Why Do We Need Cryptocurrency?

Cryptocurrency can be useful for various purposes, from shopping to saving money. Here are a few major uses for cryptocurrency:

  • Payments. And not just transactions, but anonymous, fast and direct transactions. They are carried out both between private individuals and for the purchase of goods and services on the Internet.
  • Money storage. It is almost impossible to “steal” cryptocurrency from a wallet. Since all operations are irreversible and use private keys, it is unrealistic to intercept or hack them. Provided that you have not given your private key to anyone, your cryptocurrency will always be safe.
  • Investments. Bitcoin and other cryptocurrencies are considered an investment asset due to exchange rate fluctuations and an overall increase in popularity. Moreover, cryptocurrency is suitable both for short-term earnings by trading on the exchange and for the long-term, as the exchange rate shows an upward trend.
  • Business. More and more companies and services are starting to accept payments in cryptocurrency. Purely cryptocurrency startups that raise funds through ICOs (crowdfunding) became a common thing. If you have a business idea related to blockchain or virtual currency, you can initiate fundraising through an ICO.
Blockchain Use Cases

Luckily, cryptocurrency is not the only use case of the blockchain. Looking at this technology separately from cryptocurrency, the list of current and potential future use cases goes on and on.