When many people decide to purchase Bitcoin, they use it as an asset. Once the value of it rises, it is sold for profit. Yet Bitcoin is more than just an asset, as it functions as a valuable currency. As with any currency, you can use it to buy goods, commodities, and services. Below, we provide some obscure and lesser-known ways in which you can use Bitcoin.
Insurance
It may not be the most exciting way to spend your Bitcoin but it is one of the most practical. Yes, you can spend crypto on insurance, though it is not widespread and limited to a handful of companies.
The first to complete a transaction in crypto was the insurance giant AXA. It has also taken part in several joint ventures to create its stablecoins. AXA now allows payment for all its insurances in Bitcoin except life insurance.
Another insurer, MetroMile, has also announced plans to allow people to buy its policies in Bitcoin. While it has purchased a number of the assets, it has yet to announce any scheme in which it allows consumers to do so.
Online Casinos
There are plenty of games that you can play online using Bitcoin and cryptocurrency. However, one of the mainstream industries that was an early adopter of crypto was the online gambling and casino market. As an industry that has been increasing in popularity for many years and one that strives to innovate, most of the major casinos now allow you to pay in Bitcoin.
There are plenty of advantages t
o using cryptocurrency in the industry. It offers anonymity along with fast transactions that are safe and secure. The payment method proved so successful that specific casinos soon began to open their online doors that only specialized in Bitcoin gambling, with crypto-only games and rewards.
Paying with crypto also allows you access to all the features the standard casino would have, from a range of table games to titles like slots and live gaming.
Supporting Charity
Charities thrive on the goodwill of the public. To ensure their survival, they need to be able to assimilate donations in every way they can, from taking in physical donations like goods to be sold, to various forms of currency. Crypto falls under the latter umbrella and as a result, many charities allow you to make donations with it.
Most of the major global charities, such as Greenpeace and the Red Cross, will have ways to donate in Bitcoin. This is very advantageous for charities, as they can muster donations much quicker and without the hindrance of borders. For example, if a person wants to donate to a world disaster, they can do so directly rather than going through third parties. In some instances, you can even claim these charitable donations back for tax.
There are plenty of other ways to spend Bitcoin, from luxury goods to space flights. However, as it becomes more useful for everyday items, Bitcoin will undoubtedly soar in popularity and value. It may be a good time to hold onto it after all.
