Reviews

Are There Any Real-World Uses For Cryptocurrencies?

  • Written by News Company

As cryptocurrencies managed to recover in 2019, the list of critics continued to grow. Important figures like Donald Trump, Warren Buffett, or Nouriel Roubini expressed their skepticism when it comes to the idea of digital money independent from any central bank. Even though some of these people are experts in their fields, how come cryptocurrencies continue to exist?

The reality is somewhere in the middle and aside from crypto trading with sites like easyMarkets, there are some other uses of cryptocurrencies, which we’ll talk today.



real-world uses for cryptocurrencies

  1. Low-cost money transfers

With the latest technological developments in the aerospace industry and technology, you could travel physically around the world in about 24 hours. However, when we talk about money transfers, it could take up to a few days for a transaction between two neighboring countries to be settled. Companies like SWIFT are doomed to lose credibility in the face of rising blockchain technology usage. XRP is one cryptocurrency designed for cross-border payments and unlike most of the other digital tokens, it is centralized. Of course, we have cryptos like Litecoin or Stellar that could facilitate international money transfers, even though they are decentralized.

  1. Getting involved in innovative blockchain startups

Along with cryptocurrency new methods of raising money for companies had emerged. We are talking about Initial Coin Offerings (ICO) and Initial Exchange Offerings (IEO), the lather being the most popular in 2019. Using them, companies based on the blockchain technology are able to distribute a part of their token issuance to institutional or retail investors against payment, allowing them to raise enough capital to conduct their activity. Ethereum the first ICO on the planet, while EOS and Telegram are currently the biggest ICOs on record, after managing to raise several billions of dollars.

  1. Keeping financial activity private

Although this had been a big concern among public regulators in the past few months, cryptocurrencies are able to keep financial activity private. This could be a great advance once regulation for digital tokens will be put into place, given that it will reduce the likelihood of transaction delays and other unnecessary bureaucratic processes. However, as we have seen lately, the Facebook announcement of a cryptocurrency called Libra reignited regulatory concerns surrounding cryptos, meaning public entities are skeptical when it comes to keeping financial activities private. This could mean money laundering and terrorist financing could go under the radar of regulators, further enforcing the need for regulation and not banning them.

Lyst, the world’s biggest online fashion site

Everyone’s dressing as Eleven (or Barb) for Halloween Lyst, the world’s biggest online fashion site, is calling this year’s most popular costumes based on global search and sales data.   There’s still a month to go until Halloween, but the savviest shoppers are already sourcing their costumes o...

Read more

Three services which are better online

With technology becoming an increasingly ubiquitous part of life, we see more and more of our everyday activities finding their way online. Certain things you may still want to do face-to-face, the old fashioned way for that human touch–like seeing a doctor, or psychologist, but there are some activ...

Read more

Navigating Cold Weather in a Campervan

Loads of people love the idea of cruising through the great outdoors with the family, but hitting the road in a campervan in frigid winter is a little daunting. However, there are plenty of pros to this mode of travel in conditions others would shy away from. Tasmania is regularly the place of cam...

Read more

Three Top Tips for Increasing Your Monthly Income

Living hand-to-mouth can be a real struggle. No matter how hard you work, or how much effort you put into impressing your bosses, your income simply doesn’t leave enough left over at the end of the month. Yes, you might earn enough to just about get by, but you don’t have the cash necessary to splas...

Read more

How Technology Has Impacted the Currency Markets

Technology has fundamentally changed our world. This fact is inarguable, and it’s a reality that we can see everywhere that we look. In today’s society, everything from dating to keeping in touch with friends, shopping, booking gym classes, and even ordering prescriptions can be done online, negatin...

Read more

5 things to consider when picking a realestate agent

A lot of people have made mistakes with the decision about which realestate agent to entrust with the sale of a property. In any realestate transaction, the cost of making a poor decision about which agent to use can be very painful to a bank balance. Anyone who is looking for realestate to buy, ei...

Read more

Healthy Food Partnership set to save plenty of Aussie lives

The Healthy Food Partnership – to have its inaugural meeting in Canberra today – has the potential to save thousands of lives by improving the health of Australia’s food supply, Heart Foundation spokesman, Rohan Greenland, said today.   The Healthy Food Partnership – convened by Rural Health Minis...

Read more

Christmas Cheer Can Last the Whole Year With NSW's Event Ticket Gift Guide

This Christmas, avoid the frenzy of last-minute Christmas shopping and give loved ones an unforgettable experience with tickets to one of the many blockbuster events taking place across Sydney and New South Wales. As Australia's home of sports, arts, culture and food and wine events, Sydney and reg...

Read more