Many often only associate cryptocurrency with its flashy headlines and risky investment labels, but there is a growing use of the currencies globally, and these are not always in conventional ways. As the industry expands, increasing markets in which you can utilise and use crypto continue to pop up outside the tech-savvy start-ups and intricate investments, many assume as the only avenue to shift cryptocurrencies. These new, eccentric, and unusual ways could be a great way to spend your digital assets from the next 1000x crypto investment you benefit from.
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1. Insurance
It may seem unrealistic, but insurance companies are beginning to tap into crypto as a way of paying out to customers. Decentralized insurance policies, such as Nexus, have implemented systems where smart contracts process claims automatically. This removes the need for middlemen or third-party human interactions and allows for swifter and more seamless payouts when claiming on the insurance. A few car insurance providers are also using this method, which covers you if you unfortunately crash your brand-new compact SUV. Crypto allows for a much faster and efficient process compared with traditional claims. The funds can be transferred instantly, which reduces customer wait times for payouts and ensures trust in the insurance providers. Crypto transactions also add transparency to the process and can minimise fraud in these situations, leaving the customer feeling more secure when claiming.
2. Travel
For a long time, crypto has been viewed by many as a tokenistic mythical currency that cant be used by the everyday person. However, as it is more widely being moulded into day-to-day living, companies such as Travala and CheapAir are utilising crypto payments to offer people travel opportunities. These companies accept crypto for flight tickets, hotels, and car rentals for your next getaway. Use of the blockchain allows for quick transactions and secure payments.
Additionally, hotels in places like Dubai, with their forward-thinking crypto-friendly attitude, offer payment options in cryptocurrencies. This blurs the lines between crypto and fiat currencies even further and integrates the digital assets into everyday life.
If you are feeling guilty about the use of crypto and your jet fuel usage when going on holiday, there are even platforms which allow users to purchase tokenized carbon credits to offset their carbon footprint. This allows for funding of reforestation, green energy and transparency of conservation projects.
While crypto is becoming increasingly common to use for those travelling for pleasure reasons, it can also be really useful for travel for work, business, or even if you’re travelling to less developed nations. For countries with unstable currencies or banking systems which are lacking, crypto offers a solid financial set-up that can provide fast and low-cost transfers in a decentralized currency around the globe. This gives people access to a much better international banking system than the likes of Western Union does.
3. Trip to space
Using crypto when travelling across the globe can be super useful, but I bet no one would’ve predicted a few years ago that you would be able to book on a space trip using crypto payments. Whilst this may be currently saved for the elite amongst us, Space X and Virgin Galactic are now offering people the chance at sub-orbital and future orbital missions which can be paid for using cryptocurrencies. Crypto and space travel seem to have merged innovation and technology, with the blockchain being a key way for people to fund these sorts of expeditions. As crypto is decentralized, it could well pave the way for more widespread access to space and allow future developments outside of the super-elite and governmental programmes, which are the only ones to have access at the moment.
4. Subscription-free streaming
Back down on earth, many artists and creators are backing the continued expansion of crypto use in streaming services. Web3 platforms such as Audius and Livepeer are offering people the chance to send micro-payments directly to artists via tokens rather than relying on ad-based and existing subscription services like Netflix and Spotify. This benefits both the artists/creators who receive a much fairer rate for their content, and allows users to only pay for what they actually use rather than a flat rate.
5. Community and charity
Whilst crypto can help you pay for your own products, policies and experiences, it can also now be used for philanthropy and helping others. Charities are now offering donors the chance to send donations to them quickly, with reduced fees and with transparency. Large NGO’s such as Save the Children and the Water Project have begun accepting crypto, which has opened up yet another avenue for people to use their cryptocurrencies in differing ways.
6. Time capsules
For many, crypto is viewed as a futuristic currency which is detached from the realities of everyday life. For those same people, the idea of sending a digital time capsule for the future may play into this notion. Despite this, projects such as the Arctic World Archive (AWA) offer people the chance to solidify their digital footprint in blockchain-based time capsules for years to come. This includes messages, data and art that can be called upon in the future. These tamper-proof, permanent records can be funded by cryptocurrencies and are certainly a good way to leave your mark on the world.
7. Dating
Love on the blockchain is yet another surprising way that people can utilise their crypto assets. Apps like Pineapple and Hicky offer reward schemes for their users when verifying their profiles, which can be used for premium features and boosting their profiles. A growing number of dating apps are utilising crypto as a payment method for their service, which could see the dating game revolutionised through the transparent identity verification process and may help to reduce catfishing – something many on the dating apps are concerned about.