12/03/2022
*********** 2023 Crypto Rebound ***********
You can do MORE with crypto
1. Charity
Famously, Ethereum founder Vitalik Buterin donated $1 billion to the India Covid Relief fund as well as $5 million in ETH to aid in Ukraine.
Here are three reasons why nonprofits accept crypto donations, according to a report from The Giving Block:
Diversification. Creates new ways for nonprofits to accept donations.
Increased adoption. Reaching new donors in new places.
Tax efficiency. Potential for more available donation funds.
2. Remittances
Sending money through traditional payment rails is often expensive and slow. Using crypto for international transfers is both faster and, usually, cheaper.
Using crypto is also sometimes the only option for people who can’t access financial services like a bank, or where international transfers are restricted.
Guatemala is just one example of a country where cryptocurrency has strong adoption, and our article, “LatAm’s Crypto Boom: Guatemala” shares how this has shaped the local and regional crypto economies.
3. Store of value
Crypto offers an alternative way for people to store value, especially in places where the national fiat currency may be volatile or unstable.
For people living in countries where this is common, using a tool like stablecoins makes it possible for them to hold onto monetary value, even during times of severe inflation.
You can learn more about how this works in our article, “Stablecoins, Explained.”
4. Identity management
Using blockchain technology, you can own a public address where you manage and control your data.
Since the blockchain is permanent and immutable, it could serve as the most secure digital option for maintaining important records.
Blockchain records can also be transferred easily, and access can be recorded without revealing the data contained within the address.
5. Enabling enterprise
Cryptocurrency and decentralized finance (DeFi) don’t require the same infrastructure as traditional finance, such as banks, creating many opportunities for entrepreneurs to use crypto in their businesses.
Using crypto and other permissionless DeFi tools that don’t require a bank or government to work means that businesses can start and grow, even if a nation’s economy or currency can’t match that growth.
In places like Africa and Latin America, business owners are using crypto to fund daily operations and perform transactions.
6. NFTs
NFTs are digital smart contracts that represent a real item of value, whether digital or physical, and they offer numerous benefits:
Proves authenticity and ownership
Enables artists to sell directly to fans
Can represent real-world assets
Creation of digital identity.
What’s next for crypto?
Cryptocurrency technology will continue to progress with a wide range of possibilities for crypto, DeFi and Web3 alike.
