There are a number of great uses for cryptocurrency, as it becomes more widely accepted, more and more businesses are opening their doors to this form of payment. After this brief video running you through what they can be used for, we’re going to explore 5 impressive ways this decentralised currency is being used today.
Companies are utilizing blockchain technology to make energy distribution more eco-friendly. A company in New York, Brooklyn Microgrid, has set up a communal energy network, where members of the community can sell environmental credits in return for energy developed from their solar panels. Members of the community who do not have access to solar panels can now buy solar energy from the members of the community who have excess, thereby reducing carbon-based power and creating a more sustainable renewable energy model.
Storj utilizes a decentralized blockchain network to run its cloud-storage operation. Running on a peer-to-peer renting system, this offers users hard drive space in exchange for the decentralised currency. Storj offers the user peace of mind as files are end-to-end encrypted ensuring that only they can access them, as well as a much cheaper service compared to their cloud-based competitors. Additionally, the renter has a new income stream!
More and more industries are accepting digital currency as a viable form of payment. Destinia and CheapAir currently accept decentralised currency payments for flights, car rentals, hotel bookings, and even cruises. While CryptoCribs is the world’s first decentralised currency-accepting vacation rental platform, an “Airbnb for the crypto community”. The substantial increase in Bitcoin ATMs around the world is also making travel a much easier option.
From as early as 2013, universities around the world started to accept the decentralised currency as a viable form of payment. The University of Nicosia in Cyprus was the first to offer the decentralised currency as a form of tuition payment, soon to be followed by King’s College in the USA, Berlin-based business school, EMTA, and then a university in Switzerland, The Lucerne University of Applied Sciences and Arts. These schools are among the first in their countries, and it seems it is only a matter of time before others follow in their wake.
It appears that even charities are reaping the benefits of this digital currency revolution. Nonprofits and charitable organizations have opened their pockets to digital currencies, tapping into investors who want to do good. Fidelity Charitable, a donor-advised fund supporting charitable organisations, reported that they received $69 million in crypto donations in 2017 alone.
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