7 most common crypto use cases in New York
All too often, people seem to argue that cryptocurrencies have no real-world use. While this might have been historically true, things have changed recently. Globally, cryptocurrency is becoming increasingly widely accepted and used in daily life by many people. This is especially true of New York, where there is now a wide array of common crypto uses. But in what ways can you use crypto in New York?
One of the most famous methods of use and the way in which most people think that crypto can only be used, is in investment. This has long been the most famous way that people use their cryptocurrencies and remains an effective use of crypto. The volatility of the market lends itself to day traders looking to utilise technical analysis or momentum trading in order to get quick profits. Efficiency and preparation are key for favourable outcomes when day trading, and keeping on top of which crypto to buy today is important to make sure you are keeping a diverse portfolio and maximising your chance of success. Equally, the market can be used by many for longer-term investments that will continually change, but ultimately, if invested wisely, hopefully give you the chance to walk away with considerable profit.
The beauty of using crypto in investment is partly due to its decentralized nature. Smart contracts that are based on the blockchain are offered by decentralized finance platforms, which enable easier lending, quicker trading, and higher yields of farming. The traditional rigmarole that is involved with this is much more streamlined on DeFi platforms, and these platforms are becoming increasingly more prominent in and around New York. NY is home to more than 20 DeFi platforms and is increasingly becoming a hub for DeFi startups. Regulated under BitLicense, they operate under a framework that fuels smaller, more local growth.
Aside from investments, there are several other common crypto use cases in and around New York. Retail and in-store payments in crypto have been opened up by the introduction of BitPay in the region. Numerous cafes, bars, and restaurants now operate using crypto. Smaller, more niche establishments such as PubKey - a pub where you can pay in crypto and created for Bitcoin enthusiasts in Greenwich Village - now use only crypto payments, whilst many restaurants in New York now offer crypto loyalty tokens.
For many in New York, the increased popularity of online gambling and the emerging iGaming industry, which continues to grow year on year, is a perfect spot to use crypto for the everyday punter in New York. These online casinos often have specific platforms that only use crypto for transactions and wagering or offer crypto options for users. Many prefer using crypto when playing online casinos as it is transparent, anonymous, and offers instant transactions, eliminating many of the issues fiat currencies often present for people.
Sending money internationally for cross-border remittances is another great way to use crypto. New Yorkers are made up of all sorts of different backgrounds from around the world, and remittances are a common way for people to send money back to their loved ones from their home country. This can often be an unbelievably wearying process, which can take ages. But cryptocurrencies have changed the game with this, offering instant transactions around the globe, avoiding all sorts of conversion fees and currency fees that are tied to traditional fiat currency payments. Things like the Breet app allow users to simply transfer money internationally using their crypto wallet to loved ones hundreds of miles away with no issues.
New York real estate is famously one of the world’s most lucrative markets. This makes it very hard for everyday investors to join the real estate business in such a famously expensive city. Blockchain tokenization of the real estate market in New York has changed the game with this. This system allows real estate to be broken down into digital shares and assets. This can be bought in by numerous different investors from around the world, allowing for fractional ownership and a bit more fluidity in a stalemate of a market which is too often gatekept when operating within the traditional fiat economy.
Another way everyday people can use crypto is in part of their community initiatives. One of the best ways this can be implemented is through crypto crowdfunding prospects. Local projects within New York can be funded through cryptocurrencies for social issues and community ventures. This allows the community gardening projects in the Bronx, immigration legal aid for those coming to New York, and tech start-ups in Brooklyn to pool contributions on Juicebox, Mirror, and Giveth. These platforms allow people to come together and invest their crypto in a philanthropic way for the greater good in causes that they believe in, harbouring community spirit using a global decentralized blockchain network.