Since 2.009, when cryptocurrencies were born, we have been given them different uses. Among the main uses have always been investment and vaing. But currently, these digital coins have purposes and uses much more extensive. From making big transactions with low fees to paying taxes, nowadays the uses are closer to traditional coins. This way, we’ve decided to explain some of their uses. We hope it helps.
Bitcoin and cryptocurrencies in general have become a common payment method. Buying goods and services, as a saving method, for inmediate shopping, these uses are a reality in many countries. But in the United States, several States are thinking beyond this, and want to allow taxes payment with cryptos. This way, Arizona and Georgia are the first States to analyze taxes payment with Bitcoin.
Being that in multiple countries you must pay taxs for the acquisition of cryptocurrencies, paying these taxes with digital coins seemed like the next step. This way, if these proposals pass, people in these States will be able to use their cryptocurrencies to pay their taxes. And you, would you use to your cryptos to pay taxes, or keep paying with your local currency?
The use of cryptocurrencies has turned so common that now you can even pay your tuition with them. In Switzerland, the Lucerne University of Applied Science and Arts accepts payments of their tuition with Bitcoin since second semester of 2.017. Their reason? They saw the opportunity to disseminate knowledge over the use of blockchain and practice the payment with cryptocurrencies.
In Germany, the Business School ESMT Belin accepts payments with this crypto also. The same with the Nicosia University on Cyprus, that’s the first school to accept Bitcoin on 2.013. King’s College’s the first American University that accepts payments on Bitcoin and will keep seeing how those payments become common among Universities.
There are certain jurisdictions where the wealth management is more complex than others. This way, people look for ways to protect their wealth from possible hackings or bank frauds. And this is where cryptocurrencies enter, being that the blockchain is without a doubt a safe way to manage wealth. And there are several enterprises that have realized this, like SiwwBorg, a swiss company. This was created to give opportunities for people to handle their wealth through cryptocurrencies, withour jurisdictions or restrictions.
Making large transactions with low fees
This is the most typical use of cryptocurrencies, aside from saving. And it’s because, compared with back transactions, fees are almost non existing. For example, a transaction made on April for 99 million LTC have a fee of USD$0,40. And not just this, but it also lasted less than 3 minutes to be made. Something that couldn’t have been make with a Bank.
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