6 Places Cryptocurrency Could Still Catch On As Money

When we say “as money” we’re referring to the fact that cryptocurrency is seen primarily from an investing point of view these days. While we all know that crypto can work as functional currency in certain places, this no longer seems like its primary purpose. Its primary purpose - at least for the moment - is to be a resource people can buy into in the hopes of securing long-term gains (or short-term benefits, though day trading cryptocurrency is an incredible volatile and unreliable process).

Don’t let this lull you into thinking cryptocurrency is somehow useless or forbidden though. It will grow, as a currency, at whatever rate is determined by stores, industries, and even governments that decide they’ll give it a shot. This means it’s still not a bad idea to keep track of opportunities for it to catch on, which is what we’re getting into with six specific ideas below.

1. Sports Ticketing

Sports ticketing, and really event ticketing in general, is actually an area ripe for innovation. While it seems as if services like SeatGeek and the fact that we can scan tickets from mobile devices have modernized this business, there’s still a lot of fake tickets and fraudulent sellers out there, and there’s generally a lot of trickery. For these reasons it’s been suggested that ticketing needs the blockchain, and by extension it could in theory thrive on cryptocurrency. The blockchain would effectively enable the sale of only authentic tickets, with assurances on the part of both the buyer and seller, and naturally it’s already set up to work with bitcoin and the like.

2. Travel Expenses

One of the places that crypto spending blossomed fairly early was in online travel booking. It has since recoiled somewhat, such that not as many booking-related sites accept cryptocurrency as did a few years ago. However, the notion that travel expenses in general can be addressed with cryptocurrency makes a certain sense. This is for the simple reason that cryptocurrency prices are universal, and can thus be applied across borders, solving potential complications with currency exchange. That doesn't mean you can simply use crypto anywhere abroad of course, but it is easy to imagine some basic travel planning - buying a Eurail pass in advance of a trip from America, for instance - involving crypto.

3. Devastated Economies

A few years ago now, the idea was floated that Greece could actually turn bitcoin into its national currency. This proved somewhat ridiculous and it’s probably not going to happen anywhere in the foreseeable future. However, there are other examples of collapsing economies turning to bitcoin when local currencies cease to be reliable, or when banks close. Zimbabwe, Venezuela, and others serve as examples, and it’s certainly conceivable that over time more and more struggling economies - particularly even some big ones - could pave the way for citizens to use crypto on a much more regular basis.

4. Peer-to-Peer Sales

Right now there are countless digital services that facilitate easy peer-to-peer transactions and sales. However, unless you’re dealing with a close friend or family member it can still be the littlest bit unsettling to trade money for goods or services from a private individual. Basically, this happens whenever you buy something on any kind of secondary market, or when you patronize a business run by a single individual. The blockchain, and cryptocurrency, can potentially become very useful in this area, as it can essentially use smart contracts to eliminate risk and add stability.

5. Casino Gaming

Casino gaming has become huge both online and on mobile phones, and as a result there are a ton of sites out there. Different payment methods are among the key differentiating factors between them, and naturally this means gamers are concerned with security and convenience. As a result, some sites have already begun to accept cryptocurrency deposits and offer payouts in the same cryptocurrencies. So here the question is just how much these early adopters will ultimately influence the significantly sized industry of online casino gaming.

6. Real Estate

Real estate dealings can get fairly complex, and they’re extremely competitive also. For this reason, there’s already some talk about the idea that they too could come to rely largely on blockchain-based contracts. If this proves to be successful among even a few major real estate companies, it could spark wider adoption without a doubt.