Cryptocurrencies are decentralized, digital currencies backed by blockchain technology. Ever since their advent, cryptocurrencies have managed to be in the news headlines and are continuing to evolve in their own space. They have shaped up the way people look at money and their expectations surrounding money. It’s been a decade since the first-ever cryptocurrency Bitcoin emerged in the market. Since then thousands of cryptocurrencies have come up, but Bitcoin is the most popular cryptocurrency to date.
Initially, when Bitcoin came into light, most people were not aware of its utility, but today the scenario has changed radically, and investors all around the world have realized the potential of Bitcoin and other cryptocurrencies.
In spite of the fact that cryptocurrencies have always captured the public eye, they have also been equally criticized and considered a risky business. If you are someone fascinated by cryptocurrencies, but uncertain about investing in crypto businesses, this article is for you. Here, we are going to discuss some prominent use cases that prove cryptocurrencies have managed to overcome the criticisms and are worth the investment; also the promising future it assures for your business.
The prosperous and potential use cases of blockchain-based cryptocurrencies
- Crypto and blockchain in the gaming industry
Cryptocurrencies have transformed many industries over the years, but the gaming industry might be the most significant one. The pervasiveness of microtransactions in video games is what drives the industry towards the adoption of crypto. Blockchain-based crypto helps developers to create their online currencies, and not depend on external mechanisms for payment, which the players can use for purchasing essential gaming accessories both from the developers, as well as between themselves. Gamers spend an average of $85 each on the (free-to-play) game Fortnite, generating $300 million a month for the game creators, which evokes cryptocurrency experts looking hungrily for a way to get them to use their tech.
Blockchain and crypto together enhance the industry and solves the existing crisis by facilitating more streamlined, decentralized payments, securing the ownership of the user, safe trading, cross-game compatibility, etc. Some of the most popular crypto and blockchain games in 2020 are Spells of Genesis, Gods Unchained, Mythereum, My Crypto Heroes, Altcoin Fantasy, etc. And some of the popular cryptocurrencies in the gaming sector are FunFair (FUN), Enjin (ENJ), GameCredits (Game), Decentraland (MANA), RevolutionVR (RVR), etc.
- Cryptocurrencies as a store of value
One of the most advantageous use cases of cryptocurrencies is their use as a store of value and the protection they offer against inflation. Especially, stablecoins uses algorithms and pegging to sustain the value of a coin. The main aim of the emergence of stablecoins underpinned by blockchain is to help defend wealth against inflation. This solves one of the major crises existing in the market, which is why the adoption of cryptocurrencies is considerably growing.
- Cryptocurrency exchanges - The Main Force of business
Cryptocurrency plays the most important role in driving revenue and increasing the market value of the cryptosphere. Most of the crypto enthusiasts today are marching towards creating a cryptocurrency exchange software to drive in potential customers to trade in their platform and earn exponential profits. Crypto exchanges act as the medium where investors can trade their valuable cryptocurrencies for other cryptocurrencies, digital assets, or fiat money globally, in the most convenient, speedy, secure, and seamless manner. There are a multitude of benefits that blockchain-based cryptocurrency exchanges offer which is why investors are inclined more towards exchanges, and the continuing growth is evident.
Currently, there are more than 5,000 cryptocurrencies revolving in the market and, there are many more to come into existence in the near future. This constant emergence and an increase in the price of cryptocurrencies will stimulate investors looking for more cryptocurrency exchanges, to trade their cryptos and make use of favorable market conditions, diversify their portfolios and amplify their profit numbers. This makes cryptocurrency exchanges, a lucrative choice for entrepreneurs. Experts say cryptocurrency exchanges will have a great impact in the coming years, in the growth of the industry.
- The Promising Future ahead for cryptocurrency businesses
What we discussed above is just a drop in the ocean, and there are many many more interesting factors and use cases of cryptocurrencies influencing the growth of major industries operating today. Even though cryptocurrency-based businesses face some challenges such as hack threats, security breaches, etc, experts believe it could all be resolved with the rapidly growing technological advancements.
Cryptocurrencies are slowly becoming the mainstream financial system and crypto ventures are on a rise. Their numbers are accelerating every single day, and the wide-spread adoption is continuing with many countries extending their regulatory acceptance for cryptocurrencies. You could also see many companies expanding cryptocurrency and cryptocurrency exchange development services for the betterment of their business, as well as the investors who aspire to be a part of this revolutionary industry. The future is near and is highly promising. So, If you are one of those aspiring entrepreneurs in the crypto space, conduct extensive research, choose your company, acquire your crypto services to assure yourself a profitable venture.