Cryptocurrency can be used online for goods and services. Many companies have seen some opportunities in this and released their own currencies, often called tokens, and these can be traded specifically for the good or service that the specific company provides, such as Facebook Libra. Think of them as some sci-fi chips.
On the base of Crypto, there is a technology called blockchain. Blockchain is a decentralised technology spread over many computers that handle and records all the crypto activities, which is not owned by any single entity. Blockchain technology is as secure as it comes.
Ways to use crypto
The emergence of digital token-based fundraising has allowed anyone on the Internet to become an investor into startups, mostly in the tech industry. This procedure is called initial coin offerings (ICOs) which is an official new form of fundraising that provides startups with the opportunity to evolve by giving a newly-created digital token to early backers of the project. All this works for exchange for established cryptocurrencies such as bitcoin (BTC) or ether (ETH).
In the past, this whole procedure was so much harder, but the advent of cryptocurrency has opened these opportunities up to a much broader spectrum of investors. Now there are many cryptocurrency options out there, just take a look at binance.com to see a selection.
Also see: Cryptography Explained
Due to the massive uptake of the cryptocurrency system in the past 10 years, it is now possible to travel the world by having only cryptocurrencies with you.
abolished travel companies such as CheapAir and Destinia accept bitcoin to book flights, car rentals, and hotels. Those who prefer to stay in a house when travelling can reserve accommodation using bitcoin (BTC) or ether (ETH) on CryptoCribs. There are also plenty of crypto-based ATMs worldwide to help the traveller.
It may surprise you to know that among the big players in the gaming industry, the Xbox Store and Windows Store allows you to get games, movies and more using bitcoins. You can load the bitcoin into your Microsoft account and away you go. A growing number of online Casino sites, are using blockchain technology as this adoption continues to increase. However, there are many websites that implemented cryptocurrency into their game. You can play games like slots, poker, blackjack and others using BTC or any other cryptocurrency.
Cryptocurrency has rapidly increased in popularity and real world usage as time goes on it will be accepted more and more into the mainstream, albeit slowly. The cryptocurrency market is constantly developing so it is worth researching to find out what's new and how you can benefit from the crypto world.
If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.