When Bitcoin was launched in 2009, the term cryptocurrency meant very little to people. By 2017, there were over a thousand different cryptocurrencies in circulation. Today, that figure stands at over 8,000, though the market is dominated by the top 20, which account for almost 90% of cryptocurrency transactions overall.
What does this show? While the high total number is somewhat irrelevant, the interest in cryptocurrency is growing. Numbers aside, that’s reflected in a growing number of sectors where cryptocurrency is being used.
Tether, Ethereum, and other cryptocurrencies have found innovative applications in various sectors. These include low-cost money transfers, battling electoral fraud, de-corrupting charities, and gambling.
As cryptocurrencies continue to gain traction and evolve, their potential to disrupt traditional industries and create new opportunities is becoming increasingly apparent. Below, we take a closer look at four of the most interesting new applications of cryptocurrencies.
1. Gambling
Tether and other cryptocurrencies are increasingly being used for online gambling, providing a stable and secure means of payment. Players can enjoy the convenience of making payments without worrying about the safety of their funds. There’s also additional protection for the user, given that cryptocurrencies can be kept anonymous, so there’s no worry about the use or misuse of personal data.
As well as security, cryptocurrencies transactions are faster than traditional money transfers, which is important if anyone wants to deposit quickly to play their favorite games or withdraw funds to use elsewhere. Additionally, they’re more convenient with less chance of blocks or limits being imposed. The anonymity mentioned above also provides more freedom for users in countries with strict gambling regulations.
This innovative application of cryptocurrencies in the gambling industry not only benefits players by offering enhanced security, validity, and convenience, but also opens up new opportunities for casinos to innovate and offer unique gaming experiences. It’s now easier than ever to find an Ethereum casino and gambling experience, rather than logging onto a standard gambling site or online casinos.
2. Low-Cost Money Transfers
Cryptocurrencies enable low-cost and efficient money transfers across borders, making them an attractive alternative to traditional banking systems and fiat currencies. By eliminating the need for third-party intermediaries and bypassing the fees and regulations associated with traditional banking systems, cryptocurrencies offer a cost-effective solution for cross-border money transfers through cryptocurrency exchanges, also known as crypto exchanges.
While this was touched upon in terms of online gambling, the benefits apply much more broadly. It has the potential to revolutionize the remittance industry and provide significant benefits for individuals and businesses alike. Why pay more and wait longer to transfer money by conventional means when you can do it quickly, securely and more cost-effectively using cryptocurrency?
3. Battling Electoral Fraud
Blockchain technology, the foundation of cryptocurrencies, can help combat electoral fraud by providing a transparent and secure voting system. By creating a decentralized and tamper-resistant digital ledger of votes, blockchain technology can ensure that elections are conducted in a fair and honest manner.
This has the potential to strengthen democratic processes and restore trust in electoral systems around the world. That said, many large democracies are slow to move when it comes to electoral technology.
There are only a handful of countries which allow citizens to vote electronically, for instance, despite technology being available to do so for several years – and the fact it would undoubtedly increase turnouts.
4. De-Corrupting Charities
Cryptocurrencies can help reduce corruption in charities by ensuring transparency and traceability of donations. By leveraging blockchain technology, charities can create transparent and protected donation systems that are resistant to fraud and manipulation.
This can ensure that donations are used for their intended purpose and that charities are not exploiting funds for personal gain.
