(Source: https://www.pexels.com/photo/gold-bitcoin-844127/)
First created in 2009, Bitcoin has become the most popular form of cryptocurrency worldwide. The digital asset now has an estimated value of over $83,000 and is owned by 22% of Americans. With the president promoting the value of cryptocurrency, promising to make America the ‘crypto capital of the globe’ and even creating a Bitcoin reserve, the popularity of Bitcoin in the States is clear to see.
But how can Charleston residents make the most of this specific kind of currency? Where can Bitcoin be used in the city, and how? In this article, we’ll explore some of the best ways to make use of your Bitcoin when in Charleston.
A Brief Look at Bitcoin
Bitcoin is the most popular form of cryptocurrency in the world. Cryptocurrency is a digital asset that removes the need for third-party involvement (such as banks) to facilitate transactions. It has many benefits including increased security over other payment methods and the ability to increase in value over time. However, investing in Bitcoin also comes with a number of risks, so it is important to do your research before committing to investing in Bitcoin or any other kind of digital asset.
Crypto Casinos
One of the most popular ways you can make good use of your Bitcoin is through crypto casinos. These casinos work in much the same way as regular online casinos but allow both wagers and the withdrawal of funds to be made in cryptocurrency. As Bitcoin is the most popular form of cryptocurrency out there, you’d be hard-pressed to find a crypto casino that doesn’t accept it.
Many people are drawn to crypto casinos over their more traditional online counterparts for a variety of reasons. For one, these blockchain powered casinos have greater security than most other options due to their reliance on the blockchain. The blockchain is a complicated piece of technology, but simplified, it is a decentralized and distributed public ledger that encrypts financial transactions. Additionally, Bitcoin’s volatility, which is its tendency to rise or fall in value over time, attracts many punters due to the additional gamble they can make on the cryptocurrency itself.
Using Bitcoin at a crypto casino in Charleston is rather complicated due to South Carolina’s restrictions on all forms of gambling. However, South Carolina is making moves to legalize sports betting this year, and there is a chance that gambling will follow. If this occurs, Charleston residents will be able to enjoy crypto casinos from the comfort of their own homes. For now, however, residents who travel out of state or board a boat can use these casinos whenever they like. Doing so is simple, you’ll just need to select Bitcoin as your payment method, deposit your wagers to the casino's unique address, and have any winnings sent to your crypto wallet.
Not sure what a crypto wallet is? Let’s take a look.
Crypto Wallets
Whether you live in Charleston, South Carolina, or anywhere else in the world, one of the most important tools you’ll need to make use of your Bitcoin is a crypto wallet. These wallets are used to store digital currency, in the same way a traditional wallet would do. However, rather than having a material wallet, cryptocurrency is stored in the blockchain, and the wallet acts as the personal ‘keys’ an individual has to access their funds. There are many different types of wallets, including hot and cold ones, as well as custodial or non-custodial. There are also some wallets that are specialized for Bitcoin, whereas others allow for the storage of multiple forms of cryptocurrency, and every wallet has different security measures built in, so make sure you do your research and find which wallet is the best for you before deciding on a specific one.
Using a Bitcoin ATM in Charleston
Charleston has multiple Bitcoin ATMs located across the city that residents can make use of. These ATMs are an incredibly helpful tool for any Bitcoin holder. These machines are able to facilitate transactions, allowing users to exchange Bitcoin for traditional currency or credit. They also enable you to transfer purchased Bitcoin directly to your wallet on the Blockchain, making Bitcoin transactions easier than ever before. You can find some of Charleston’s Bitcoin ATMs near the old town or close to Avondale.
Meeting Other Enthusiasts
One of the greatest strengths of Bitcoin in Charleston is the supportive community that surrounds it. If you are a Bitcoin investor or have any interest in becoming one, it would be a good idea to get involved in this community in order to find advice and kinship. Charleston is often running events on Bitcoin and cryptocurrency more generally, which provide a perfect opportunity not only to learn about cryptocurrency and the future of digital assets but also to meet like-minded people who can offer wisdom based on their own experiences.
If you're not interested in actual organized events but just want to get to know some Bitcoin enthusiasts in a more informal manner, sites like Facebook or Meetup often advertise gatherings for those interested in Bitcoin from around the city to get together and share their knowledge and experience.
Shop
Of course, when it comes down to it, what else is currency for if not to be spent? Luckily for Charleston residents, South Carolina is very supportive of the growth of cryptocurrency, Bitcoin especially, so there are many opportunities for residents to hand over their digital assets for some brilliant material gain. Of course, shopping online and selecting ‘pay with Bitcoin’ at the checkout has been popular for a while now, but many brick-and-mortar retailers are beginning to accept crypto as a payment method in and around Charleston. This is done by allowing customers to scan a QR code at checkout and send their currency to the blockchain address of the retailer.
Although more and more are emerging, finding stores that allow this in Charleson can still be quite tricky; however, with cryptocurrency becoming more and more popular across the entirety of the US, more regulations will come into play, allowing for a smoother integration of digital assets into everyday society. As this occurs, paying in Bitcoin could become as common as paying with things like Apple Pay or with a debit or credit card.
Conclusion
Cryptocurrency, especially Bitcoin, is becoming incredibly popular in Charleston, reflecting its growth across the US on the whole. Bitcoin investors living in the city have multiple options when it comes to deciding how to make use of their assets or how deeply they want to be involved in the crypto community. Many people view cryptocurrency as the future of finance, and this is certainly an outlook that the US seems to have, so understanding the currency and how it can be utilized is a great idea for all Charleston residents.
