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There was a time when bitcoin only attracted the interest of die-hard enthusiasts, but that time is no more. The widespread adoption of digital currency in recent years is evidence of its practical utility. It enables individuals to gain greater financial independence through more accessible access to their funds.
Since Bitcoin (BTC) is more than just an investment, let's look at how you can use it.
Bitcoin casinos
These are online gambling establishments that accept Bitcoin, so the sites allow bettors to play games with BTC. Many believe that gambling with digital currency is a more secure option than fiat casinos. This is because it gives the player complete freedom and anonymity by requiring less information.
In a bitcoin casino, both wagers and winnings are settled in BTC. Thus, the payout of poker, roulette, slots, live games, blackjack, and other games is in BTC.
Online casinos that accept bitcoin payments include BitStarz, mBitcasino, Betonline, BetUS, XBet, and others. To be as trustworthy as their land-based counterparts, online casinos must have a valid license from an established gaming authority. The terms and conditions of the platform are also similar to those at brick-and-mortar establishments.
To access Bitcoin casino games, players must first buy Bitcoins with real money and then create a crypto wallet. After this, anyone with a valid ID can open an account at one of the many online gambling sites. Players can use their digital wallets to pay for games and start playing.
Even though winning is the most important aspect of online casinos, the anonymity that a Bitcoin casino provides is an added advantage for online bettors at these sites. These casinos also give players bonuses and special deals, such as welcome bonuses, that make them even more appealing and give users the opportunity to be more successful when gambling.
How a Bitcoin casino functions
There are two main categories of a Bitcoin casino: those that accept only Bitcoin and those that accept both Bitcoin and traditional currency. The first will only buy Bitcoin and other cryptocurrencies, while the second will accept both traditional and digital currencies. Players at these sites can use Bitcoins for both deposits and withdrawals. Poker, roulette, video poker, blackjack, and other online gambling games can be played using cryptocurrency as payment for winnings and losses.
Online shopping with Bitcoins
In the last decade, Bitcoin's potential has been recognized by an increasing number of companies, largely because it expands customers' pool of online payment methods. There is nothing more practical than being able to use Bitcoin as payment for online purchases, and Bitcoin facilitates the following online shopping activities:
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Clothing: More retail outlets accept Bitcoin as a form of payment. This enables bitcoin users who don't even have a bank account to buy clothes online.
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Food & Drinks: Burger King, KFC, and Chipotle are just some of the platforms you can use your Bitcoins to buy food. Businesses that sell drinks like coffee, tea, wine, and beer have also started to accept BTC payments. So Bitcoin facilitates the purchase of groceries or even a cup of coffee.
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Electronic Gadgets: It's also much easier to use your BTC to buy the necessary electronics. Given how common electronics and gadgets like laptops, desktops, tablets, headphones, and speakers, have become in our lives, it makes sense that the tech industry would slowly move into the Bitcoin market.
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Gift card: You can also buy Gifts and gift cards from Steam wallet, Cracker Barrel, Southwest Airlines, Starbucks, and Subway with bitcoin.
Other products and services you can shop with BTC include real estate, home appliances, furniture, software, and web services.
Tipping and charity
Paying it forward is the simplest and most rewarding method for spending your bitcoins. With the press of a button, you can tip articles and blog post writers or donate to various worthy causes. You can also use bitcoin to purchase Reddit Gold for fans or other users who post your favorite pictures.
Support creative, early-stage companies
Individuals who have access to the internet can now participate as an investor in cutting-edge early-stage technology startups. This innovation in fundraising is based on the use of bitcoin and is possible for anyone to do so. It provides much-needed seed capital to startups.
Initial Public Offerings (IPOs), are not as common as they once were but still allow businesses to raise capital. It does this by selling a newly created virtual token to the initial investors in exchange for more well-known cryptocurrencies like Bitcoin (BTC). Once the newly issued token begins trading on the secondary market, it serves as a proxy connected to the success or failure of the associated startup.
The advent of crypto has made these deals accessible to a much wider range of investors than ever before. Previously, they would have been available only to seasoned venture capitalists.
The most successful ICOs have seen price increases of several thousand percent in their digital tokens, and over $12 billion has been raised by startups using cryptocurrency-based fundraising over the past two years.
Future of Bitcoin
The best case scenario would be for regulators from different countries to agree on a universal framework for bitcoin and other crypto regulations. While in some countries like El Salvador and the Central African Republic, Bitcoin is recognized as a legal tender, in others like China, it is forbidden. In the near future, international cooperation on this issue seems likely.
Yet, federal crypto regulations are making progress. U.S. Treasury Secretary Janet Yellen and SEC Chairman Gary Gensler are at the head of a well-qualified team assembled by the Biden administration to steer the crypto regulation process. Yellen has been keeping tabs on the industry for quite some time and has even admitted to having doubts about it occasionally. In 2018, Gensler lectured at MIT on Bitcoin, blockchain technology, and other cryptocurrency topics.
There is optimism that a workable system can be developed with highly knowledgeable individuals setting the tone for future regulations. A few crypto regulation bills were introduced within the first half of 2022, but since this topic merits careful consideration, bureaucratic processes move slowly.
Bitcoin and other cryptocurrencies may become widely adopted by U.S. consumers once a regulatory framework and tax system are established. El Salvador and the Central African Republic accepted Bitcoin as legal tender in 2021, but the United States is unlikely to follow suit.
Bottomline
At this point, you know that you can buy almost anything with Bitcoin. The original intention of Bitcoin was to remove the barriers that prevent people from having unrestricted access to their own money by providing a safe and convenient alternative to traditional banking. The fact that more and more firms are beginning to accept Bitcoin as payment shows that we're making progress.
The full potential of this currency has yet to be realized, but we are already witnessing enormous advances. This is an ongoing procedure; at the moment, members of the Bitcoin community are exploring new applications for the currency.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.