How is Cryptocurrency used in the real world?

PUBLISHED: Nov 29 2021 @ 06:35 | Comments (0) |

The real world uses Cryptocurrency for many purposes. Most of them are good, while a few of them are wrong. Everything has a positive and negative aspect.

In 2019 the use of Cryptocurrency in Nigeria was 33%, Vietnam 22%, the Philippines 21%, Turkey 17%, Peru 17%, Switzerland 12%, China 8%, U.S 7%, Germany 6%, Japan 5%. Cryptocurrency has changed the world a lot. In the past, the use of Cryptocurrency was significantly less, but its use is continuously increasing day by day. Now the Cryptocurrency is in demand. Some of the primary services of Cryptocurrency in the Real-world are as follows.

Secure Transaction
Minimum Transfer Charges
Trading & Purchasing Services
Earn Interest on Cryptocurrency
Storing Wealth
Traveling
Buying Luxury Cars
Hotel Payments
Illegal Purposes

Secure Transaction

People can exchange money using Cryptocurrencies through a secure transaction. That means a person can exchange money without giving any explanation to the bank. Such as to whom you are transferring a significant amount of money, the purpose of transferring money, the source of such a massive amount of money, etc. Because of these reasons, the transaction can be late. Cryptocurrency is beneficial in saving a person from the above problems.

Minimum Transfer Charges

Most people use Cryptocurrency for sending and receiving money at minimum charges with great speed. Such as a $50 million Bitcoin cash transaction, takes only 1 minute to proceed with a minimal transaction charge of $0.20. But if such a massive amount of money is sent through a bank, it would have cost a lot of transaction charges, and the transaction takes days to proceed.

Trading & Purchasing Services

People use Cryptocurrency for buying goods and purchasing different kinds of services. Many people use Cryptocurrency for trading. They invest their money into other Cryptocurrencies such as Bitcoin, Ethereum, Lite Coin, etc., and then they trade the Cryptocurrency for profit. Many people become wealthy through the trading of Bitcoin.

Earn Interest on Cryptocurrency

Only a few people use Cryptocurrency to earn interest. They have to lend their Cryptocurrency to a reputed platform that gives them a certain percentage of interest per year. But this involves significant risk. Therefore most people avoid lending their Cryptocurrency to a platform for a certain period. Visit the Bitcoin Circuit to experience the best trading experience.

Storing Wealth

Many people use Cryptocurrency to store their wealth as an alternative to keeping their funds in a bank. Only users can access their Bitcoin wallet, and authorities cannot freeze Bitcoin’s wallet. Firms also have the power to block your accounts and also secure them. For example, if you have a powerful enemy, he can freeze your bank accounts, and then you can do nothing to use your money.

Traveling

Now people can use Cryptocurrency for traveling. The reputation of Cryptocurrency has been broadly advertised throughout the world in the preceding several years. Some popular travel agencies accept Cryptocurrencies such as Bitcoin, etc. For booking tickets. Now in Major cities, Bitcoin Markets are available for converting Cryptocurrency into physical money. Cryptocurrency is making traveling relatively easy and secure.

Buying Luxury Car

People can now buy luxury cars such as Lamborgini using Cryptocurrency. They can also buy sports cars using Cryptocurrency. Recently it was announced that people could buy Tesla cars using Cryptocurrency soon.

Hotel Payments

People can book a hotel room using Cryptocurrency. But not all hotels accept payments in the form of Cryptocurrencies. Only a few luxurious hotels accept payment in Cryptocurrency, which is a severe problem. Soon all the hotels will accept payments in Cryptocurrency because the popularity of Cryptocurrency is increasing very fastly.

Illegal Purposes

As everything has a negative and positive aspect, some people use Cryptocurrency for illegal purposes. Many countries have banned Cryptocurrency because of its unlawful use. As Cryptocurrency is highly secured, and no government can access it. Therefore most countries do not promote the use of Cryptocurrency to control criminal activities for the benefit of society. People use Cryptocurrency in money laundering and for buying drugs. People also use Cryptocurrency for sexual activities.

Conclusion

Cryptocurrency popularity is increasing day by day all around the world. Soon that time will come when Cryptocurrency can be used to purchase anything, but we have to find a way to stop people from using Cryptocurrency for unlawful activities.

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