Cryptocurrency has been around for a while now. As it grows, it is moving out of the fringes of the internet. In the early days, the mention of crypto would probably conjure up two images to the general public, tech geeks mining for coins and the dark web. Even now, it's not to say that these are not still a part of what cryptocurrencies are doing. But there is so much more to it now. This article looks at six of the more surprising uses of cryptocurrency.
Concealing Funds in a Divorce
Anyone who has been in a divorce will know that it can be a cut-throat process. Each party will be looking to discover and lay claim to any assets they can identify. The trick for many involved in this process is to hide or conceal as much as possible. Investments can often be tricky to find, but funds in bank accounts are not. Crypto has two advantages, principally transactions are secure, secondly, in the eyes of the law, coins are not legal currency, and so are technically possessions.
Purchasing Prohibited Items or Services
Some areas of the world have oppressive governments who would seek to limit the behavior and expressions of free will in some sections of the population. In these situations, it would be beneficial to be able to purchase restricted literature without official scrutiny. It is easy for these individuals to exchange PayPal for Bitcoin instantly and obtain the desired items.
To Avoid Taxes on Profits
As holding cryptocurrency is generally considered an investment in most countries, it can be a way to keep your tax bill low. Only when converting the coins back into traditional currencies is it easy for the authorities to classify this as profit. Be careful, as these situations can change, such as the Polish situation, where it is legal, but they have concerns over what they would call, "tax evasion".
To Promote Content
Cryptocurrency is now used to promote content. Take the example of Engagement Token. This is a platform where users can be rewarded with coins for reading and engaging with online content. The premise is to reward the user and allows the content provider to gain extra exposure for their product. These platforms are relatively new but could become commonplace as more users see the potential benefits.
We have seen a range of uses for blockchain, being the technology that allows cryptocurrency to be so secure. There is a range of uses for this technology, away from its origins in cryptocurrency. Any use that requires data to be secure, and unable to be hacked. Examples of such uses include digital voting applications. Voting machines are being used more in various elections around the world. The problem is that these machines can create worries of fraud in the voting public. Other examples include any use that involves personal data or sensitive information. We can find examples of this in sectors as diverse as business, government, and even the military.
This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.