Not so many years back, there were visionaries and analysts hyping the idea of having cashless economies. At the time, several people doubted how this would even be possible. Others could simply not see beyond the challenges of achieving such a vision.
In a country like this, the idea of a cashless economy is gradually becoming a huge reality. However, the challenges involved are making it hard for us to fully realize the dream.
Key among these challenges is the level of insecurity when engaging in cashless transactions. For example, both the customer and vendor are not safe when using a credit card to pay for online transactions.
On the positive side, one invention that is taking us closer to the dream of cashless economies is cryptocurrency. This is a digital currency that requires expertise in the regulation of its usage and generation.
The motivation behind its development was having currencies that are decentralized and cannot be regulated by any authorities. So, what many people know as Bitcoin is simply one form of cryptocurrency.
Among the greatest criticism levelled against cryptocurrencies is their inability to be used for daily purchases. The simple explanation is that the world is still acclimatizing itself to the reality of this currency.
Due to its fluctuation in value, most businesses like convenience stores are still not ready to accept it as a mode of payment. However, there are still other early adopters of technology. This article reviews some online setups that accept Bitcoins as a payment option.
Online Gambling and Gaming Sites
Those in the gambling industry will tell you that the one thing they hate about this business is how the government is always on their case. They also yearn for liberation from the invisible hand of the government. Therefore, as you can imagine, this industry is among the biggest adopters of any technology that shields them from excessive government intervention.
Cryptocurrencies, specifically Bitcoin, is one of these technologies. As noted earlier, this currency is decentralized, hence not easy for governments or financial authorities to control.
Therefore, this has become a common form of payment for most online casinos and gaming sites. Per this review from OnlineCasinoGems, Cafe Casino is one prime example of online gambling sites that have adopted this payment method.
There is another reason that online gambling sites love using Bitcoin. If you use this currency to place your bets or play poker, the government cannot tax your earnings. This is definitely a win-win situation for both you and the gambling site. How about that for getting the better of Uncle Sam.
This is one of the giant online retail stores. There is a huge probability that you have bought furniture, clothes or kitchenware from them. Their wide collection of items makes them a popular online shopping destination.
According to USAFacts, in 2014, OverStock became one of the first online retailers to accept the use of Bitcoins as a means of payment. This is part of their competitive strategy to retain its top spot. Being an early adopter of Bitcoin surely sways many online shoppers their way.
This is a good strategy towards differentiating from the rest of the competitors. Therefore, if you have some Bitcoins you are looking to spend, how about giving your house a new look. You can even surprise your partners with amazing items, including jewellery.
Making Online Donations
Feeling charitable? Donating to charitable causes is one of the ways of making a difference in the world today. There are so many charitable organizations out there that you can choose to donate for a positive impact.
Where does Bitcoin come into this picture? What you may probably do not know is that with this cryptocurrency, it is possible to track its movement. Therefore, you can easily trace it to the end to ensure that it is used for the charitable institution you donated for.
On the other hand, donating to a charity using Bitcoin helps you to retain anonymity with your donations. This is a relief to those people that do not seek recognition from charitable activities. Moreover, anonymity does not mean that you have to worry about the possibility of identity theft in the process. Some of the charities you can make donations using Bitcoin include:
- Red Cross
- Save the Children
- The Water Project
- Green Peace
As you would imagine, e-commerce platforms should be among the greatest users of cryptocurrencies. However, the level of adoption in this group has considerably been below expectations. However, according to analysts, many people remain skeptical about cryptocurrencies technology.
One company that has chosen to take the risk for better rewards is OpenBazaar. The interesting fact about them is how they have entirely decentralized their operations. According to the Statista, it is actually a peer to peer platform that aims at eliminating any middlemen in e-commerce transactions.
With this objective in mind, what better way to achieve decentralization than using a decentralized currency. This being the case, they have adopted Bitcoin as the form of payment on this site. Therefore, you can order products or services on this site and comfortably pay with Bitcoin.
Buying Online Gift Cards
The thing with innovation is that it will always find ways to overcome the challenges associated with it. According to the PwC, the cryptocurrency technology has in a similar capacity found ways to overcome the challenges facing its adoption in the e-commerce sector. Don’t you just love this?
What if I told you that you can still purchase products indirectly from online stores like Amazon using Bitcoin? A common feature among these stores is the acceptance of gift cards that can be redeemed for a given value. These gift cards are obtained from sites such as eGifter, Bitrefill, and Gyft.
Most of these sites allow you to use Bitcoin to purchase these gift cards. How about this for convenience? Therefore, if you have Bitcoin and want something from Amazon, just buy yourself a gift card and redeem it there.
Time to Spend Your Bitcoins
As the world continues to innovate, it is important that you are not left behind in terms of adoption. There are so many reasons why you should be among the first adopters of technological innovations.
In this article, we have established that the world is slowly embracing itself to the cashless economy phenomena. Therefore, don’t be afraid to spend your bitcoins to meet your day to day needs.