What Are Cryptocurrencies Used for?

Cryptocurrencies have been around since 2008, when the Bitcoin white paper was released. This coin took a few years to gain some popularity, but today, most people around the world know what Bitcoin is. Lots of cryptocurrencies have emerged over the years. Some of the top ones are ETH, LTC, UST, and USDC. While many people are aware of these cryptocurrencies, you may still be wondering what they are used for. Let’s look at a few uses of BTC.

Online Casinos

If you live in a country that accepts cryptocurrencies, you will be able to play online casino games on the casinos listed at casinokix.com/german-online-casinos. To determine whether a BTC casino is legitimate, you should check its license. Some trusted licensing bodies are the UKGC, Curacao e-Gaming, and the Malta Gaming Authority. The purpose of these licenses is to ensure that the casinos are not affiliated with organized crime and are generally secure. You should also go through customer reviews as these will help you determine the pros and cons of the websites. Generally, you should avoid casinos that make it harder for customers to withdraw their winnings. It is important to understand that crypto transactions cannot be reversed, so you have to check the addresses keenly before confirming the payment.

Use as Legal Tender

At the moment, two countries have made it legal to pay taxes with Bitcoin, and these are El Salvador and the Central African Republic. Since the cryptocurrency is recognized as legal tender in these countries, you can use it for regular transactions. It is worth noting that El Salvador does not have a national currency and simply uses the USD as its fiat currency. In the CAR, Bitcoin is now used alongside the CFA Franc, which is largely controlled by France. The main issues preventing the wide adoption of crypto for regular payments are its slow transactions and the high transfer fees. Also, you must have access to the internet to use this payment method.

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Fighting Against Political Repression and Censorship

A key feature of Bitcoin is that it is virtually untraceable. When you send crypto, the government will not be able to determine where the funds came from or where they went to. For this reason, it is a preferred method of funding political movements that are not supported by the government. For example, in 2020, Nigerian protesters ended up getting their bank accounts frozen. The movement quickly turned to Bitcoin as a way of receiving donations, and this kept the protest going. Bitcoin has also been used to support political movements and protests in Belarus, Russia, India, China, and the USA.

Conclusion

Cryptocurrencies have grown significantly over the past decade. Initially, they were mostly used for dark web transactions, and they even led to the rise of many underground marketplaces. Today, Bitcoin is used as a legal government tender in several countries. It is also accepted on lots of online gambling sites. Members of the public have also used Bitcoin to support various political movements and protests, especially in countries with brutal regimes.

Veronica Tucker

<div class="container main"> <div class="col-md-9 col-sm-9 col-xs-12"> <div class="frame-1 frame-3 site"> <div class="row no-margin for-sign"> <p class="sign">"Beer practitioner. Pop culture maven. Problem solver. Proud social media geek. Total coffee enthusiast. Hipster-friendly tv fan. Creator."</p> </div> </div> </div> </div>

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