Real-world use cases of cryptocurrencies that are poised to grow!

There is a lot of fanfare about cryptocurrencies in the current marketplace. But what’s so special in it for mass use cases? Crypto use cases do make way for a wide range of uses in the marketplace. Driven by blockchain technology cryptocurrencies have long served as a long-term investment tool with real-world possibilities.

Key takeaways of digital assets–

· Cryptocurrencies open new doors providing financial services to users across the globe.

· Cryptocurrencies can be thought of as high-risk investments but have powerful use cases.

· Cryptocurrencies come with real-world possibilities hinged on the revolutionary Blockchain technology.

· Cryptocurrencies have stimulated the rise of initial coin offerings and crypto exchanges.

Digital assets or cryptocurrencies – What makes them so appealing?

Cryptocurrencies are digital assets that hold a value and are not issued by Central Bank or any other public authority. Apart from Cryptocurrency trading, these assets can be stored, transferred, or traded digitally, however, in some countries, they are not counted as currencies in the traditional sense. 

The good thing about cryptocurrencies is that, besides serving the function of a medium of exchange in the form of digital money and holding a value, these digital assets are powered by blockchain technology which makes them usable for a vast range of use cases. The use cases can differ from traditional or fiat transactions.

What are the powerful use cases of some popular cryptocurrencies?

With new cryptocurrencies rolling out every day, the list keeps on increasing and every crypto has the potential to serve a purpose in the marketplace. Crypto use cases have elevated the market sentiments like –

·   Bitcoin – storing value & payments: After its inception, Bitcoin has been solving many real-world problems and has the potential to be an alternative to fiat currency transactions across the globe. Bitcoin has successfully created the decentralized trust paving way for a smoother transfer of funds and making payments.

·  Ethereum – Dapps & Smart Contract: After entering the market in 2014 Ethereum was a one-stop-shop for smart contracts and decentralized apps. With Ethereum everything is autonomous and there is a single-point failure. Ethereum can be used as money to buy products or services but it can also serve several other purposes quite effectively.

·   Monero – fungible digital money: Monero works on a public blockchain and has features resembling that of Bitcoin, making the digital asset both simulated and not easily exchangeable at the same time. The only purpose of Monero was to serve as fungible and digital money eligible for transactions in the marketplace.

·   Dash – digital fund: Dash was originally introduced as XCoin in the year 2014, but the name was later changed to Darkcoin which was again rebranded as Dash. Dash is one such crypto that has the potential to serve for practical usages like – instant send, private send, and can be used to make transactions more privately and swiftly.  

According to a Blockchain development company, cryptocurrencies are revolutionizing the market with several use cases of different currencies. However, digital assets still have a long way to go but as of now, the crypto realm has its eyes on emphasizing the revolutionary use cases in the existing marketplace.