Wednesday, January 2, 2019

How Can Cryptocurrency Be Applied Beyond Peer-to-Peer Payments?

Cryptocurrencies like Bitcoin are about to revolutionise the way we move money around, and this will
signal the end of the third-party handlers, namely banks and credit card companies who have been
taking a slice of the action since time began. Peer to peer payments can be made by individuals across
the globe using blockchain technology, with instant and anonymous funds transfer at the speed of
light, yet there are other applications for cryptocurrencies and more specifically, blockchain technology.

four round silver-colored and gold-colored Bitcoins

Image Source: Unsplash

Customer Loyalty Programs

Commonly used in all industries, customer loyalty programs using Bitcoin as an incentive could reignite
a dying sector. It is estimated that around 30% of all customers who join loyalty programs, leave without
ever using the benefits, and perhaps Bitcoin is an attraction worth having. Cryptocurrency is hard cash,
which is always be the best incentive for customers to respend, and as the target is digital, it is very easy
to monitor and control.

Breeding New Industries

Cryptocurrency has spawned a new investment sector, with many specialist brokers who advise big
investors and there are Bitcoin dealers online who offer a wide range of investment opportunities in the
cryptocurrency market, with bitcoin exchange for Melbourne investors easily carried out using a
smartphone. Bitcoin has always been a roller coaster ride for the investor and there are as many who
lost it all as there are who became rich, and with a recent drop to around the $4k mark, now might be
the right time to invest in Bitcoin. If you owned a Bitcoin on Christmas Day 2017, it was worth a
whopping $17.5k, and many investors correctly read the signs and dumped at that time, causing a slump.

Man, Business, Adult, Suit, Bitcoin, Cryptocurrency

Image Source: Pixabay

Charity Boost

The ease with which cryptocurrency can be moved around will most definitely help major charities,
with instant and anonymous donations that can be made for free, by anyone and from anywhere. No
credit card or bank information is needed for a cryptocurrency transaction, as both donor and
recipient have private keys that interact, thus creating a new data block that is added to the chain.
Much of the money given to charity is gobbled up in the transfer, and blockchain technology puts an
end to that.

Loan Security

Bitcoin can be used as collateral for a loan, as it is as good as cash, and if two parties come to an
agreement, funds can be transferred and released according to the agreed terms and conditions. The
banking sector is terrified of the potential damage that blockchain technology can send their way and
are already investing heavily into ways of establishing some form of control within the blockchain.

Person Using Laptop Computer on Table

Image Source: Pexels

The future is looking rosy for Bitcoin, as it is the leading cryptocurrency and is forecast to become the
most used method of funds transfer. If you would like to invest in cryptocurrency, all it takes to find a
local Bitcoin dealer is an online search, and you can take the first steps towards a secure long-term
investment in what will soon be universally applied.

This article is published in partnership of Mediabuzzer

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