Bitcoin has slowly gained people’s trust over the years since the massive boom in 2017, post which the prices have fairly stabilized. The decentralized cryptocurrency is a massive hit among online gamblers and sportsbooks that benefit from the lack of government supervision.
BTC works on an open-source network and is hence free from central supervision. If you’ve been tracking BTC movements or the stats for the best defi crypto coins for a while now you might wonder if it’s useful beyond iGaming. On that note, here are a few non-gambling applications of BTC tokens.
Purchase Goods and Services with Bitcoin
When Bitcoin was introduced over a decade back, creator Satoshi Nakamoto wanted to form an alternate payment mode to fiat currencies. His ambitions were period-correct as the world was reeling from the impact of the American banking crisis. Satoshi created BTC to return financial power to the people.
In short, Bitcoin was formed with the intention of replacing standard currencies. However, low acceptance during the initial days followed by multiple price hikes and subsequent drops turned BTCs into an investment vehicle. However, the scenario has changed quite a bit in the last couple of years and many prominent retail outlets today accept Bitcoin.
BTC payments are anonymous and quick, which are two of the primary gripes that gamblers face while depositing and withdrawing funds. Hence, cryptocurrencies are primarily used in the iGaming industry.
This practice is prevalent in America, Asia, and most parts of Europe like Baltics and Scandinavia. For instance, you can even play at a random online casino in Latvia using Bitcoin.
While BTC transactions aren’t entirely untraceable, it needs more patience and effort compared to traditional currencies. Compared to wire transfer, debit, or credit card transactions, crypt transactions are your safest bet.
What’s worth mentioning so that there are also many great apps out there and some that even have a bitcoin bank where you can boost your profitability.
Anonymous Funds
Since Bitcoin transactions aren’t governed by a central agency, there is no restriction on international transactions. This makes it easier for criminals to hide their funds or launder money across the border. Moreover, since your name isn’t attached to your crypto wallet, tracking down the owner is a hassle.
BTC tax evasion is a serious problem, although the IRS has ramped up efforts to track down the miscreants. Hiding money on crypto accounts is a lot easier than hedge funds or storing wads of physical currency at safe locations.
Another popular method of tax evasion is making anonymous donations via BTC. Although Bitcoin donations don’t always revolve around shady businesses, it cannot differentiate between legitimate and illegitimate transactions, and therein lies the problem.
Getting Started with Bitcoin
If you’re interested in setting up a BTC account, there are multiple exchanges that offer reliable service. Crypto exchanges convert fiat currencies, although certain banks do not like working with crypto exchanges. Read the terms and conditions before finalizing a deal.
After funding your crypto account, you’re allowed to exchange the sum for Bitcoins. You need a crypto wallet to store the amount next. Upon buying a physical or digital wallet, you’ll receive an encrypted key. That’s the only way to access your account and losing the key will result in a permanent loss of the tokens in your account.
