7 Unexpected Benefits Of Using Crypto

Contrary to popular belief, cryptocurrency is not just a means of investing, nor is it only relevant when discussing market trends. In fact, there are quite a few ways crypto can benefit you in your everyday life, offering safe and more practical ways of completing certain tasks. Even more, you don’t need to be a tech expert to understand how to uncover these benefits, so let’s take a closer look at the unexpected ways crypto can make your life easier.

1. Unlock Safe and Seamless Online Hobbies

Although it may not seem practical, crypto is actually a great way to enjoy your online hobbies more conveniently (and safely). Not only does crypto allow you to break down international barriers, but it lets you make payments without exposing your financial data. For example, many punters enjoy gambling online as it is more convenient and has better offers than physical counterparts. However, is this really safer when you are required to enter sensitive information into these websites and platforms?

That is where crypto casinos come in, offering players faster transactions, increased privacy through anonymous payments, and lower fees. When looking for the perfect Bitcoin casino, these factors must be considered, as crypto is a faster, safer, and more convenient way to gamble. Punters can protect themselves by using their crypto wallets for payments and withdrawals, and the inherent nature of crypto ensures all transactions are private. The same is true for any other form of online hobby you may be interested in, primarily gaming and shopping. 

2. A More Meaningful Approach to Charitable Giving

Have you ever wanted to donate to a foundation or charity, but avoided doing so after hearing horror stories of people being scammed? With traditional finance, there is no way to track where the money goes once you have made a payment, making it challenging to put trust in a good cause. Crypto solves this issue as it works on a modern system called a blockchain that tracks each transaction, and can give you peace of mind, especially when making a large transfer. Think of blockchain as a transparent digital ledger maintained by a series of computers (known as nodes), accurately recording each time you send or receive money.

3. Your Key to Financial Self-Sovereignty

Another great benefit is that you can achieve true financial freedom and gain complete control of your own funds. Cryptocurrency was designed so that no third party or institution controls your funds; it’s decentralized. In essence, through crypto, you are your own bank, which can save you so much in the long run, especially when removing excessive banking and transfer fees from the equation. This financial sovereignty is particularly useful if you reside in an unstable economy or have limited (or no) bank access. 

4. Faster and Cheaper International Money Transfers

If you have ever tried to complete an international transfer through your traditional bank, you know it can be lengthy and pricey. However, crypto has started to pose a low-cost and fast alternative for many countries, giving residents the freedom to not only send cash but also receive it instantly. Let’s say you have family members living abroad or run an international business; regardless of the scale, your payments will be completed with no issue. Long-term, you can save a significant amount of money from bank fees alone, especially if you regularly make international transactions. 

5. The Power of Microtransactions Without the Fees

Freelancers know the struggle of obtaining a small fee for a completed service, but having to sacrifice half of that amount to transfer costs. Well, crypto makes it possible to receive smaller transactions, or “microtransactions,” without losing out on the entire amount. Naturally, having to pay a banking fee for each small transaction can become discouraging, making you feel like there is no point if you lose out on the money anyway. While there is still a small fee with crypto transactions, it is significantly lower than that of traditional banks.

6. Bridging the Gap for Freelancers and Gig Workers

On the topic of freelancing, payment delays are another common occurrence for these individuals when working with international clients. While PayPal may be a good method here, it might not be available as an option in another country, which can be frustrating. As such, crypto bridges this gap and makes it possible for global transactions without any limitations. Simply put, Bitcoin will still be Bitcoin whether in the US or Japan, eliminating the need for currency exchanges and long waiting periods.

7. A New Way to Build and Access Credit

DeFi (Decentralized Finance) has been a game-changer when it comes to building or applying for credit. DeFi provides specific services or instruments through a smart contract (basically a programmable blockchain). In turn, this eliminates the need for third parties such as brokerages, banks, and exchanges while making loans and credits possible. This option will be helpful for many, but specifically for those individuals who have been excluded from traditional banking systems.