What will be most feasible usages for "Universal" cryptocurrencies in long run?

[MeSoCorny]

When I say universal I am speaking to crypto's like Bitcoin (that serves a p2p economy), ethereum (that serves a development economy) etc. There are 1000's of alt coins that serve no real original purpose. Monero builds on an anonymous currency. These types of coins I named above serve very real, specific, and ideal purposes for the existence of their specific cryptocurrency. Many other coins I see on alt coin discussions  aren't realistically useful per se.

For instance, a crypto that just allows users to buy from multiple online venues using cryptocurrency. There's no real reason why one would need this aspect rather than using their CC on venues like Amazon. Add to that, these same venues may create their own digital currency eventually making these alt coins obselete.

If it's a person that I need to send money to it makes sense to use crypto rather than send a check or cash or visit THEIR specific bank etc since they do not have a CC merchant. Bitcoin makes sense here. Even the anonymous coins like Monero etc, sure the drug dealer angle isn't ethical, but there is an actual market there that anonymous makes sense.

So what I'm looking for is what others feel are very applicable platforms crypto would be a need in current real world needs. What needs can you think of, that were you to see an ICO for that need, would make you see it as a great investment because it has an actual market need that would be filled. Hope that makes sense. Thanks.

[1714897990]

1714897990

[AdolfinWolf]

When I say universal I am speaking to crypto's like Bitcoin (that serves a p2p economy), ethereum (that serves a development economy) etc. There are 1000's of alt coins that serve no real original purpose. Monero builds on an anonymous currency. These types of coins I named above serve very real, specific, and ideal purposes for the existence of their specific cryptocurrency. Many other coins I see on alt coin discussions  aren't realistically useful per se.

For instance, a crypto that just allows users to buy from multiple online venues using cryptocurrency. There's no real reason why one would need this aspect rather than using their CC on venues like Amazon. Add to that, these same venues may create their own digital currency eventually making these alt coins obselete.

If it's a person that I need to send money to it makes sense to use crypto rather than send a check or cash or visit THEIR specific bank etc since they do not have a CC merchant. Bitcoin makes sense here. Even the anonymous coins like Monero etc, sure the drug dealer angle isn't ethical, but there is an actual market there that anonymous makes sense.

So what I'm looking for is what others feel are very applicable platforms crypto would be a need in current real world needs. What needs can you think of, that were you to see an ICO for that need, would make you see it as a great investment because it has an actual market need that would be filled. Hope that makes sense. Thanks.

Honestly, i think that for most modern countries, adoption still has a long way to go.

The cryptocurrencies with the most usecase are (imo) cryptocurrencies that can be used for anonymous/private transactions,  ( Monero etc.) due to them being extremely viable in money laundering schemes/darknet markets. You might not like it, but that's the truth. Why do you think that Putin currently ''supports'' cryptocurrencies? (Evading sanctions?)

Projects like Ethereum are pretty promising (As ethereum could for example be used to make government spending more transparent, etc. ), but to state that they will replace current payment methods/fiat currencies any time soon is just really not the case yet (imo).

And yes, 99% of current ICO's/coin projects are nothing more then a shiny whitepaper. They don't have any real usecase. It's all buzzwords to ride the blockchain hype.

[MeSoCorny]

You might not like it, but that's the truth. Why do you think that Putin currently ''supports'' cryptocurrencies? (Evading sanctions?)

Oh I totally agree with that point. I just stated "unethical in my OP because I didn't want to get bombarded with people who might say that saying that gives crypto a bad name. Imo, if a coin holds a market, no matter whether it is the above ground or back alleys, someone will find a solution to fill their needs. So I have no problem with the Monero's or privacy coins even if they are for that reason, as they serve a market and its needs. Thanks for comment as I would love to find a crypto that is still obscure or in ICO phase that is a new concept. Currently I can't see any that serves a new fundamental purpose which isn't being done by the bigger coins currently available.

