(Newswire.net — June 18, 2021) — Both the mainstream media and the specialized sites in recent years have been talking a lot about Bitcoin and other cryptocurrencies, but many people still don’t fully understand what they are and how they can actually be used.
Apart from trading them and trying to make a profit that way, the uses and applications of cryptocurrencies are often a mystery for the average person. So, we tried to find out what exactly cryptocurrencies can be used for and what makes them such a sought after commodity in 2021.
Online Shopping
You may be surprised by the number of online vendors today who accept Bitcoin and other crypto payments. Major tech companies such as Microsoft, but also various retailers like Overstock have realized that many people are holding a part of their wealth in cryptos, and are doing their best to capitalize on this.
By being the first in the market, these sites are trying to get people to use their services for anonymous and secure trading, and they are doing a great job of it. Whether you are looking to buy software or regular goods on the internet, there are sites out there that will let you use your Bitcoin, Altcoin, Dogecoin, and other cryptocurrencies to make the payment.
Online Gambling
Gambling is a heavily debated topics in many areas of the world, and online gambling regulations are different in each country. In some countries, people don’t have access to any online gambling sites, and the banks don’t process payments for such purposes.
International cryptocurrency gambling sites allow players from all parts of the world to play there, without discrimination. A growing number of online gaming operators are allowing some form of crypto payments, to allow more customers to use their services, as reported by Casinotalk.com.
In addition to providing services to those who may not have access, crypto based gambling sites also make any payments to such sites more private with their high degree of encryption, which some players find to be very reassuring in their security concerns.
Keeping Your Cash Safe
Popular cryptocurrencies such as Bitcoin can now be held in special crypto debit cards that actually allow you to withdraw cash at ATMs around the world, straight out of your crypto wallet. This may sound a bit wild, but these cards actually work and allow you to keep your cash safe and away from any prying eyes.
Of course, there are some limitations as to how much cash you can withdraw from such a card every day, but if you are a crypto holder and looking to travel the world, this may be the best and the cheapest way to move your money around, withdraw it when you need it in local currency, and not get into any trouble along the way.
While we are not suggesting you use these debit cards to hide money from the authorities, you can definitely use them to get access to your funds faster and with less hassle. You should still report any money you are holding in cryptos and make sure to pay your taxes on your wealth.