The digital currency world is growing exponentially and it shows no signs of stopping.
Bitcoin, being the first cryptocurrency invented in 2009, has given rise to numerous other
cryptocurrency tokens that are being used for different purposes. With such a rapid change
in the digital economy, new use cases of cryptocurrency continue to emerge. From using it
as a payment method to implementing it as a security measure, there are many ways crypto
is changing the world. Let’s look at the compelling use cases of cryptocurrency and how it is
changing the world.

Use Cases of Cryptocurrency

1. Payments
   As the first and most common of use cases, payments are the obvious for cryptocurrencies.
   Being a decentralized payment system, cryptocurrencies can be used for online transactions
   without needing a third-party service. Because of the nature of blockchain technology,
   cryptocurrency payments do not come with high transaction fees. There are no processing
   charges, additional fees, or foreign currency exchange rates. Because of their decentralized
   nature, cryptocurrencies are generally considered safe to use, especially for international
   payments. They have no intermediary banks or governing bodies; thus, they are considered
   very safe from various types of fraud. Open-source and distributed ledger technologies have
   also enabled cryptocurrency payments to be accessible to every part of the world.
2. Security
   Another important aspect of cryptocurrencies is their use as a security measure. More
   businesses are accepting cryptocurrencies as payment methods and using them to protect
   their data and systems. Because of their decentralized nature, cryptocurrencies are safer
   and harder to hack than credit cards. Cryptocurrencies are also immune to data breaches
   and hacking and do not come with arbitrary chargebacks. Because of distributed ledger
   technology, cryptocurrency transfers are verified and recorded. This is beneficial for
   businesses because they can track the entire process of their payments. And because of the
   decentralized nature of cryptocurrencies, they have no way of being shut down; thus, they
   continue to operate 24/7, even if a country’s government shuts down their own financial
   system.
3. Smart Contracts
   A smart contract is a self-executing agreement between two parties that does not require a
   third party or an intermediary to verify and authenticate the transaction. The idea of smart
   contracts was first introduced with the Ethereum blockchain. This is the second-largest
   cryptocurrency coin after Bitcoin and has many uses, from Smart Contracts to Decentralized Autonomous Organizations (DAOs). Because of blockchain technology's decentralized nature, intelligent contracts' execution is transparent and publicly verifiable through consensus algorithms. Such a structure makes it impossible for anyone to alter the contract terms.
4. Store of Value
   Cryptocurrencies have been commonly associated with other assets such as stocks, gold,
   and real estate. They are seen as assets that can be traded or exchanged for goods or
   services in the future. This is the idea of the store of value. And the value of cryptocurrencies
   will continue to rise as more people invest in them. The most common way to invest in
   digital currency is by trading coins for other ones or by buying these coins on crypto
   exchanges. The value of the coins goes up as more people buy them, and the sellers can
   then exchange their digital money for goods or services or sell it for cash. Other forms of
   investing in cryptocurrencies include buying them for long-term storage or investing in ICOs
   (Initial Coin Offerings).

How is Cryptocurrency Changing the World?

1. Easy to Send & Receive Money
   Cryptocurrency is changing the way people think about money. Before we had fiat currency,
   meaning that country’s paper and coins, and when you wanted to buy something, you had to
   go to a bank and exchange your money for the goods or services you wanted. That process
   was inefficient, slow, and expensive. Cryptocurrencies like Bitcoin and Ethereum have helped
   solve this problem by making it possible for people worldwide to send & receive money to
   each other quickly and at a low cost.
2. More Secure Transactions
   Cryptocurrency allows for more secure transactions than traditional banking methods do.
   Cryptocurrency transactions are made through computers that use encryption algorithms to
   ensure that no one else can see or change the transaction details. This means that in an
   emergency where there is no trust between parties involved in a transaction (such as with
   fraudsters), cryptocurrency transactions become much more secure than traditional banking
   methods do because they don't require trusted third parties like banks or governments to
   validate them before sending them on their way.
3. Provide Lower Transaction Fees
   Cryptocurrencies have lower transaction fees than credit cards and bank transfers;
   furthermore, they're usually free of charge when transferred between wallets. Bitcoin
   transactions are confirmed within 10 minutes, and Ethereum transactions take about 20
   seconds (or less). If you want to transfer money from one wallet to another, you don't need
   an intermediary like a bank account or credit card company—you could just send them both
   directly!
4. Financially Independent
   Cryptocurrency has also helped people who did not have access to banks or credit cards
   become more financially independent. People can do business without having to worry
   about their finances and payments. This can help them start their own businesses or even
   move out of poverty if they want to.

Final Words

Cryptocurrency is a digital asset created as an alternative to fiat money. It is decentralized
and operates on a peer-to-peer basis between users through blockchain technology. Many
different cryptocurrencies are available, but the most common are Bitcoin, Ethereum, Ripple,
and Litecoin. With such a rapid change in the digital economy, new use cases of
cryptocurrency continue to emerge all the time. From using it as a payment method to
implementing it as a security measure, there are many ways crypto is changing the world. Its
definitely the future of finances and you’re seeing it at its infancy.