What are the next major uses of Bitcoin and Ethereum?

Bitcoin and Ethereum are two of the most popular cryptocurrencies in the world. While they have been primarily used for payments and investment purposes, there are many other potential uses for these technologies.

In this blog post, we will discuss some of the next major uses for Bitcoin and Ethereum and suggest why this could potentially happen in the future.

What is crypto and how has it entered the mainstream?

Cryptocurrency has entered the mainstream in recent years, although the reasons it may have become so world-renowned may not always have been because of positive reasons. 

It all started with Bitcoin, the first and most famous cryptocurrency that was created in 2009 as a response to the global financial crisis. The idea behind Bitcoin was to create a decentralized digital currency that could be used by anyone, anywhere in the world. While it took a few years for people to start using Bitcoin, it eventually became one of the most popular payment methods on the internet.

Ethereum is another popular cryptocurrency that was created in 2015. While Ethereum shares many similarities with Bitcoin, it also has some unique features that make it different from other cryptocurrencies. One of these features is Smart Contracts, which allow users to create contracts and agreements that can be enforced automatically without the need for a third party. This makes Ethereum an attractive platform for a variety of different applications.

Of course, many around the world will know about its price compared to traditional fiat currency, with a single coin being worth thousands in “real money”, while others will also immediately think about the volatility that can be associated with these digital assets. Nonetheless, there are plenty of benefits that can be enjoyed!

So what are the next major uses for Bitcoin and Ethereum? Let’s take a look.

Industries could take off

If you do a quick internet search, you may notice platforms such as the Ignition Crypto Casino popping up. This is because Bitcoin and Ethereum have been used as methods of payment for those who enjoy wagering activities, such as playing their favorite casino titles like slots or poker!

These digital coins provide a number of different benefits that enthusiasts can enjoy because of the decentralized nature that they are built. For example, there are no barriers to entry, while transactions are also cheaper and faster to make!

With this in mind, we should see the online gambling industry able to grow further and expand as Bitcoin and Ethereum continue to develop and grow further in the future, however it should also be noted that other industries could also benefit as Bitcoin and Ethereum is begun to be widely accepted as a recognized form of payment.

Perhaps we will see more countries adopt them as legal tender following the decision to have been made by El Salvador in 2021 after introducing their Bitcoin Law? Maybe we will also see it be used further as the Metaverse continues to be developed?

How can Bitcoin improve?

One potential use for Bitcoin is in the area of smart contracts. A smart contract is a contract that is written in code and stored on a blockchain. This type of contract can be used to automate certain processes or agreements. For example, a smart contract could be used to automatically send payments to a contractor based on the completion of milestones.

Another potential use for Bitcoin is in the area of identity verification. There are many services that require users to verify their identities before they can access them. However, this process can often be time-consuming and inconvenient. With Bitcoin, users could potentially create a digital identity that could be used to access these services quickly and easily.

Can Ethereum get better?

Ethereum also has many potential uses beyond payments and investment purposes. One potential use for Ethereum is in the area of distributed applications (dapps). A dapp is an application that runs on a decentralized network. This type of application has many advantages, including the fact that it is not subject to censorship or downtime. Ethereum could be used to create dapps that could provide a wide range of services, from social media platforms to online marketplaces.

Final Thoughts

These are just some of the potential uses for Bitcoin and Ethereum. These trending technologies are still in their early stages of development and there are sure to be many more uses for them in the future. As they continue to grow in popularity, we will likely see even more innovative applications for these technologies.

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