The argument about whether Bitcoin can be likened to cash has long been put to bed.
The ‘orange coin’, the first cryptocurrency launched in 2009 by unknown person(s) Satoshi Nakamoto, has since proven its use, captured by the fact that it is 10th on the list of all assets according to market cap, slightly trailing silver and more valuable than household names like Tesla, JPMorgan Chase and even Berkshire Hathaway.
But how does this affect the average crypto user in Durham? How exactly can locals and all of Ontario take advantage of Bitcoin’s widespread adoption?
You can spend directly
The first thing is that you stop seeing cryptocurrency as digital money but just money. Consider it another currency that you can spend at will, considering that a growing number of stores now accept Bitcoin just as well as they do the Canadian dollar.
You can spend it at several sites that accept cryptocurrency. Popular examples include Ralph Lauren, AMC Theatres, Jomashop, Newegg, ZenLedger, The Met, Best Buy, Candy Crush, and Chess.com. Crucially, you might need to employ a Bitcoin payment service, a popular one being Bitppay, as this will be much faster than having to collect wallet addresses to initiate transfers.
Suppose you are a fan of online gaming, particularly online casinos. In that case, it’s your lucky day, even more so if you have tried to gamble offshore in the hopes of accessing a wider gaming catalogue or taking advantage of bonuses and rewards that might be unavailable to you locally. The first major hurdle is that many sites outside Canada do not transact using the Canadian dollar. You’re saddled with currency conversions that already eat into your winnings before you even place your first wager. The solution? You guessed it: online casinos powered by Bitcoin. Any quality Bitcoin casino operates like your traditional online casino only that it is supercharged with faster deposits and withdrawals, and anonymity, among several other benefits.
Gift friends and family
Choosing the right gift is no walk in the park; that’s why gift cards are increasingly popular: they allow the recipient to access money to buy something for themselves. While choosing the right gift card is no breeze, buying one has become much easier with the introduction of Bitcoin. It comes in especially handy if you are trying to gift someone who’s in a different location owing to the cross-border nature of Bitcoin due to blockchain technology. Also, suppose you are thinking of preloaded gift cards (prepaid) cards. In that case, some companies allow you to fund them using Bitcoin, which is usually cheaper than using fiat money as you cut out all intermediaries.
Pay for bills
Have you ever had money in your account and still had power or water disconnected? Don’t fret—you’re not alone. Many people have gotten so wrapped up in their day that they forget to mail the check that keeps the lights on. However, some Durham residents and Ontario as a whole are already getting with the times and automating these bills on crypto wallets, which allows them to worry about other things without fear of being disconnected. Payments to the Ontario Energy Board, MyDurhamWater, and even the mandatory $500 non-refundable tuition deposit for OSAP-funded applicants to Durham College can now be paid using the BitPay card funded by your choice of cryptocurrency.
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