far from being a red flag best avoided, this is testament to the fact that with Bitcoin more than most other trades, timing is an imperative aspect of success, though perhaps not in the ways that you might assume. As such, while there isn’t exactly a ‘right’ time to trade, these tips can at least help you to find the time that works best for at least helping you to earn big from your efforts here.

Will NFT go up in value? Understand why some are worth millions

The recent popularity and increased demand for NFTs or non-fungible tokens mean that the crypto world may be moving to a new unprecedented high.

Crypto in El Salvador

El Salvador became the first country in the world to recognize Bitcoin as legal tender. All organizations will be obliged to accept cryptocurrency here, it will be possible to pay taxes with it, and special wallets will be opened for citizens.

Top 5 ways to invest in Blockchain technology boom

Amidst the strong headlines of Covid -19 and its impact on global economies, something else was happening behind the scenes. It was the rush to invest in the growing blockchain technology. Business owners, investors, and key players across all industries are increasingly getting into the transformative blockchain technology.

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