Thanks to the underlying ‘ Blockchain’ technology, cryptos have become the center stage of innovation for safer, faster, and better possibilities in the financial sector. Gone are when cryptos were limited as an ‘investment tool’ for the masses.
As an underpinning that streamlines transactions, Blockchain has shaped many real-world applications for cryptocurrencies. Cryptocurrencies are no longer a means of trade; instead, they’ve become a part of everyday transactions.
Today, investors earning profit off their investments have several platforms to spend their crypto earnings.
Don’t believe us? Continue reading as we scramble the current possibilities of cryptos in everyday life and how far we can go with these digital tokens.
The Possibilities Of Cryptos In Our Everyday Life
While many prominent brands and traditional brick-and-mortar outlets used to have second thoughts about accepting cryptocurrencies as a legal tender, things stand changed now. Today, cryptocurrencies are a favored mode of transaction for one of these many reasons:
Significantly lower fees
One of the key perks of using cryptos is to reduce the transaction fees that retailers and consumers face in their everyday transactions. Today every institutional tool like a credit card, bank account, and the debit card comes with a fee structure.
In addition, credit card companies are infamous for charging users an upward of 3% processing fees. Over time, these miscellaneous charges add up and leave a significant dent in your pocket. This is where crypto eliminates the high margins of fees that investors are so used to paying. Instead, Cryptos significantly reduce the expenses and generally charge between 0.5-1%, saving you lots of money in the long run.
Cross-border transactions have been the core of businesses spread in more than one country. However, let’s not forget the additional charges these transactions come with. Besides, it requires a lot of documentation to initiate such payments.
This is where cryptos turn into a seamless solution for the settlement of cross-border transactions. Since cryptos help in real-time cross-border transactions without attracting fees or requiring an ID, credit card, or bank account, it saves investors time and money.
One of the major drawbacks of our traditional payment system is the time that it takes to review and authorize payments. However, it is only a matter of minutes for digital currencies as Blockchain technology ensures that both the parties involved in the transaction are transparent to each other and a part of the transaction.
This way, Blockchain doesn’t need to run its errands for a second time, and the distributed ledger transacts smoothly and efficiently. In comparison, cryptos take a fourth of the time required by the fastest transaction settlement platforms, making it a reliable option.
Completely mobile transactions
Cryptos eliminates the need to carry physical fiat currencies or even visit the bank. With more businesses stepping into the cryptos, the transactions are expected to become completely mobile, settling in real-time without having to provide any ID.
Interestingly, that’s not all, as there’s more to cryptos than just easing everyday transactions. Therefore, to give you a better idea, we’ve also discussed the future context of cryptos in our daily life in the following section.
Future Possibilities Of Cryptos In Our Everyday Lives
Decentralized Social Platforms
The Internet has long been regulated and centralized by the likes of a few developers. Today, the platform isn’t safe, suppresses our right to speech, and invades our privacy by collecting data.
In the future, the underlying technology behind crypto might step in to disrupt the invasive social platforms that accumulate and sell their users’ data. The decentralized nature of Blockchain will provide individual control to users over whom they share their information with. In addition, it will also secure monetary transactions over the platform.
Immutable Digital Records
A Blockchain is essentially a digital ledger currently used for recording financial transactions. Since most of the information is stored in valuable data blocks, it becomes nearly impossible for hackers to get into the Blockchain.
This platform application might later be used to store other essential documents over Blockchain. For example, in the future, we might be used to saving our property deeds, birth certificates, and policy bonds, among other records, safely encrypted over Blockchain.
Travel and Hospitality
The travel and hospitality sector is currently filled with intermediaries like Expedia, Trivago, and others. These applications act like mediators, completing transactions between users and travel companies. However, in the process, they often end up charging a commission on both ends and dictate their terms to the final settlement.
Today, several hospitality platforms and renowned hotels are stepping in by accepting cryptocurrencies from their users. This way, they’re not only eliminating the additional fees via the intermediaries but also focusing on keeping their user’s information private via the use of Blockchain.
Revolutionizing eCommerce and Retail
While many eCommerce businesses and retail outlets are yet to accept cryptos as a legal tender, most organizations have come forward with the idea of introducing cryptos as payment methods.
Looking at the current adoption rate, we finally might be able to introduce crypto as a lawful means of transactions across every business operating on all platforms shortly.
However, until the time you can’t shop with your favorite brands using cryptos, we have a solution for you!
Payment processors like Coingate allow you to access the services of any eCommerce or retail outlet, despite their stand on crypto payments.
How? It’s simple! Users can log into such platforms and exchange their cryptos for gift cards from prominent brands like Dunkin Donuts, KFC, or any thousands of brands that are yet to accept cryptos.
Cryptocurrencies Are A Reality!
Cryptocurrencies have become commonplace for many brands, organizations, and startups. From the tech giant Microsoft to the automobile innovator Tesla, cryptos are everywhere. Therefore, it won’t be wrong to say that crypto is an evident future reality. So much so that it might also possibly replace traditional transactions in many industries.