How are cryptocurrencies used? Theory and practice
Unfortunately, many users of digital assets, in principle, used their cryptocurrencies for transfers only once. Only to get money to a wallet or withdraw funds from digital storage. This is truly unfortunate. But it’s not always a matter of unwillingness to spend their own savings. Many users of the new generation of money simply do not know what to spend their funds on. And what do they think about this on the world stage? Let’s take a look at how major countries and companies are integrating digital transfers into their own tasks. So, let’s begin.
Iron ore for cryptocurrencies
Obviously, you need to start with what everyone needs. That is, from natural resources. Surprisingly, so far only Brazilians have thought of using digital assets in the resource market. Specifically, Vale. This is a fairly serious player in the local market segment. The company is engaged in the extraction and sale of minerals. And in such a classic, at first glance, business, there was also a place for high technologies. Vale started using digital media back in September 2020. Then the assets were used to sell iron ore. The buyer, the Chinese organization Nanjing Iron & Steel Group, settled with the seller in Bitcoins. It was about the purchase of 176 tons of raw materials.
The documents were also processed by the digital service Contour, which almost instantly concluded and legalized the deal. Imagine a huge batch of iron ore, which will then go to the production of household supplies, was sold in just a few hours. No long transfers, no problems with banks. It is enough to press a couple of buttons. In addition, the highest security and the ability to monitor funds in real time, without the need to entrust the transfer to third parties.
Sharia Compliant Bank Transfers
This exceptional, but obviously not the last, incident happened just today. Bangladeshi City Bank successfully completed the first digital transfer in full compliance with local ethnic norms. Note that according to the Sharia traditions, many classical monetary relations, such as the work of usurers, are considered forbidden. As well as working with interest in principle. However, the digital solution made it possible to transfer money to customers in the shortest possible time, and without the need to calculate margins. City Bank officials said that this transaction will be the next step in the development of digital transfers.
Similar transactions are planned to be used in the future, thereby improving and bringing the technology to an ideal state. We have no doubt that those in power will be able to unleash the full potential of Bitcoin and other cryptocurrencies in their main purpose – as a means of payment. Of course, it’s a matter of time. Moreover, it is quite possible that the full recognition of digital transfers will take many years. But the expectation will be fully justified by the convenience and comfort that will open to both large bankers and ordinary users.
By the way, Bitcoin can also be used in everyday life. If you have some free cryptocurrency, you might as well go shopping at your favorite online hypermarket. This way, you will not violate quarantine precautions and at the same time will be able to use digital funds for what you really need. In addition, today many car dealerships and even real estate agencies accept Bitcoin and similar coins. One has only to find a suitable resource. The main thing is to follow the news of the cryptoindustry. Stay with us. We publish only high-quality and interesting material. Thanks for attention. Good luck!