How Can I Use My Crypto?
Learn about the applications of cryptocurrencies that currently exist, and those that are in the process of realisation.
Jun 4, 2022
By Diremo Staff • Published on Jun 4, 2022
Cryptocurrencies, specifically Bitcoin, Stablecoins and Ethereum, have taken the market by storm following the COVID-19 pandemic. In fact, their notoriety, both through their growing media presence and volatility, have garnered them a place at the top of the “hot list” for investors, buyers and technology enthusiasts. With an industry approximation of 3 trillion, it is no surprise that cryptocurrencies have gained such extensive attention from every day consumers, who, interested in making money off of the back of the movement, have tried their luck in crypto investments. Indeed, you, the reader, might be one of them and, if so, the question you may currently have on your mind is: what now? After all, past the procurance phase of the crypto cycle, few sources provide instruction regarding how to use it.
The following guide is intended to answer the aforementioned question and provide guidance for how you can go about effectuating all of your crypto dreams. If you have any questions after reading, feel free to reach out to me via my work email (email@example.com) or my LinkedIn; I’d be happy to answer any further queries and can refer you to other crypto experts if this is what you seek.
The Two Direct Uses
Cypto, being a non tangible medium of exchange, has its expected non-tangible applications. However, what some may find surprising is that it can also be translated off the internet and directly into the hands of the buyer. Of course, there are other non-direct ways to apply your crypto such as CoinBase (a forum for crypto-USD transactions), but, under the classification provided above, these do not count as crypto applications as they do not directly utilize crypto, rather crypto poses as a single component in a superfluous transactional process.
With the above in mind, there are two distinct functions of crypto. One; cryptocurrencies are a form of monetary/non-tangible exchange by which online investments can be made and online products purchased. The distinguishing aspect to this category: one can attain the product – own it for themselves even – but cannot touch it. The second category serves as an inverse to the former. Being the category where crypto serves as a means of physical transaction, this category consists primarily of online crypto shopping firms and other exchange services for LLCE (Land, Labor, Capital and Entrepreneurship). Admittedly, there are currently scant resources in this field, yet many speculate that its influence will soon be imperative to our rapidly growing society.
A simple excerpt on the millions of non-tangible crypto options would be, at best, insufficient. Indeed, such is the unimaginable depth of the crypto online industry that it would take the length of several novels to properly encompass its foundation. That said, there are a slew of notable subcategories that can at least be identified and rudimentarily explained – you can decide which are worthwhile for follow up research.
For starters there is the application everybody knows: investment. For any application of crypto, investment is paramount, serving as the primary and enabling step to unlocking consumer purchasing power. Without investing first, you cannot apply your crypto to purchase NFTs or exchange it for other cryptocurrencies (more on these later). Furthermore, investment on its own can serve as a function of monetary exchange/expansion. After all, by trading your USD for [Bitcoin, Lunacoin, Dogecoin, etc.] on the money market, you are effectively predicting that the value of said currency will increase relative to the dollar – though, notably, in some cases such as the UST-Lunacoin death spiral, this has no guarantee of producing the desired revenue.
Once integrated within the crypto markets, you may either decide to remain invested or act upon your purchase through subsequent purchases. Lamentably, if you wish to do the latter, there are few ways to do so and even fewer deemed “worthwhile” by standing crypto experts. NFTs, being in the predominant spotlight of current online purchases, are the quintessential example of an economically controversial product. While this blog makes no assertions regarding its stance on the matter, there is hefty speculation over the long run value of NFTs.
If you are not keen on the prospect of NFTs though nonetheless interested in acting upon your initial investment, you can instead opt to purchase software or other cryptocurrencies, both of which are possible though direct crypto transactions.
Physical (LLCE) Purchases
While in the infancy of its growth, the physical product transactional aspect of crypto has recently taken hold – and not just through the purchase of illegal goods and services from the Silk Road (a crypto based, highly illicit site operating from the TOR browser extension). For instance, some technology firms have begun the shift towards compensating their workers with crypto payments. While once again a more risky option in comparison to the cold certainty of cash, notable perks such as the recent growth of the crypto industry have incentivised some believers to accept this over regular money.
Salaries are certainly a step towards the integration of crypto, though a mere inch in comparison to what some up and coming businesses have been doing. Take Diremo for instance. Founded by four entrepreneurs and crypto enthusiasts (Gabriel Romualdo, Vincenzo Francia, Luigi Rivolta and Daniel de Beer), Diremo has sought to directly link the crypto and product markets, a landmark advancement for this category of crypto applications. Thus far, Diremo has made several notable accomplishments, including, scraping a diverse selection of 50,000 products onto its site, instituting a dominant presence in the crypto-product market (they are currently the most notable – possibly the only – established site in circulation), and fostering the growth of an integrated, attentive crypto community. If you want to see the advancement of the crypto-product industry in real time, this blog suggests you subscribe to their emailing list which provides informative once-per-week updates on the advancement of crypto-product sales. Feel free to reach out to any of their founder’s emails if you’d like to learn more about Diremo ([insert-first-name]@diremo.org]).
This article has discussed the primary distinguishing factor in the crypto space, being that which a consumer can see and touch and the opposite of the stated. And, while one industry is at large and will continue to grow, the other is just starting out on a lengthy journey (though signs of its rapid expansion have already begun to hint the markets). Therefore, it is cardinal that crypto believers get involved in the crypto-product market now, not only to support the growth of a sure-to-be successful industry, but to secure their own positions in a movement that will likely result in increased long run affluence.