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5 Creative Uses of Cryptocurrency You May Not Have Heard Of

5 Creative Uses of Cryptocurrency You May Not Have Heard Of

Cryptocurrency is not only designed to be held onto as an investment, and sit in a portfolio somewhere gaining in value. Nowadays, you can use Bitcoin and other currencies more easily than ever before, to buy groceries, send money to friends, and do all the things you use your traditional currencies for, plus some creative extra uses of crypto.

Around 20% of Americans (that’s more than 50 million people in total) have embraced crypto for at least one of its uses, and as the use of these decentralized currencies has grown, there have also been some new and creative uses introduced. People can now use crypto for many of the same purposes they would have used dollars for, plus some added extras that have come from the innovative new currencies on the market.

Sports and Casino Gambling

The gambling industry has taken to crypto more quickly than a lot of industries, and why wouldn’t they? Crypto can offer a lot of benefits over older methods casinos have been using, like credit card transfers. It has been estimated that the majority of all transactions taking place in Bitcoin involve gambling, as people move their coins into casino sites or sports betting sites, and out again if they get a win. The age of the BTC casino is upon us which makes sense when you consider the fact that Bitcoin means a faster, cheaper, and more efficient way for players to pay.

What Cryptocurrency investing is all about

Lots of gamers love Bitcoin and other crypto options because of the public and transparent way their ledgers work. They cut out the middleman, and transactions are stored on a public document which means that there isn’t as much risk of corruption.

Bitcoin casinos have proven to be so successful that there are plenty of unique games, such as Crash. This is a crypto game that is designed to resemble the stock market, as a graph shows the gradual growth in the value of the bet, but there could be a crash coming. The key is for players to cash out when the value is at its highest and avoid the crashes. There are other variations on this theme at other crypto casinos as well as interesting new games along with beloved traditional games like roulette, poker, and baccarat. Crypto casinos are good for traditionalists as well as those who want brand-new games.

As well as casinos, sports gambling has also been a creative use of cryptocurrency, partially driven by some huge stars like Drake sharing their stories of crypto gambling. Drake is a notorious sports gambler and even staked $1 million on the World Cup Final. Crypto gambling sites offer the same markets as traditional sportsbooks and may even provide faster deposits and withdrawals, another example of crypto actually in use rather than staying in a wallet.

Yield Farming to Attempt to Earn Interest

You may have heard stories about people getting in early and making huge sums of money through Bitcoin, or adopting up-and-coming cryptocurrencies as they launch. Though the days of being able to pick up Bitcoin at basement prices are gone, investing in up-and-coming currencies is something that a lot of crypto enthusiasts still do, and some cryptocurrencies also involve mining. It requires skill, though, so a lot of people are instead turning to yield farming.

Yield farming is a way to lend crypto to another platform, providing liquidity in return for potential returns. This is a simple overview, but those who are interested can check out a full description of yield farming and how it can earn the equivalent of interest.

There is a risk with all currency trading and with yield farming. Returns aren’t guaranteed, but this is a popular way for people to creatively make more money out of their crypto portfolio.

Crowdfunding With Crypto

Crowdfunding is not a new concept anymore, we’re all used to seeing sites like IndieGoGo and Kickstarter being used to give new businesses a helping hand.

However, the fact that crypto is so easy to move around and transfer means that some people are turning to this method of raising money. Some crowdfunding platforms focus specifically on crypto while some allow people to make payments in a variety of different ways.

Supporting Your Favorite Online Content Creators

Cryptocurrencies are a way to cut out the middleman in many areas of life, which helps in the current creator landscape of YouTubers and internet celebrities, blockchain has become a way to support and reward your favorite content creators.

For example, X.com, the platform formerly known as Twitter, is now allowing people to tip those who are creating useful content using Bitcoin tips. So, if somebody tweets stuff you find helpful or just entertaining, you can drop them a small tip by way of thanks. This is similar to platforms like Ko-Fi, but using cryptocurrency. The Bitcoin tips are on the platform called Strike, which is a Bitcoin wallet app that runs on the Lightning Network protocol. Tips are virtually instant and money goes to the creator, who can withdraw money to their bank account, crypto wallet, or Cash App.

We’ve seen plenty of ways to support independent creators, such as Patreon, and there are new ways to do so using cryptocurrency. This allows creators to stay anonymous and can create a much quicker way to drop tips for those you follow and enjoy on the internet.

Renting Out Hard Drive Space

Cryptocurrency uses in modern day

If you happen to have a ton of hard drive space sitting there unused, you can explore making money using cryptocurrency by making an account on a platform like Storj, and you can trade your spare hard drive storage space for crypto coins. You can rent out your spare and unused hard drive space on a P2P basis. As the storage is used, users can potentially get paid in cryptocurrency in return.

A lot of businesses find that they have plenty of spare servers and hard drive space, and this is a way to monetize it in the short term using cryptocurrency.

Conclusion

Cryptocurrency is still a relative newcomer when we consider the way currencies have worked throughout history, but its growth has been astronomical over recent years. Tech-savvy people are now more alive to the benefits of crypto transactions, and not only the fact you can make a profit you manage to invest early.

You can buy a car with crypto, mine for new coins, or even use your portfolio to try and make a return. As well as investing, crypto has spawned a new industry that has brought some creative uses from crowdfunding to gambling.

Now that you know the uses of Cryptocurrency, make the bold step and start investing in passive income platforms that offer realistic Profit returns.

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