Cryptocurrencies are rapidly becoming the most globally accepted creation of technology. The decentralized and unregulated nature of these currencies, have brought it to limelight. Though governments around the world have tried to regulate, and in some instances enact an outright ban, the general populace seems to disagree with the stand-point of their various governments.
With this, embracing the technology is your best bet at fitting into the 22nd-century economy being created by the people through blockchain technology. As we would always try to keep things simple here on CryptoInCanda.co, we will enumerate and discuss the most important uses of cryptocurrencies here in Canada.
Let’s go
Before we get started, just in case you are one of those in a hurry, yelling “GET TO THE POINT!” I’ll make a list of these uses before we discuss them.
Here you go. These are
- Payment of goods and services
- Transfer of funds internationally and locally
- A platform for gainful investments
- Making private/anonymous transactions, and finally,
- A store of value
Now for those looking to know more about cryptocurrencies, let’s examine these together.
Payments of good and services
Here in canada you can use cryptocurrencies to buy goods and services for real!. You can purchase from small scale business owners who believe in the blockchain and crypto innovations. There are also huge plans being made by larger scale businesses like amazon, to join the crypto trend. And within the next few years, we would begin to see more crypto systems put in place all across the world.
Guess what? Paying for those goods and services will take you less time, and cost you way less to acquire those products with crypto.
Transfer of funds internationally and locally
Are you one of those individuals who believe that the banks are evil? Well, say no more. Crypto is here to save the day!
Cryptocurrencies literally make companies like western union, paypal look like an international joke. In the crypto world, there are no practical border within countries. You can send crypto from anywhere in the world and still pay what you would when sending your neighbor same.
International transactions are way cheaper when you use crypto. Unless you decide you decide to use the ethereum platform, then you may not confidently say so.
But you practically have nothing to worry about. Ethereum 2.0 will save us all
A platform for gainful investments
To put this into perspective, if you had bought 1 bitcoin in 2013 when it was barely $13, today, your investment would have been worth more than $50,000 on an average this growth is thousands of percents on the positive side.
You can take a minute to comprehend what you just read now.
No other industry can come close to this.
Making private/anonymous transactions,
If you are one of those who is very particular about your identity, crypto currencies are the answers you’ve been searching for.
You can make transfers and still stay hidden. There is absolutely no KYC (know your customer) attached to these crypto transactions. The only times when you are required to enter such information is probably when you utilize central exchanges (CEXs)
A store of value
You can use your cryptocurrencies as a store of value. Since these currencies are limited in supply, you don’t have to worry about the negative effects of the printing out more units of money, inflation, and some of those other vices affecting regular fiat currencies.
Just to remind you, cryptocurrencies are here to stay, and at this point, government regulation can only begin to scratch the surface. Regulations at this point would look like mounting a gate on a fenceless building.
Remember here at CryptoInCanda.co, we make learning crypto a breeze. Don’t forget to come back every now and then to learn more about simple to complex crypto principles in layman’s terms.
