👌 [Analysis] Cryptocurrency: What is it good for? (A lot, actually.) – Coin Center

Andrea O'Sullivan from cryptocurrency advocacy group Coin Center broke down five applications unique to blockchain technology and cryptoassets.

1. Direct digital payment is made possible by removing the need for trusted third parties to process transactions. Users outside traditional banking can access online services, governments or hackers are unable to subvert funds, and individuals are able to transact remotely anywhere in the world.
2. The elimination of third-parties for transfer and issuance creates a secure store of value where users fully control their assets. Cryptography ensures that funds can only be spent in signed transactions and funds can't be seized without a user's private key while the removal of personal information helps protect individuals from cybersecurity threats.
3. Microtransactions and metering are made possible by transacting directly instead of through payment processors. Payments of any amount, even a few cents, are made possible allowing users to pay on a per use basis for things like news articles or a few minutes of WiFi usage.
4. Smart contracts can automate tasks to make them easier, for example, sending a specified amount of money on a certain date. Once a smart contract transaction is signed it is generally irrevocable making it necessary for developers to ensure the code works exactly as intended.
5. Extra-monetary applications include applications that extend beyond money. Because blockchains are immutable they can store information, such as a variety of personal or commercial documents, in a public and verifiable way.

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