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Common Uses of Bitcoin And Other Crypto Currencies

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It is no longer a secret that cryptocurrencies like Bitcoin are taking over the online world. This new phenomenon has grown exponentially over the recent years especially among people who value anonymity as well as security. Of course, Bitcoin tops the list as the most popular and widely used crypto coin among many others. By 2018, more than 860 cryptos had featured on the CoinMarketCap and more are expected to be listed by the end of 2019. Today, cryptocurrency is accepted in a number of online stores, travel agencies, online casinos, and bookmakers, etc. Join us, as we explore the different use of this new modern decentralized currency that is taking over the traditional currencies.

Travel Industry

Many people love to travel. The good news is that you can now buy your air tickets using different types of cryptocurrency. There are several well-established travel agents like CheapAir and Destinia accepting Bitcoin as a payment option. This agencies not only offer travel services but you can as well pay for your hotels or apartments using Bitcoin or Eth. With the widespread of Bitcoin ATM markets, converting cryptocurrencies into local currency has become easier than ever. What’s even more interesting is that you can pay for your space travel ticket using Bitcoin. This was made public back in 2013 by Richard Branson’s commercial space travel company. A number of future astronauts and bitcoin advocates have already purchased the ticket which is going for $250,000 in Bitcoins!

Store of Wealth

Many people believe that cryptocurrency such as bitcoin is too volatile to be used to store wealth. The truth is that this the only currency that has managed to maintain a non zero monetary value since 2010. The best store of value is one that is constant or appreciates with time and that is the case with cryptocurrency.  Although there is no guarantee that it will continue this way, at least it has proved to be long-lasting. Another reason why bitcoin is most preferred as a store of value is that it acts as a censorship-resistant alternative store of value with a unique encryption key which is only known to the e-wallet owner. Unlike in traditional financial institutions where your account can be frozen at any time, this unique key prevents authorities from accessing your funds.

Digital Publishing

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Digital publishing and advertising companies are using all possible ways to boost relevancy and leverage on another. And the only best way is to adopt cryptocurrency. For instance, SteemIt allows content writers to receive rewards in the form of cryptocurrency instead of Fiat currency. Unlike Facebook where your information or content will be sold to other third parties, SteemIt empowers its users financially. Another popular digital publishing company is SolidOpinion where advertisers are allowed to attach ads on relevant articles. This website utilizes a proprietary form of cryptocurrency and Engagement Token to boost engagement with the content.

Funding Charity Organisations

A good number of online charity organizations have adopted the use of cryptocurrency as a payment method. For instance, Sean’s Outpost provides free meals for homeless people in Florida. Being the one and only Being the only homeless outreach organization accepting cryptocurrency, a special altcoin known as AidCoin has been introduced to facilitate easy donation. Popular fundraising websites accepting crypto include IndieGoGo and Kickstarter.

On the other hand, a cryptocurrency is a great tool to de-corrupt charity organizations. There are many fraud charity organizations that are misusing funds intended to help the suffering people. This technology can be used to prevent corruption that is rampant in charities. A good example is the World Food Program (WFP) that is using blockchain to distribute cash support to organizations.

Buying and Selling of Goods

Cryptocurrency is used to purchase a wide range of goods today. You can now buy a house using bitcoins! This is accepted at Propy.com, an international real estate company. Another website that is openly advertising the use of cryptocurrency is MyCOINreality.com. Besides purchasing houses, you can pay for your coffee or fast foods using cryptocurrency. Snakes and Lattes in Toronto and Starbucks allow customers to pay for their coffee using bitcoins. Pizza lovers can make their orders at Pizzaforcoins and pay with 50 different types of crypto coins! Do you love fancy cars? If yes, then it is good to let you know that you can purchase a car using cryptocurrency. A California based car dealer sold Tesla Model S P85 at 5,447 LTC to a customer back in 2014. Also, crypto was accepted at the world popular Bonhams car auctions hosted in 2018. Other luxury products like watches and jewelry are being sold in crypto across different online stores.

Learning

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There are many schools, colleges and universities accepting crypto as a payment option. Bitcoin is widely used in Germany, the USA, and Switzerland and is expected to grow in other parts of the world.

Investing in Young Startups

With the introduction of digital token based fundraising, anybody with access to the internet can invest in young tech startups. Innovators raise capital by selling a digital token to established companies who buy via cryptocurrency.

Online Gambling

Cryptocurrency is now available in the online gambling industry. More and more real money online casinos and bookmakers are accepting Bitcoins as a form of payment. You can play a wide range of casino games like blackjack, roulette, baccarat, and live dealer and cashout your wins in the form of crypto.

Bottom Line

It is crystal clear that cryptocurrency is revolutionizing every sector of the online world and land-based businesses. Bitcoin is still the most popular crypto in the market but there are many others that are being launched in the market. Some of the reasons why this technology is gaining fame every day are because it is safe, fast, stable and offers anonymity.

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