Practical Applications of Cryptocurrency

The creation of cryptocurrency has, certainly, had quite an impact on finances and trading. Since 2009, the number of people that show interest in crypto has drastically increased. However, throughout the decade-or-so that crypto has been around, a lot of people have wondered as to the practical applications of these digital assets.

Sure, it is true that you can trade crypto, as you would any stock. In fact, the crypto market is so popular, that it has quickly become the third most successful trading market in the world, behind only stocks and forex. However, is that all there is to crypto? Well, in 2023, there are quite a few practical applications for cryptocurrency. And in this article, we would like to explore some of them. 

Fans of sports already know that the betting industry is incredibly popular. What would football be without the hardcore fans who place bets on their favorite teams? Since the 90s, sports betting has largely moved online, with the primary deposit methods being credit and debit cards. However, in the 2010s and 2020s, many more people are becoming interested in crypto-based betting.

A lot of online sportsbooks have embraced coins like Ethereum, Tether, Ripple, and Bitcoin as valid methods for depositing and withdrawing. In fact, sportsbet.io has been a crypto betting website since 2018. Not only do they cover the most popular sports, like football, cricket, rugby, and basketball, but they also offer excellent bonuses, follow some obscure events, and cover Simulated Reality Leagues.

Crypto betting has become so popular, that nowadays there are websites that deal only with cryptocurrency. So, if you are familiar with the crypto market, and know how volatility works, you can put your knowledge to the test. 

The sports betting industry is not the only business to embrace crypto. With Bitcoin, Ether, Tether, and more entering the mainstream, a lot of markets have decided to give the new concept a go. A lot of international companies, fast food chains, and eCommerce businesses have begun accepting crypto-based payments in exchange for their services. 

A very prominent example would be the American coffee chain, Starbucks. In 2021, they put their new, electronic payment system to the test. The system allowed customers to exchange Bitcoin for FIAT currency on the spot, and then make a purchase at Starbucks. The test was so successful, that Starbucks has already implemented it in their stores. Apart from the coffee chain, other popular brands that have embraced crypto are the following:

• PayPal
• Microsoft
• Whole Foods
• Home Depot
• AMC

Few people realize that cryptocurrency can, in fact, be a powerful tool for good. The most notable example would be using crypto to bolster charities and further causes around the world. A notable, and recent example, would be the donations that many westerns made towards the Ukraine-Russia crisis. Because a lot of traditional avenues for donations were blocked, many crypto enthusiasts began donating Ethereum coins, Tether, or Bitcoin to the people suffering.

This worked so well, that a lot of non-profits, NGOs, and other charitable organizations have begun embracing cryptocurrency as a viable method for donation. So, if you want to contribute to a cause, you can now do so by donating Ethereum, Tether, Litecoin, Ripple, and any other popular cryptocurrency that you might own. 

Cryptocurrency is a huge phenomenon, and it is likely here to stay. A lot of people may still be apprehensive about the idea. If you are distrustful of cryptocurrency, we hope this article can help you better understand how the relatively new idea works, and how it has already been incorporated in practical everyday use.

• As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman and Sikkim, prohibit gambling
• Land-based casinos are legalized, with certain guidelines, in Goa and Daman, as per the Goa, Daman and Diu Public Gambling Act 1976
• Land-based casinos, Online gambling and E-gaming (games of chance) are legalized in Sikkim under the Sikkim Online Gaming (Regulation) Rules 2009
• Only some Indian states have legalized online/regular lotteries as per and subject to the conditions laid down by state laws. Kindly refer to the same here
• Horse racing and betting on horse racing, including online betting, is permitted only in a licensed premise in select states. Kindly refer to the 1996 Judgement by the Supreme Court Of India here and for more information
• This article does not endorse or express the views of Qrius and/or any of its staff.

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