Although the cryptocurrency’s history is very short (the first digital coin – Bitcoin – has been created in 2009), is has very controversial stages. It has started quite dodgy – the anonymity of crypto transactions, the lack of governmental control, a decentralized blockchain-based architecture and an opportunity to transfer large amounts without any verifications made it a powerful tool for cybercriminal activities, such as money laundering, illegal trade (drugs, fake documents etc.) and even contract killings.
The most notorious platform using a cryptocurrency’s possibilities for criminal activities is Silk Road – a website intended for selling and purchasing almost any kind of illegal activities, which has been shut down by the Federal Bureau of Investigation in 2013. Silk Road’s bad fame has even lead to it’s being numerously described as a pillar of cybercriminal world in films and literature, for instance, in Dan Brown’s novel “Origin”. Even years later, many people were finding hard to get rid of certain prejudice and bias against digital assets, considering it a recognized “shadow” payment method.
However, nowadays, a cryptocurrency has successfully reached an official recognition as a legitimate method of payment and is used by both individuals and legal entities for completely innocent purposes: for buying and selling goods and services – just in the same way as it is done via fiat currencies online transactions, for storing their assets. The list of digital currencies’ commercial opportunities seems endless. It is hard to say what can NOT be bought with crypto coins. So, let us tell about some interesting options of what you CAN get with it.
To start with, a cryptocurrency can be spent on traveling. Moreover, you can pay with digital coins during the whole journey, without a need to switch for fiat currencies at all. Crypto payments are accepted for purchasing flight tickets and booking hotels (Expedia, AirBaltic, Webjet, CheapAir), as well as ordering food (PizzaforCoins, Smart Crypto Cafe). Furthermore, great news for coffee lovers: Starbucks officially accepts digital currencies payments.
A cryptocurrency is an accepted method of topping up the phone, getting a taxi or buying a car. You can spend your digital coins on purchasing electronic books or tickets for the concerts & theatre performances, as well as on downloading the music. You can even get a university degree with a crypto payment! The University of Nicosia offers a program “Master of Science in Digital Currency”, which can be paid for with a cryptocurrency. Several USA universities also accept digital currencies.
Thus, although the first years of a cryptocurrency’s existence were full of dark periods, nowadays, it fully deserves its right to be called trusted and reliable, commonly used currency, advantages of which (convenience, time saving, independence, security, opportunities range etc.) certainly make it a currency of the future.