- Investments at the business level are the main drivers of crypto usage.
- More companies are expected to adopt cryptocurrencies as a means of payment by the end of 2021.
This year, large companies around the world such as Visa, Mastercard, PayPal, Greyscale, Tesla, and MicroStrategy decided to adopt cryptocurrencies, especially Bitcoin, which will have an impact on the financial world.
However, one of the challenges of digital markets has been to identify possible ways to use cryptocurrencies in general. Currently, companies are increasingly adapting to the benefits of blockchain technology.
Exchange of Digital Assets
The transactions that people effect most frequently with crypto assets are swap-type changes (exchanges from crypto to crypto), which are essential functionalities that all exchange platforms should have.
Fixing the value of your crypto assets to the value of a stable currency (Stablecoin) is another function that platforms must allow. This mostly offers a comparable value to USD.
Fundamentally, the users of the different platforms have the possibility of acquiring or selling crypto assets in exchange for fiat money, and better yet if the change can be made directly to the value of the local currency.
Exchange for Goods and Services
Moreover, an important use for cryptocurrencies is the possibility of using them to acquire goods and services, including some blockchain services that have taken centre stage in recent months.
Store of Value
Furthermore, one way to invest your crypto assets for your personal finances is to store them as a store of value. This has provided important benefits to investors around the world with the new price ranges of digital markets.
Travel and Tourism
Since July 2020, some travel agencies have adopted cryptocurrencies as payment for hotel accommodation or transportation expenses as an interim measure to acquire clients in pandemic times.
Agencies such as Expedia, Travala.com, Hosteltur, and the Argentine agency ArmaTuViaje, are receiving coins such as Bitcoin, Ethereum (ETH), Binance Coin (BNB), the AVA token launched by Travala.com.
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Restaurants and highly recognized brands such as Burger King, Domino’s Pizza, and Starbucks have also adopted cryptocurrencies as a way to purchase their products. However, this option is only being implemented in some countries.
Other platforms such as BitRefill accept cryptocurrencies as payment to acquire gift cards (Gift Cards Crypto) for use in restaurants, hotels, and supermarkets. It is also expected that in 2021, other brands such as Crepes & Waffles will also adopt crypto assets.
Cryptocurrency Loans
The well-known Binance platform, one of the first Bitcoin exchanges, launched the option to grant cryptocurrency loans with an interest rate of 0.09%, for a package of various cryptocurrencies including Stablecoins.
Other companies have experimented with these options on their platforms, including crypto credit cards such as Bitsta (developed by Visa), and Obsidian Black from the Crypto.com platform.
Blockchain Learning and Development
Over time, cryptocurrencies have offered different options for use among all types of audiences, and since the creation of Ethereum, blockchain technology has advanced notably in creative ways that facilitate daily life activities.
The novelty, in this case, is that the different working models with blockchain have resulted in various developments ranging from quantum cryptocurrencies to the creation of video games and collectible virtual cards that are one-of-a-kind in the world.
Expectations for Cryptocurrencies in 2021
It is estimated that by the end of this year, companies affiliated with MasterCard will be able to enable crypto assets to market their products and services with Bitcoin. However, it is expected that it will not take long to adopt the use of other cryptocurrencies.
Identifying the different uses of cryptocurrencies today is the first step required to take advantage of the many opportunities this technology offers in daily life.
Learn everything you need to know to start your operations with crypto assets by registering here for the Basic Cryptocurrency Course by Mega Academia Ccoins.
