Bitcoin might be the most common of all the 9000 or so cryptocurrencies that currently comprise the market. However, its detractors often argue that it has no tangible real-world value.
This might be hard to reason when more than 730,000 transactions for it take place every day, particularly as there is clear evidence that Bitcoin is currently being used in a number of different ways.
So, if you are one of these naysayers or simply not familiar with how this is the case, this post is for you.
In it, we will debunk this myth once and for all by highlighting eight real-life use cases for Bitcoin that are currently taking place worldwide.
1. Peer-to-peer payments
Probably the biggest and most obvious real-life use for BTC is peer-to-peer payments, which is what it was originally intended for.
Thanks to the bitcoin.com.au crypto exchange, you can send Bitcoin to anyone in the world, anywhere on the planet, without interference from a third party, such as a bank or the government.
Therefore, this enables you to make contactless payments in a secure and convenient manner across international borders in a way you have never previously been able to.Â
Additionally, because BTC maintains a consistent price everywhere, it eradicates the need for currency conversion – which makes it a truly global currency. You can also benefit from pseudonymity, which means you can send or receive monetary transactions anonymously if you want to.
2. Excellent Investment OptionÂ
As Bitcoin has only been around since 2009, it is still considered to be in its early stages. It also has had a volatile nature, which has seen its price rise and fall dramatically.
That said, as it has a capped lifetime supply of 21 million coins, it should be seen as a fantastic investment because this scarcity of supply is what is driving up its value.
It follows, then, that as and when more innovations are developed in the blockchain, BTC’s value and demand should further increase.
Moreover, as it has a decentralised nature, it is a very attractive proposition to investors because they can increase their asset value while hedging against inflation, given that it is not controlled by an external institution.
3. Crowdfunding
You might 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 Kayleigh, Lavender, and Incommunicado.
Back 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, rallies, movement, medical emergency, new business venture, or project by soliciting a large volume of people.
While traditionally, cash has been king, Bitcoin-supported crowdfunding platforms like CoinLaunch and BitStarter are enabling individuals to support these requests on a global basis without the need for involvement from banking or government institutions.
4. Paying for purchases
Several businesses, including massive companies like Microsoft, AT&T, Starbucks, Tesla, and The Home Depot, are now accepting BTC as a form of legal tender.
Today, Bitcoin is being widely used to pay for goods and services around the world in a range of diverse industries, ranging from travel agencies and restaurants to hotels and online retailers.
As more companies adopt this approach to reach a wider customer base, increasing numbers of people will embrace it as a payment method.
5. Online gambling
Research from Spherical Insights & Consulting suggests that the global market size for online gambling was valued in 2023 at a whopping $84.79 billion and is set to hit $164.53 Billion by 2033.
Some gambling platforms, like Bitcasino and FortuneJack, are attempting to tap into this growing trend by enabling punters to use BTC as a method of payment when they deposit or withdraw money.
Not only does this save money and time for the casino and gambler, but it also safeguards the identities of those involved by providing a secure and robust payment system.
6. Donations
According to this report by Philanthropy.org, Aussies donate over $13 billion to charities and humanitarian organisations every year.
Increasingly, Bitcoin is being accepted as a form of donation, with the likes of the British Red Cross, Save The Children, Humanity Road, and the 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
As we live in an age where a lot of informative digital content is produced, some people choose to offer monetary bonuses or rewards to content creators.
This could be for a song, informative blog, or piece of digital art, which can be done again without having to pay a transaction fee for the privilege.
8. Remittances
In some countries, such as Ghana and Nigeria, people who are working abroad make remittance payments to their loved ones there. Not only can this be an expensive exercise, but it can also take a long time to go through.
However, with Bitcoin, all a person needs to receive BTC is a wallet address. If they have one, the coins are sent to them in the next few minutes, particularly if you use an app like Breet.
