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Real-life use cases for Bitcoin

Bitcoin is perhaps the most popular of all the 9,000 or so cryptocurrencies that currently make up the market. However, its critics often argue that it has no tangible value in the real world.

This can be difficult to explain when more than 730,000 transactions take place daily, especially since there is clear evidence that Bitcoin is currently being used in a number of different ways.

So, if you are one of those naysayers or simply not familiar with how this works, this post is for you.

In this article, we will debunk this myth once and for all by highlighting eight real use cases for Bitcoin that are currently happening around the world.

1. Peer-to-peer payments

Probably the biggest and most obvious real use for BTC is peer-to-peer payment, which is what it was originally intended for.

Thanks for Cryptocurrency exchange bitcoin.com.auYou can send Bitcoin to anyone in the world, anywhere on the planet, without interference from a third party, such as a bank or government.

Thus, this enables you to make safe and convenient contactless payments across international borders in a way that you could not do before.

Additionally, because BTC maintains a fixed price everywhere, it eliminates the need for currency conversion – making it a truly global currency. You can also take advantage of pseudonymity, which means you can send or receive cash transactions anonymously if you wish.

2. An excellent investment option

Since Bitcoin has only been around since 2009, it is still considered to be in its infancy. They were also volatile in nature, causing their prices to rise and fall dramatically.

However, since it has a maximum lifetime supply of 21 million coins, it should be viewed as a great investment as this scarcity of supply is what increases its value.

It follows that as more blockchain innovations are developed, the value and demand for BTC should increase further.

Furthermore, due to its decentralized nature, it is a very attractive proposition for investors because they can increase the value of their assets while hedging against inflation, since it is not controlled by an external institution.

3. Crowdfunding

You may not be aware of this, but the roots of crowdfunding can be traced back to the British rock band Marillion – whose major hit singles included… Kylie, Lavenderand Isolated from the outside world.

In 1997, they successfully raised capital to fund a reunion tour, thanks to online donations from their fans.

Over 25 years later, crowdfunding has become a popular way to raise money for a cause, march, movement, medical emergency, new business venture, or project by attracting a large number of people.

While cash has traditionally been king, bitcoin-backed crowdfunding platforms like CoinLaunch and BitStarter enable individuals to support these requests on a global basis without the need for banking or government institutions to be involved.

4. Pay for purchases

Many companies, including behemoths like Microsoft, AT&T, Starbucks, Tesla, and The Home Depot, now accept Bitcoin as a form of legal tender.

Today, Bitcoin is widely used to pay for goods and services around the world in a range of diverse industries, from travel agencies and restaurants to hotels and online retailers.

As more businesses adopt this approach to reach a wider customer base, increasing numbers of people will adopt it as a means of payment.

5. Online gambling

Research conducted by Spherical Insights & Consulting indicates that the global online gambling market size in 2023 was estimated at a whopping $84.79 billion and is set to reach $164.53 billion by 2033.

Some gambling platforms, such as Bitcasino and FortuneJack, are trying to capitalize on this growing trend by enabling gamblers to use Bitcoin as a means of payment when depositing or withdrawing funds.

This not only saves money and time for the casino and the gambler, but also protects the identities of the participants by providing a secure and robust payment system.

6. Donations

according to This report is from Philanthropy.orgAustralians donate more than $13 billion to charities and humanitarian organizations every year.

Increasingly, Bitcoin is being accepted as a form of donation, with the likes of the British Red Cross, Save the Children, Humanity Way and Cancer Council all welcoming pledges in this form.

This is an attractive option for donors who want to remain anonymous and not pay any transaction fees.

7. Micropayments

Since we live in an age where so much informational digital content is produced, some people choose to offer financial rewards or bonuses to content creators.

This could be for a song, an informative blog or a piece of digital art, which can be done again without having to pay a transaction fee for the privilege.

8. Money transfers

In some countries, such as Ghana and Nigeria, people working abroad pay remittances to loved ones there. Not only can this be an expensive exercise, it can also be time consuming.

However, with Bitcoin, all a person needs to receive BTC is a wallet address. If they have one, the coins will be sent to them in the next few minutes, especially if you use an app like Breet.

Real-Life Use Cases for Bitcoin

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