Cryptocurrencies are digital currencies, free from central control by banks and government agencies. How can people spend their cryptocurrencies? What are their uses?
The main uses of cryptocurrencies
Cryptocurrencies are becoming increasingly popular also in Italy. Being able to use a payment method without intermediaries provides speed to the transaction. This is done in total security, thanks to the data encryption system underlying the blockchain.
The expression crypto gaming refers to playing on online casino platforms, which are set up to receive payments and pay out winnings in cryptocurrencies. It is possible to play classic arcade games using one’s e-wallet containing Bitcoin or other currencies, such as Ethereum.
An increasing number of e-commerce services allow transactions in cryptocurrencies. PayPal has implemented functionality that allows storing certain crypto that can be used to make online purchases. The currencies currently used are Bitcoin, Litecoin and Ethereum. It is not yet possible to make purchases on Amazon using virtual currencies. However, there are platforms that convert crypto into vouchers to shop on the most popular e-commerce site in existence.
Paying for a coffee
Starbucks, the famous US chain, allows people to pay for coffee and cappuccino using Bitcoin. How? Simply by downloading the chain’s app and paying online, courtesy of Bakkt, which allows payments in cryptocurrencies.
Travel agency Expedia accepts payments with cryptocurrencies. This is the result of a partnership with Travala, a platform for crypto payments. The new payment option was implemented thanks to the collaboration with Coinbase, an e-wallet for crypto. It is worth mentioning that payment with Bitcoin is only accepted for hotel bookings.
Purchasing Microsoft services
Microsoft also accepts payments with Bitcoin. This is a payment option that has been available since 2014. Thanks to Bitcoin, it is possible to buy films, apps, licences and services, such as Xbox Live and gameshow or Skype.
Cryptocurrencies are increasingly gaining the credibility of traditional payment systems. Secure, fast and decentralized cryptocurrencies are conquering new ports, new areas of application for users.
*This article was paid. The Cryptonomist did not write the article or test the platform.