Cryptocurrencies such as Bitcoin have the potential to improve how people pay for everything from food and clothes to education and car insurance. But as of now, there are very few practical uses for Cryptocurrencies that are also accessible to the public. Cryptocurrencies also come with risks.
Governments around the world have warned against their use, citing concerns about capital flight, money laundering, and even terrorism financing. It’s still early days for Cryptocurrencies, but some companies are working to make them more useful for everyday purchases. Read on to learn about how Bitcoin is helping people pay for everything from food to school.
Food with Bitcoin
Food safety regulators in the US and Europe are increasingly looking at how to make food traceable through the supply chain. Traceability is especially important for products like fresh produce, which can spoil quickly due to weather events, transportation delays, and other factors. The market for traceable food is growing rapidly.
For example, in 2015, a company called Plenty launched an app that lets shoppers easily arrange to have food delivered from local restaurants. The app uses similar technology to help ensure that the food is sourced ethically and sustainably. Plenty has over 50,000 users and charges a small delivery fee.
To purchase food from these delivery companies, you only need to open a Bitcoin wallet on an exchange like Bitcoin Era and transact conveniently.
Clothing with Bitcoin
Bitcoin has already been used to help people buy tailored clothing online. For example, Italy’s Bitimpia allows people to arrange to have custom clothing made. Bitimpia charges a small fee for the service. Other companies are working on similar services. For example, Imps of Myles is focused on women’s fashion and uses Bitcoin as a payment option.
Education with Bitcoin
Besides helping people pay for tailored clothing and educational services like online courses, Bitcoin could be useful in financing higher education in the future. Right now, most colleges and universities accept only government-issued student loans. However, many people would like to be able to pay for college using savings or a scholarship instead of relying on debt.
Some colleges are starting to explore the idea of using cryptocurrency for this purpose. For example, the Georgia Institute of Technology is working on a pilot program that would let students pay for tuition using cryptocurrency. There are also efforts to make it easier for people to use Cryptocurrencies for education. For example, the Khan Academy offers free educational videos that can be used for class.
Car Insurance with Bitcoin
Bitcoin is also being used to help people insure their cars. Right now, car insurance is typically regulated by the states, so premiums can vary dramatically across the country. This can make it challenging to accurately budget for insurance costs, especially for people who live in areas with high car insurance premiums. Some states are starting to experiment with ways to make car insurance fairer. For example, Hawaii is developing a program that would make it easier for car insurance companies to share data. This could make car insurance fairer in some ways, but it would also make it easier for people to switch car insurance companies.
Conclusion
Bitcoin is a new form of money that is not controlled by any government or bank. It’s traded electronically and can be used for a variety of things, including buying food, clothes, and education. Before deciding to use Bitcoin, you should know that it has a high level of risk. Using it could result in you losing all the money you put in. Bitcoin is also very volatile, and there’s no guarantee it will continue to grow or be useful in the future. However, it could be very useful in the future if more people start using it.
