Unusual uses for bitcoin: a guide for newbies
Cryptocurrencies are being widely used on the subcontinent and many types of currencies are popular here. While the global value of bitcoin, in particular, has dropped in recent years, that cryptocurrency still remains a heavily used option for everything from betting to lending. This article will explain just what bitcoin can be used for – and will explore both the good and the bad side of its use.
Lending and borrowing
Bitcoin is often purchased as an investment but for a whole variety of reasons some people are unable to get the authorisation they need to purchase the coins themselves. That’s where peer to peer bitcoin markets come into play. If you’re eligible to buy bitcoins, you can then sell them on for a profit. Marketplaces like these allow buying and selling through methods such as credit card and PayPal, too, so it’s an appealing choice for those who are unable to access the ledger otherwise.
Betting on sports
When it comes to sports betting, bitcoin might not be the first method you think of. A more common perception is of a gambler handing over cash to a bookmaker, perhaps at a sports ground – or even online. But bitcoin is increasingly being used for sports gambling – and it’s easy to see why. It offers a chance to bet without your true identity being recorded in as many places with a traditional cash betting website, as bitcoin operates on a decentralised ledger basis. It’s now possible to engage in Cricket Betting with Bitcoins, while you can also wager on the outcomes of a wide range of other sports.
Caution: fraud and crime
Sadly, however, there are some not so pleasant uses for bitcoin technology on the web. While for many people bitcoin is a way to make secure, decentralised transactions which provide anonymity, there are some ways in which bitcoin can be used for nefarious purposes. There have been several major cases of bitcoin and other cryptocurrencies being used for fraud in recent years: one such case as recently as February, for example, saw a double-figure number of victims scanned out of a sum close to $250,000 through a fraudulent initial coin offering or ICO. It’s wise, then, to ensure that your bitcoin use does not end up costing you: always do your research before taking up a bitcoin business opportunity, and if something looks too good to be true then don’t fall for it.
With bitcoin seeing a dip in its value in 2017 alone, it’s easy to understand why some people might want to avoid using it altogether. But as this article has shown, there are plenty of creative ways to make your bitcoins go further on the Internet. From enjoying a gamble on the outcome of a cricket game to making some profit off lending to people who are unable to buy crypto themselves, it’s possible to enjoy a safe and legitimate bitcoin spending experience.