[MintDice]

Perhaps cryptocurrency usage will expand into representing a natural resource or asset like what we are seeing with the Venezuelan Petro Project. Who knows, it seems like it could be useful for countries that want to circumvent sanctions. 

[baguetter]

There are so many different types of coins nowadays exactly because you never know what use will turn out to be the most groundbreaking and lucrative. The use of bitcoin to avoid problems and delays with sending money is an obvious benefit, but since this money is digital there are a million other uses for specific kinds of customers etc. I can't blame companies for creating so many seemingly useless currencies, since who knows, maybe it will turn out to be the next best thing. Personally Steemit is such an original and ambitious idea. Would be cool if something like that worked in the end.

[jseverson]

For instance, a crypto that just allows users to buy from multiple online venues using cryptocurrency. There's no real reason why one would need this aspect rather than using their CC on venues like Amazon. Add to that, these same venues may create their own digital currency eventually making these alt coins obselete.

Well, banks charge credit card fees to vendors, so if you're a vendor, it might make a little more sense for you to accept a different medium of payment, such as Bitcoin. Assuming, of course, that it's widely used and that the volatility won't get in the way. You'll probably only save a few dollars per transaction, but that piles up rather quickly. That's a more than valid use case in my opinion. There's also the fact that you won't have to deal with chargeback fraud, which is another pro.

So what I'm looking for is what others feel are very applicable platforms crypto would be a need in current real world needs. What needs can you think of, that were you to see an ICO for that need, would make you see it as a great investment because it has an actual market need that would be filled. Hope that makes sense. Thanks.

Well smart contracts are very interesting, but I don't think they're being used to their full potential. There's still a lot of places technology like that can go, but I guess no one has found a real use for it yet. Other than that, off the top of my head, anonymity -- I'm fairly sure they're going to be regulated to hell and back once they start becoming widely used though.

[MeSoCorny]

Well, banks charge credit card fees to vendors, so if you're a vendor, it might make a little more sense for you to accept a different medium of payment, such as Bitcoin. Assuming, of course, that it's widely used and that the volatility won't get in the way. You'll probably only save a few dollars per transaction, but that piles up rather quickly. That's a more than valid use case in my opinion.

Yeah but this kind of goes to my point that these same venues like Amazon could create their own digital currency making an alt coin, that applies their platform to the specific use of creating a universal alt coin specifically for dealing with online vendors, somewhat obsolete. Sure one could argue the mom and pop online retailers might find value in this alt coin, but I would assume they would probably just accept a widely used crypto like Bitcoin since it is more universally used.

There's also the fact that you won't have to deal with chargeback fraud, which is another pro.

For online retailers like Amazon or eBay I think this would be a negative factor with the amount of illegitimate 3rd party vendors. Also, not sure how customers would feel about this in general. Having their money held hostage unless the merchant deems them innocent. Sure from a legitimate vendor's point of view your synopsis is spot on, but customers will always think of the "what if's" when buying certain products, especially high priced items.

[jseverson]

Sure one could argue the mom and pop online retailers might find value in this alt coin, but I would assume they would probably just accept a widely used crypto like Bitcoin since it is more universally used.

Yeah, I don't see the point in creating an altcoin that can only be used specifically on your platform along with a few others. Customers are always going to be looking at the simplest solution, which will hopefully be Bitcoin in the future. Less conversions is always better.

For online retailers like Amazon or eBay I think this would be a negative factor with the amount of illegitimate 3rd party vendors. Also, not sure how customers would feel about this in general. Having their money held hostage unless the merchant deems them innocent. Sure from a legitimate vendor's point of view your synopsis is spot on, but customers will always think of the "what if's" when buying certain products, especially high priced items.

Well they're already middlemen, so they have to act as escrows which I realize isn't the most elegant solution. I have to confess that when I said that statement I was thinking more about small personal businesses, and from the perspective of the business owner. There could be problems regarding trust either way, yeah.