Cryptocurrency: It’s So Much More than Investing!

A lot of people wonder this when they hear about cryptocurrency being used as a consumer investment. The truth is, cryptocurrency isn’t like any sort of financial investing instrument. It is exactly what it’s title would suggest; a currency that that is digital and therefore encrypted. So, what’s all the fuss then? Why are people turning to websites like Abra that allow them to fill their crypto wallets then? It just so happens that cryptocurrency, while accepted all over, is still relatively new. The newness lingers around enough to make the price of one’s bitcoin extremely volatile at any given moment. When the value of something can fluctuate it becomes an investment opportunity.

So What Else Is This Stuff Good For?

Outside of financial investing, there are plenty of uses for cryptocurrency. The honest and visible nature of blockchain technology makes it an ideal platform for battling fraud on a variety of fronts; the election process, the field of insurance and also charitable organizations. There are other interesting applications as well. Augmented reality is an example of one.

Wait?! How Does Cryptocurrency Change Augmented Reality?

A few companies believe that blockchain technology can be used to create a type of “social currency” on cloud platforms involving augmented reality! This use is certainly a great deal more exciting than making the insurance claim process more honest. Blockchain technology will likely have long lasting impacts on many industries such as finance and medicine. Newbies to the technology should view it as the ability to create a digital file of chronological occurrences that cannot be undone after the fact. Digital mining is not unlike physical mining because of this technology.

Okay, Tell Me A Few of the Boring Uses

Traveling is one important use of cryptocurrency. It is certainly more convenient than a traveler’s check. Getting somebody to accept a check these days can actually be more trial and error. Because of that alone, I would consider cryptocurrencies to be a superior alternative when traveling to areas where they are readily accepted.

A few entities have wanted to use the blockchain to issue credits to people that engage in environmentally friendly acts. A true ledger of one’s green lifestyle; if you will. While not as exciting as purchasing digital assets in an augmented reality setting, this idea is certainly a good one.

What Could the Future Possibly Hold?

As cryptocurrencies such as Bitcoin become more common, their integration into other forms of blockchain technology will become more common. This integration should cause exponential growth of the technology to occur. There is no denying the fact that when cryptocurrency gets commonplace enough, banks will likely endorse and utilize it. Depending on how reliable the blockchains of the future become, perhaps we could see the end of physical currency one day? One could certainly guess this. For now, it’s probably safest to play with your cryptocurrency wallet and view the whole thing as an investment.

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