Cryptocurrency
Popular Crypto Use Cases
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In Brief
Explore the diverse use cases of cryptocurrencies, from payments to NFTs and stablecoins, with Trust Wallet's support.
Cryptocurrencies have evolved far beyond their initial concept of being a digital alternative to traditional money. As blockchain technology develops, various innovative applications emerge. This article explores some of the most popular, innovative use cases for cryptocurrencies and blockchain technology, showcasing how these digital assets are reshaping our financial landscape and beyond.
Before We Continue
Before we continue discussing crypto use cases, remember that Trust Wallet - a secure, self-custody crypto wallet - supports 10M+ assets across 100+ blockchains including crypto tokens and meme coins. You can buy, sell, swap, transfer, and earn crypto all in one place.
Trust Wallet is available for mobile app download on iOS, and Android, or you can install the Trust Wallet Extension for your desktop browser.
Crypto as a Currency
The original, most straightforward use case for cryptocurrencies is as a medium of exchange. Bitcoin, the first and most well-known cryptocurrency, was designed to be a peer-to-peer electronic cash system. Today, many businesses around the world, including major companies and retailers, accept Bitcoin and other cryptocurrencies as payment for goods and services.
Cryptocurrencies have become a popular alternative for everyday transactions in some countries with unstable local currencies. El Salvador made Bitcoin a legal tender in 2021, enabling citizens to use it for all types of payments.
Cryptocurrencies are defined as "digital representations of value" that are not issued by central banks or public authorities and are accepted as a form of payment by individuals and businesses. They can be stored, transferred, or traded electronically. In most countries, however, they are not yet recognized as traditional currencies.
Cryptocurrencies also hold market value. The potential of blockchain technology has given rise to a broad spectrum of applications beyond standard financial transactions, with new use cases rapidly emerging.
Using cryptocurrencies as a currency offers several advantages:
Lower transaction fees: Cryptocurrencies often offer lower fees, in comparison to traditional financial institutions.
Speed: Transactions can be processed much faster, than through traditional financial systems..
Accessibility: Cryptocurrencies provide access to financial services for people who are unbanked or underbanked.
Crypto Payment Networks
Several platforms and networks have emerged to facilitate easier and more efficient crypto payments. Platforms like Lightning Network for Bitcoin, and the various decentralized payment networks on Ethereum enhance the usability and scalability of crypto transactions.
For example:
Lightning Network: This is a Layer 2 scaling solution for Bitcoin, enabling faster transactions at a lower cost. It's especially useful for microtransactions.
Ethereum's Layer-2 Solutions: Networks like Polygon provide faster and cheaper transactions on the Ethereum blockchain.
Stablecoins
One of the significant challenges of using cryptocurrencies as currency is their price volatility. Stablecoins address this issue by pegging their value to a stable asset, such as the US Dollar, Euro, or gold. Popular stablecoins include Tether (USDT), USD Coin (USDC), Ripple (XRP) and Dai (DAI).
Stablecoins offer several benefits:
Stability: They provide a stable store of value.
Utility: They are widely used in DeFi (Decentralized Finance) applications, enabling users to earn interest, lend, borrow, and trade without concerns about the volatility of traditional cryptocurrencies.
Decentralized Social Networks
Blockchain technology also changes the way we interact on social media. Decentralized social networks give users control over their data and content, eliminating the need for centralized intermediaries.
Examples of decentralized social networks include:
Steemit: A blogging and social networking website that uses blockchain technology to reward users with cryptocurrency for creating and curating content.
Minds: An open-source social network where users can earn tokens for their contributions and use them to promote content or support other users.
Voice: A blockchain-based social media platform designed to reward content creators and ensure transparency.
Meme Coins
Meme coins have become a cultural phenomenon within the crypto space. Inspired by internet memes and jokes, these coins often start as a humorous take on the crypto market. They can, however, quickly gain substantial value and community support. Popular meme coins include:
Dogecoin (DOGE): Originally created as a joke, Dogecoin has gained a massive following and is used for tipping and charitable donations.
Shiba Inu (SHIB): SHIB is another meme coin that has garnered attention, often seen as a rival to Dogecoin.
