What is Bitcoin used for?

What is Bitcoin used for?
What is Bitcoin used for?

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In recent years, Bitcoin has transcended its role as a mere digital currency and evolved into a multifaceted tool with various applications.

From facilitating cross-border transactions to supporting renewable energy initiatives, Bitcoin’s utility extends far beyond conventional financial transactions.

Let’s delve into the diverse and innovative uses of Bitcoin as highlighted in a compelling Twitter thread by Yan, a huge advocate for Bitcoin adoption. He published a great thread and I wanted to share these great use cases to help other get inspired to build on bitcoin and to spread awareness.

Recapturing Landfill Methane for Bitcoin Mining

One of the most intriguing developments to support reducing methane released into the atmosphere is where landfill methane is being harnessed for Bitcoin mining.

Landfill methane, a potent greenhouse gas, is repurposed for a sustainable and profitable endeavor, highlighting Bitcoin’s potential to incentivize environmentally friendly practices.

Utilizing Bitcoin to Reduce Gas Flaring

Exxon, a multinational energy corporation, has embraced Bitcoin mining as a means to economically mitigate gas flaring.

By partnering with Crusoe Energy, Exxon demonstrates how Bitcoin can be leveraged to address environmental concerns while also generating revenue.

Facilitating Aid Efforts in Ukraine

During the conflict in Ukraine, Bitcoin emerged as a vital tool for facilitating international aid efforts. Through platforms like Ukraine TrustChain, individuals worldwide could contribute to humanitarian relief efforts swiftly and securely, transcending geographical barriers.

Enabling Seamless International Payments

Bitcoin’s borderless nature enables seamless international payments, as illustrated by a transaction from Argentina to Switzerland via the Lightning Network. This example underscores Bitcoin’s role in fostering global economic inclusivity and facilitating cross-border commerce.

Alex Gladstein Posted a long thread about how Bitcoin is used in oppresive countries.

Here are some of the stories he shared;

A grassroots Belarusian human rights org, has moved more than $500k of value peer-to-peer to striking workers inside Belarus, in a way the regime can’t stop. Activists or protestors normally get their bank accounts frozen.

Nigerian feminist coalition raised tens of thousands of dollars in Bitcoin via BtcpayServer to support pro-democracy anti-SARS protests in October while their bank accounts were being turned on and off.

Many organizations in Hong Kong have had their bank accounts investigated or funds for supporting human rights work. The indispensable @hkfp team ran into this issue and the local Bitcoin community helped them set up BtcpayServer so they can raise funds without that worry.

Navalny has raised millions in Bitcoin in an otherwise inhospitable financial climate in Russia. His team has said that even the threat of raising in Bitcoin keeps their traditional accounts more secure, an important phenomenon

There are countless cases of individuals fleeing Venezuela to other countries with their wealth stored in Bitcoin, something previously very difficult for other refugees, who had to flee with whatever they could carry and then whatever wouldn’t be stolen on the way out.

Iranians are almost entirely cut off from the global financial system. With Bitcoin, they can receive payments from family or earn income, which they store in Bitcoin (not the disastrous rial) or convert fast through p2p markets to fiat when they need to buy something

Alex Gladstein

The stories go on and on for how Bitcoin is helping people in really tough situations. Here are some more articles to learn more.

Bitcoin is used so much more globally than it was just 5 years ago. It’s used as a savings mechanism, as a cross-border peer-to-peer payment tool, and as freedom money in countries with corupt and authoritarian governments.

Bringing Clean Power to Underserved Communities

In regions lacking access to reliable electricity, Bitcoin mining serves as a catalyst for sustainable development.

Projects such as Gridless Compute in Kenya empower communities by providing off-grid power solutions, thereby improving livelihoods and fostering economic growth.

This community is leveraging bitcoin mining to help fund their electricity grid development. This is a small scale example of how Bitcoin mining can help build the worlds electritity infrastructure.

Supporting Conservation Efforts in National Parks

Bitcoin mining is also being employed as a means to fund conservation efforts, as seen in a national park in Congo.

By leveraging hydropower for Bitcoin mining, conservation initiatives receive much-needed financial support while promoting environmental sustainability.

Harnessing Bitcoin Mining for Waste Management

Irish farmers have embraced Bitcoin mining as a means to repurpose farm waste and mitigate emissions. Through innovative applications, such as Farmer Tom’s initiative, Bitcoin contributes to reducing carbon footprints and promoting environmental stewardship within agricultural communities.

Reusing the heat from Bitcoin mining

There are many people that are harnessing the heat created by Bitcoin miners. Here are just some of these stories.

These examples underscore the transformative potential of Bitcoin beyond its conventional role as a digital currency.

As technology continues to evolve, Bitcoin’s versatility opens up new avenues for innovation and positive societal impact.

Whether it’s empowering underserved communities, advancing environmental sustainability, or facilitating humanitarian aid, Bitcoin demonstrates its ability to effect positive change on a global scale.

As we embrace these diverse applications, the future of Bitcoin as a catalyst for innovation and progress appears increasingly promising.

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