Business / Local
4 cryptocurrency uses that may surprise you
25 Apr 2018 at 16:21hrs | Views
Image: Pixabay.com
US News recently published an article that mentions Zimbabwe and it is information worth writing about. In light of the inflation problem in the country, it's interesting to know how cryptocurrency is being used in this south-central African country. It's more than just a medium of exchange or a standard currency alternative.
Cryptocurrency in Gambling
Gambling is not outlawed but is also not explicitly stated as legal in Zimbabwe. That's why there are still those who hesitate to get involved in online gambling in the country. To have an assurance that online gambling enthusiasts will not get into any legal trouble, some online gamblers resort to using cryptocurrency to be able to play anonymously and place bets and claim winnings anonymously.
Also, the use of cryptocurrency in placing bets is deemed more convenient. It facilitates the easier transfer of funds as there is no central bank or regulatory bodies involved. It makes it easy to place deposits and to withdraw winnings. Many online casinos such as Tropicana Casino accept bitcoins and other cryptocurrencies, with some even offering bonuses to players that use bitcoins or other cryptocurrencies.
Protection from Hyperinflation
Hyperinflation in Zimbabwe is a major concern for Zimbabweans. This is why some are turning to cryptocurrency as a fail-safe against hyperinflation. They are moving the value of the fiat currency they still have into cryptocurrency to prevent inflation from completely reducing their financial possession into nothingness. Cryptocurrency is not being regulated and is not directly or indirectly affected by what is happening in the economy and financial policies of Zimbabwe. As such, it is a sensible option for storing value.
It's like making an investment, according to NYC-based Dean Anastos, who is the CEO of Blockchain Developers, a company that specializes in the token creation and smart contracts on the ethereum blockchain.
Making Donations
Cryptocurrency can be used as donations to various charities in different parts of the world. In the case of Zimbabwe, the use of cryptocurrency as donation puts Zimbabweans as the recipient in most cases. Cryptocurrency is a welcome invention as donors from various locations overseas are able to send donations at lower costs and faster processing times.
Concealing Money in Divorce
Some are using cryptocurrency to hide their financial assets from their spouses. It's not a flattering way to use cryptocurrency but it's something a number of people are doing. Cryptocurrencies are not trackable so divorcing spouses who may not want to share their assets use these digital currencies as anonymous storage for their wealth. It appears to be taking the place of the use of gift cards and credit card prepayments to conceal money during a divorce.
Cryptocurrencies may not be widely used yet but they hold a lot of promise. There are many uses for them and the uses featured above are just a few of the atypical or unexpected ways people are using bitcoins and other cryptocurrencies.
Cryptocurrency in Gambling
Gambling is not outlawed but is also not explicitly stated as legal in Zimbabwe. That's why there are still those who hesitate to get involved in online gambling in the country. To have an assurance that online gambling enthusiasts will not get into any legal trouble, some online gamblers resort to using cryptocurrency to be able to play anonymously and place bets and claim winnings anonymously.
Also, the use of cryptocurrency in placing bets is deemed more convenient. It facilitates the easier transfer of funds as there is no central bank or regulatory bodies involved. It makes it easy to place deposits and to withdraw winnings. Many online casinos such as Tropicana Casino accept bitcoins and other cryptocurrencies, with some even offering bonuses to players that use bitcoins or other cryptocurrencies.
Protection from Hyperinflation
Hyperinflation in Zimbabwe is a major concern for Zimbabweans. This is why some are turning to cryptocurrency as a fail-safe against hyperinflation. They are moving the value of the fiat currency they still have into cryptocurrency to prevent inflation from completely reducing their financial possession into nothingness. Cryptocurrency is not being regulated and is not directly or indirectly affected by what is happening in the economy and financial policies of Zimbabwe. As such, it is a sensible option for storing value.
Making Donations
Cryptocurrency can be used as donations to various charities in different parts of the world. In the case of Zimbabwe, the use of cryptocurrency as donation puts Zimbabweans as the recipient in most cases. Cryptocurrency is a welcome invention as donors from various locations overseas are able to send donations at lower costs and faster processing times.
Concealing Money in Divorce
Some are using cryptocurrency to hide their financial assets from their spouses. It's not a flattering way to use cryptocurrency but it's something a number of people are doing. Cryptocurrencies are not trackable so divorcing spouses who may not want to share their assets use these digital currencies as anonymous storage for their wealth. It appears to be taking the place of the use of gift cards and credit card prepayments to conceal money during a divorce.
Cryptocurrencies may not be widely used yet but they hold a lot of promise. There are many uses for them and the uses featured above are just a few of the atypical or unexpected ways people are using bitcoins and other cryptocurrencies.
Source - Agencies
