Real-life uses of virtual tokens: Gig pay, travel spends in crypto

economictimes.indiatimes.com:

Most Indians invest in crypto hoping for high returns despite volatility and legal uncertainty. But there are people who go beyond investment and look for other uses of virtual currencies. For instance, gig economy workers are accepting crypto payments from foreign clients and some Indians are spending Bitcoin while travelling abroad. What are the emerging use-cases of crypto? And why do people prefer to use it? Buying and selling has been the primary use-case for most types of cryptoholders. The prospect of higher returns compared to conventional assets is a key factor that attracts Indians to cryptocurrencies. Other investment routes comparable to traditional financial products like ETFs, SIPs and deposits, which this column explained in previous weeks, too have gained in popularity. Then there are some who understand crypto’s underlying distributed ledger (blockchain) technology and have been early adopters to support its development.

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But do you wonder what are the other ways crypto is being used despite legal uncertainties? Restrictive regulations globally have been successful in limiting most non-investment use-cases of crypto. Nevertheless, savvy users find ways to benefit from crypto usage in the legal grey zone. What’s common among these types of crypto holders? They invest in & trade virtual assets.Cheap, Fast Payments Many Indians ended up owning crypto while freelancing for foreign clients due faster delivery and lower cross-border transaction fees. “Foreign clients and freelancers both save a lot of fees