Crypto EcoBlog
Cryptocurrencies are the most recent introduction to the global financial ecosystem, which has so far been ruled by precious metal and currency notes issued by governments of their respective countries. The advent of cryptocurrencies which aren’t limited by geographical boundaries combined with their increased adoption among the masses in the recent decade has forced everyone involved to rethink the fundamentals of the old-school financial system.Since then, governments and banking institutions have acknowledged the disruptive potential of cryptocurrencies, and some of them like Japan have even gone a step further and declared them as legal tender. However, not everyone is onboard yet, and a majority of the global population including businesses and a handful of governments are yet to come
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Cryptocurrencies are the most recent introduction to the global financial ecosystem, which has so far been ruled by precious metal and currency notes issued by governments of their respective countries. The advent of cryptocurrencies which aren’t limited by geographical boundaries combined with their increased adoption among the masses in the recent decade has forced everyone involved to rethink the fundamentals of the old-school financial system.
Since then, governments and banking institutions have acknowledged the disruptive potential of cryptocurrencies, and some of them like Japan have even gone a step further and declared them as legal tender. However, not everyone is onboard yet, and a majority of the global population including businesses and a handful of governments are yet to come to terms with the new reality. It also means that those who have already adopted cryptocurrencies or planning to do so are finding ways to make use of them in their daily lives.
So, Where Can They Spend Cryptocurrencies?
For starters, not all cryptocurrencies are created equal. Bitcoin leads the pack as it is the first cryptocurrency to come into existence and the adoption of Bitcoin is many folds higher than its counterparts. Also, the Bitcoin network is considered to be the most secure and highly stable than any other options that are currently available.
There are plenty of places across the world, both online as well as offline where people can spend the cryptocurrency just the way they would spend fiat. There are many e-commerce platforms where users can place an order for goods and services and pay for them with Bitcoin. Not to mention the increasing number of brick-and-mortar stores which are including Bitcoin as one of the payment methods along with the conventional cash, debit/credit card and mobile wallet payments. There are many crypto payment processors like BitPay that allows merchants to collect Bitcoin payments form their customers to receive settlement directly to their accounts in fiat.
Certain jurisdictions in Europe including Switzerland and states in the North American continent accept Bitcoin as a valid mode of tax payments. There are also platforms like Living Room of Satoshi that enable utility bill payments with cryptocurrencies. If that’s not enough, many crypto platforms are now issuing crypto-funded prepaid/debit cards that are connected to the users’ crypto-wallets. These cards can be used like any other bank card at places accepting debit and credit cards.
All these options provide a way for the crypto community to spend their cryptocurrency holding to pay for their living expenses and more with Bitcoin and other digital assets without having to depend on exchanges to sell their crypto assets for cash before spending it for their regular day-to-day expenditure.
However, in spite of these improvements, the major driving force behind crypto adoption and spending are online crypto trading and crypto gambling platforms. A lot of people are involved in cryptocurrency trading on dedicated platforms that allow them to trade against not just cryptocurrencies but also other financial assets including stocks, forex, precious metals, commodities and more. The online gambling industry, on the other hand, is known for its role in driving the adoption of Bitcoin, followed by other flavors of cryptos like Ethereum, Litecoin and so on. There are many bitcoin casinos where people can play almost all the games that are available in the industry, but without having to worry about the geographical and legal barriers that are usually predominant in fiat-based gambling activities. These platforms not only allow anyone from anywhere in the world to play on their platform of choice but also supports faster settlements of deposits and winnings at minimal or even zero cost. And given that crypto transactions don’t require users to furnish any readily identifiable personal information, it addresses the privacy concerns as well.
Overall, the avenues for use of cryptocurrencies as a payment option are similar, if not better than fiat payments and the only thing lacking is widespread adoption. If the number of people willing to acquire and pay with digital currencies continues to grow, then it may encourage everyone to start paying and receiving payments in Bitcoin and other cryptocurrencies.