Where are cryptos used as an official means of exchange?
The financial sector has changed significantly over the past few decades. The shift towards a more digitized and technologically advanced industry has been rather apparent. Commercial banks, along with other financial institutions have adapted their services to a more digital environment and a predominantly young user base. A number of major innovations have appeared within the sector and beyond over the past few decades. However, nothing has yet exceeded the launch of the first decentralized Blockchain-based cryptocurrency Bitcoin in 2009.
It has been just over 10 years after the first appearance of Bitcoin. The radical innovation within the financial industry has sparked a debate over what the future of the sector truly is. However, the success of Bitcoin or the crypto industry as a whole did not come overnight and with no price. Neither the launch of the cryptocurrency nor the first several years of its existence were of significant importance for the financial sector. Rather, Bitcoin was only observed by some enthusiasts of the industry along with fintech businesses.
The immense hype around the crypto industry that we see today only started from around 2016 when Bitcoin’s price skyrocketed. First, it broke the historical $1000 barrier that attracted the first major waves of attention not only from the media but also from leading financial institutions, research centers and governments. In late 2017, the Bitcoin’s price point stood at more than $10,000, soon reaching the historical maximum of almost $20,000. This was when the crypto industry, as well as Bitcoin particularly caught the eye of leading media sources and the general public that was not as interested in this complicated innovation before. From that point onwards, the popularity of Bitcoin soared, becoming one of the most celebrated financial innovations of our times.
But what is the use of cryptocurrencies in our daily lives? They have widely been used by businesses and wealthy individuals. Moreover, Bitcoin has been accused of supporting illegal activities, due to the transparency and convenience. Considering these features, many illegal entities have previously managed to make significant financial transactions without the authorities noticing them.
Nevertheless, the real use and benefit of cryptos can be utilized by honest and respectable businesses, as they do. Amid their convenience and a range of benefits, many companies, organizations and even countries have become crypto-friendly. Here are some of the examples of where one can use cryptos freely and easily.
The gambling sector is dominated by cryptos
The gambling sector has also gone through a major digital transformation over the past few years. Online casinos are now more popular than ever before, overtaking some expensive and luxury traditional venues. During this change in the sector, many businesses have found cryptocurrencies rather helpful and convenient for transfers. Yet, this approach differs from country to country. For instance, Canada has rather liberal legislation and partly recognizes cryptocurrencies as a legit means of financial exchange. Therefore, a rising number of online casino slots in Canada accept cryptocurrencies or sometimes are even solely Bitcoin-powered.
This trend of gambling operators using cryptocurrencies has become quite widespread. Regardless of the legal status of cryptocurrencies in certain countries, people are able to pay in bitcoins when using certain gambling operators from other parts of the world. For instance, an Indian person can use the services of a Canadian gambling operator, pay in cryptocurrency and avoid being accused of partaking in illegal activities. Therefore, it is safe to say that cryptos are making a significant change in the gambling industry.
Microsoft – a brave step from a megacorporation
The 21st century is the era of technology companies and their dominance. More tech companies are not present among the leading fortune businesses’ lists than ever before and they are placed at the top of them. Microsoft undoubtedly is one of the leading corporations that work in numerous fields, providing smart solutions to many traditional and novel problems. Despite the fact that Microsoft is extremely innovative, their decision to accept Bitcoin in 2014 was still very brave. It was before the cryptocurrency gained widespread acceptance and popularity. Therefore, Microsoft can safely be dubbed one of the pioneers of the niche that supported the growth of the crypto industry.
Yet, in a few years’ time, Microsoft stopped accepting Bitcoin for a short period of time due to a number of issues. The process of accepting Bitcoin was resumed shortly, after resolving the problems and ensuring the safety of the network. Bill Gates, the founder and a key figure of the Microsoft Corporation has started a number of times that cryptocurrencies, such as Bitcoin, are better than sovereign national ones.
Wikipedia – Bitcoin put to the good use
Wikipedia is an amazing package of resources that floats around the internet. With millions of articles in hundreds of different languages, this platform truly is the backbone of research on the internet for countless people. Google results along with other search engines show us the content from Wikipedia. Surprisingly, this strictly non-profit organization completely depends on the user-generated content and donations made by them.
To increase the chances of receiving significant donations from different parts of the world, Wikipedia recently started accepting donations in Bitcoin. The platform hopes that people who prefer this means of financial exchange will use the opportunity to support the good cause.