Most of us started investing in crypto because we heard this is where the new money is at, I was one of them. I got involved in crypto because a friend claimed he bought his new car through crypto. I don’t regret this, because this was the kick I needed to start a life changing journey. While crypto can make you a lot of money, let’s take a moment to focus on other use cases of crypto. I will be writing based on my experience which is obviously going to be relatable because we are all in the crypto space.

Payment

When I got into the crypto space, I realised that crypto is far more beyond just an opportunity to get rich. Crypto can be used for payments, which is a feature that is extremely cool, other digital assets don’t have this feature. For instance, you can’t send shares or stocks from one account to another. You can buy and own, but it can’t be used as a means of payment in stores.

You don’t go to stores and see “pay for your goods & services with Tesla stocks” or see something like “we accept Amazon stock and shares”. They are not a means of payment like crypto. Crypto can be used as a means of payment both internationally or domestically.

Domestically
With crypto you can easily pay for your stuff with just scanning a QR code in your local store, you don’t have to go get cash bills to pay, or carry your credit cards around. Things are technologically easier today, everyone uses the internet. With crypto you can pay for your goods and services without hassle, you get paid instantly at almost no fees charged, because the fees are insignificant.

Internationally
When I was in college, my Dad used to send me money through western union for my upkeep and to pay my tuition fees. This is because my Dad stays in America, while I stay in Nigeria. Western Union cost a lot to transfer, they collect about 1%- 10% fee for transfer. This is due to remittance which is high because that is how these companies make their money. Sometimes transfer takes 3 - 7 days before getting to me, sometimes there are risks of losing your money. My Dad once lost $1k while sending to me but he managed to recover it back. This is for a small scale international transaction, imagine a large scale international transaction that do like over $20 Million transactions a day. Imagine how much transaction fees they have to pay. With crypto you can pay almost $10 transaction fee for big transactions like $100 Million. This is not a problem with cryptocurrency using the blockchain technology. All we need is smartphone or computer, access to the internet and we are good to go.