With the rise of the digital age, a prominent part of daily life now, everything is becoming online and digitalised. This has paved the way for an increase in innovative technology being introduced into people’s lives. One of the most prominent new technologies that has developed massively in recent years is cryptocurrencies. This online, digital asset has changed from what many considered a niche hobby into a verified and regulated currency that is used on Wall St. Whilst many are still getting to grips with using crypto, many in LA, and those in the South Bay and Palos Verdes Peninsula, are starting to integrate cryptocurrencies into their daily lives.
The affluence of these coastal communities, combined with their forward-thinking desire to be ahead of the game, has meant the people living here have embraced cryptocurrencies for both leisure and business. Whilst many think crypto can only be used for obscure online transactions, there are several – and some quite surprising – ways people are now using cryptocurrencies. Here are some examples below.
1. Online Casinos
Despite California remaining reluctant to legalize traditional online gambling platforms, there remains a gray area where LA residents can tap into offshore online casinos and not face illegalities. The rise of online casinos has been exponential and parallel to that of cryptocurrencies, which has allowed platforms to dodge the blanket ban on online gambling in the state of California. Despite the ban, there are many seeking out the entertainment and allure of online casinos and have been allowed to do this through offshore casinos. Offshore casino platforms able to prove their fair technology and operating outside of the U.S jurisdiction are accessible to Californians and allow an opportunity for those in South Bay and Palos Verdes Peninsula to get involved in the iGaming industry. An offshore Bitcoin casino will tend to only operate using cryptocurrencies due to them being overseas and the globalized, decentralized nature of cryptocurrencies.
Tech-savvy residents of Manhattan and Redondo Beach are getting involved on these platforms for the anonymity, instant transactions, and ease of service that these offshore casinos offer. They are a great space for seeking some entertainment and transacting your cryptocurrencies.
2. Retail
Many of the high-end brands and retailers in areas such as Redondo Beach have started accepting crypto payments for their products. Through platforms such as BitPay, retailers have become comfortable accepting Bitcoin and Ethereum payments for luxury vehicle businesses, health and wellness centres, as well as some PTs offering their services in exchange for digital assets.
3. Events
With such a forward-thinking and luxurious population in the South Bay, it comes as no surprise that the entertainment industry is trying to remain ahead of the game by accepting cryptocurrencies for events in the area. Becoming increasingly popular, venues in the area have started exploring the use of crypto for ticketed events. This is incentivised by offering discounts and exclusive access for customers who pay with digital currencies in a bid to try and garner popularity for this method.
4. Real Estate
Who would have ever thought that we would see the day that people were paying for their next house by using digital assets. Whilst many may disregard this as a feature of the future, it is very much a reality in modern life in the South Bay world. The South Bay Association of Realtors has hosted information sessions and seminars on how they intend to integrate crypto into real estate. This new method would see an approach that mitigates volatility of the digital asset, adapts escrow services and introduces fractional ownership models through tokenization. This would work in much the same way that a traditional mortgage would in terms of accepting a loan to pay off, but the loan in the crypto world is a digital tokenization that can be placed against the value of the house. This would allow people in the area to invest in luxury houses with large values but have smaller outlays in the initial periods.
5. Charity and Philanthropy
It is widely accepted around the world that cryptocurrencies can be used well to fund charities and community organizations but many do not know that this is something that can be achieved. The true benefit of using cryptocurrencies when donating to charities is the transparency they offer. Due to the blockchain technology, it is easy to see how contributions are used and ensures the charity is using the funding to reach the intended recipients. Scandals about this have raised concerns before and crypto is a really good way of mitigating this distrust. The likes of Giving Block in the South Bay area support blockchain-based donations and can convert the crypto to cash for charities instantly. They support major charities both locally and globally.
6. University
UCLA amongst other educational insitituitons have started to offer students crypto courses. These are intended to prepare students for careers in the crypto industry as the digital economy continues to grow. Whilst it is not quite a use of crypto in its more literal spending sense, this is a developing use of crypto. You never know, someday soon the college fees may be able to be paid through cryptocurrency.
Increasingly, spaces in local meetup areas and coworking set-ups, perfect for studying, are beginning to offer crypto payments in the South Bay area. Alongside these working spaces, crypto lounges are emerging which offer crypto-related leisure activities and information on the developing new technologies which incorporate crypto.
7. Governance
Indeed, even the local municipalities and governing bodies in the South Bay area have started to try and adopt cryptocurrencies into their practice. Citing the transparency of transactions as a big attraction, some municipalities have begun using blockchain technology to implement smart contracts. These would be easy to evidence and do not hide anything from the public. They have also advised there will be a move to try and implement as much digital currency into the local economy in order to develop and strive ahead of the technological curve as much as is possible.