Mother Iggy, also known as MOTHER, is a unique entry in the meme coin market. Mother Iggy is also referred to as a "celeb coin" owing to its association with the rapper Iggy Azalea. Mother Iggy emerged as an innovative addition to the Solana ecosystem.
How to Buy Solana Meme Coins Using Trust Wallet
You can buy Solana meme coins using Trust Wallet, via our trusted partners. Here’s how:
Select “Buy” from the home screen.
Search for your desired Solana-based meme coin and select it. We use “Dogwifhat (WIF)” for this example.
Choose the currency you want to use, then enter the amount of WIF you want to purchase.
Select the third-party provider & payment method you’d like to use.
Select the Buy button and complete the remaining steps.
How to Buy Base Meme Coins Using Trust Wallet
You can buy Base meme coins using Trust Wallet, via our trusted partners. It’s important to remember that you will need to have ETH (Base) in your wallet before you can buy Base meme coins.
Open the Trust Wallet app on your mobile phone.
Click “Swap” on the bottom left side of your screen.
Change the “From” network to Base and choose ETH (Base) as your token
Change the “To” network to Base and choose your Base meme coin. We use BRETT for this example.
Enter the amount of ETH (Base) you would like to swap.
Click “Continue.”
NFTs (Non-Fungible Tokens)
NFTs are distinctive digital tokens created using blockchain technology. NFTs are unique and not interchangeable, as each one represents a specific digital asset or collectible. Each NFT has its own set of characteristics, properties, and attributes, such as ownership, history, and provenance, making it different from any other NFT.
NFTs can represent a wide range of digital assets, including artwork, music, videos, and games. AnNFT acts as a digital certificate of ownership, proving that you own a particular digital asset. This certificate is stored on the blockchain, ensuring an immutable and tamper-proof record of ownership.
Key use cases for NFTs include:
Digital art: Artists can create and sell unique digital artworks, with ownership and provenance recorded on the blockchain. Platforms like OpenSea and Rarible are popular marketplaces for NFTs.
Collectibles: NFTs are used for digital collectibles, including virtual trading cards, in-game items, and more. Projects like CryptoPunks and NBA Top Shot are notable examples.
Virtual Real Estate: Virtual worlds like Decentraland and The Sandbox enable users to buy, sell, and develop virtual land using NFTs.
Tokenized Real-World Assets
Tokenization is the process of converting real-world assets into digital tokens on a blockchain. This can include anything from real estate and art to commodities and stocks.
Examples of tokenized assets include:
Real estate: Platforms like RealT and Propy support the tokenization of real estate properties, enabling investors to buy fractional ownership of properties.
Art: Companies like Maecenas and Masterworks enable the tokenization of valuable artworks, making it possible for more people to invest in high-value art.
Commodities: Tokenized gold, silver, and other commodities, provide a way to trade and hold physical assets in a digital form.
Tokenized assets offer several benefits:
Liquidity: Tokenization can make traditionally illiquid assets more liquid and easier to trade.
Accessibility: More people can invest in high-value assets by buying fractional ownership.
Transparency: Blockchain technology ensures transparency and security in the ownership and transfer of assets.
Using Trust Wallet as a Gateway Across Crypto Use Cases
As highlighted throughout this article, Trust Wallet plays an important role in enabling users to explore and engage with the various crypto use cases discussed in this article. As a versatile and secure multi-chain wallet, Trust Wallet supports a wide range of cryptocurrencies, tokens, and NFTs across multiple blockchain networks.
Closing Thoughts
The diverse use cases of cryptocurrencies highlight the transformative potential of blockchain technology. Whether you're using crypto as an actual currency, exploring decentralized social networks, or investing in NFTs and tokenized assets, the possibilities are vast and exciting. Trust Wallet serves as a comprehensive tool to navigate these various use cases, providing a secure and user-friendly platform for all your crypto needs.
Disclaimer: Content is for informational purposes and not investment advice. Web3 and crypto come with risk. Please do your own research with respect to interacting with any Web3 applications or crypto assets. View our terms of service.
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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.