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Use Cases for Current and Future Cryptocurrencies

Photo by CoinView App on Unsplash

The word “cryptocurrencies” have become a buzzword similar to “data science”. With the addition of new uses for each cryptocurrencies, there is enormous potential to be discovered not only for personal or private use but for public use as well.

Many industries are experiencing a transformation by having technology deeply enmesh with the modus operandus of any industry. Whether you want to talk about the medical field with its many EHRs that are clunky and confusing, to the way data is managed and stored, to the way automation can facilitate the use of data to further improve efficiency. The question still rings true as to what is the best use case for cryptocurrency so far.

Cryptocurrency can be used as a store of value. Similar to gold, silver, baseball cards, or even those beanie babies that you received with your happy meal in 1999. Regardless of the value of these items, they have a specific value set by the need of each article. Gold is rare as well as silver and an ounce can potentially be worth between more than a thousand dollars for AU and eighteen dollars for AG. Cryptocurrencies similarly have a fixed amount of supply and once the coins are mined in some cases, that is all there is.

However, there are many questions as to how cryptocurrencies can be used. Can they help you invest? Predict events or offer an automated experience to forecast or analyze events? Can they help you secure your personal information? Can you attend a baseball game or music festival with cryptocurrency? Can you skip ahead of a virtual queue and get preferential treatment at a specific spot? These are all valid questions as to the potential perks of using cryptocurrencies.

Let’s start with the way that it can help you invest? There is a De-Fi system (stands for decentralized-finance) that allows individuals to get loans by using their cryptocurrency as collateral without having to go through different processes like listing personal details or other information to third parties. While an investing platform was being worked on, it is still in the pending list. However, there are steps being taken so this can be a reality in the future.

There is a cryptocurrency that pays out users for predicting specific events. Similar to sports betting, if an individual is able to correctly forecast an event, then a cryptocurrency system will pay them a specific amount which may be a pooled amount of resources from those who pose the question.

There are some cryptocurrencies that will help you secure your information such as storage cryptocurrencies. What are these currencies you ask? Well they function in a way like Dropbox but with more steps. They allow an individual to store information that is encrypted into a storage space that is virtual and secured. People can rent out their storage space in their computers and in return they get paid for allowing users to store information in their computer’s storage space encrypted.

Some websites have begun to take Bitcoin and other cryptocurrencies as viable payment sources. Coinbase has a plug-in for sites that can integrate the buying and selling of items with the use of cryptocurrencies. Besides plugins, some companies like Microsoft have been taking Bitcoin for a few years now. What about the OMF token that was used to allow ravers to go into a festival by buying the token with Bitcoin, Ethereum, and Litecoin. The OMF token was essentially built on top of an already existing protocol from a cryptocurrency company that allowed individuals to exchange XLM for the tickets. On experiencing preferential treatment, if you have cryptocurrency and are able to skip having to go to the physical line or even to a physical location, that condition is met.

While again this is not meant to be all inclusive on the use cases of cryptocurrencies, it allows us to see how integration of technology, commerce, and culture are becoming a perceived commonality. We have yet to see what new developments can occur with the implementation of VR and cryptocurrencies. We already have games that use cryptocurrency for payment, so it is only a matter of time to see how VR enters the mix.

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