Friday, April 16, 2021
No menu items!
Home Business Uses of Bitcoin

Uses of Bitcoin

Ever since Bitcoin was launched in 2009, it has been used in many countries and by many firms. Evermore countries and firms are accepting and using Bitcoins in their monetary transactions. 

Bitcoin has quite a few uses, which is what we’re going to see in this article. Bitcoin also offers several advantages over traditional money and traditional Net Banking systems. Therefore, evermore people are buying and using Bitcoins and the value of one Bitcoin is steadily heading northwards.

Uses of Bitcoins

Due to the security, privacy, accuracy, and adaptability provided by Bitcoins, they are used for many purposes. They are:

Spending money privately

In Bitcoin transactions, people and organizations are identified by their public keys and not by their names. This feature of Bitcoin provides a great deal of privacy and security to people and organizations. 

This feature can come in handy if one is paying for a controversial healthcare procedure (like having a test tube baby or changing one’s sex) in a hospital, doing business in an oppressive country, etcetera.  

Unfortunately, this feature of Bitcoin also has its cons. Many criminals and criminal organizations are able to use privacy (anonymity) provided by Bitcoin transactions for money laundering and funding criminal activities.

An example of that is the notorious Silk Road incident where criminals bought and sold illegal drugs and confidential government documents securely and privately. This incident exposed one of Bitcoin’s major flaws. 

For international money transfer

If you pay for things or transfer money using traditional Net Banking systems, there will be a convenience charge applied. This charge can vary from 0.1% to 1% of the transaction amount, depending on your bank. For international money transfers, this convenience charge can go up to 7.75% of the transaction amount.

Bitcoin charges only a 0.0001% convenience fee for international money transactions. Bitcoin money transactions done within the same country (domestic transactions) are free of convenience charges. Other cryptocurrencies to charge a very low convenience fee for domestic and international money transactions. 

The transaction time of Bitcoin transactions is also very low. It does not exceed more than a few minutes for international money transactions. Domestic money transactions are done in an instant. 

The fact that Bitcoin transactions have a very low convenience fee is something that people find very convenient. After all, who would want a high convenience fee eating into their transferred money? It only upsets people.  

Purchasing of normal goods

People can use Bitcoins and other cryptocurrencies to purchase regular goods like food, groceries, vehicles, jewelry, and other goods. As Bitcoin becomes ever more popular, such activities will only become more common.


One more good news is that, as more and more people buy and use Bitcoins, the value of one Bitcoin and its sub-denominations are steadily increasing. This means that if you had invested in Bitcoins before (it’s still not too late), you can buy more goods for the same amount of Bitcoins as time progresses. 

As more and more governments, firms, and merchants accept Bitcoins the usage of Bitcoins will only increase in the future. In case you are looking to set up your own cryptocurrency exchange website, you can download the Cryptocurrency exchange script.

Conclusion

The future of Bitcoin and other cryptocurrencies is uncertain. While Bitcoin and other cryptocurrencies do offer several advantages over traditional currencies and traditional banking systems in terms of security, privacy, accuracy, swiftness, economy, and adaptability, they also have serious drawbacks.

 

ALSO READ  Printing Services: All that you should know
ALSO READ  7 HEALTH BENEFITS YOU MUST KNOW BEFORE YOU BUY SMARTWATCH!

Firstly, most of the countries are not receptive (accepting) towards Bitcoin and other cryptocurrencies. Out of the 191 countries in the world, only 7 countries are accepting Bitcoin as of today. They include China, Russia, the US, Canada, Australia, the EU, and Finland. So, Bitcoin is far from becoming a global currency. Its use is limited to only those seven countries.

The privacy and security offered by Bitcoin transactions enable criminals and criminal organizations to use Bitcoins for criminal activities like money laundering, buying and selling of illegal drugs, weapons, and goods, buying and selling of confidential government documents, buying and selling of black property, etcetera (like in the Silk Road). 

Due to the high risk of misuse of Bitcoins by criminals and criminal organizations, Bitcoins cannot be implemented on a global scale presently. The founders of Bitcoin have to come up with a solution for the misuse of Bitcoins before Bitcoins can be used globally. So, think before you invest or trade in Bitcoins.

Latest News

Top Best IPTV for Windows or PC in 2021

You've come to the correct location if you want to watch TV on a streaming platform. As you may...

Windows 10 Compatibility Checker Test Your PC in 2021

According to Microsoft, Windows 10 has more than 700 million active users, making it the most common computer operating...

How to Unlock SWF ?Best swf players to Windows/macOS

Flash was the go-to web technology for nearly all browser-based games on the Internet in the pre-Facebook days of...

Top 10 Best Gameboy Advance Emulators PC or Android

Best GameBoy Advance emulator is one of the most popular handheld video game consoles. If you want to use...

Top 20 Best Roblox Games That You Want Play In 2021

Perhaps the most popular forum for young gamers is Roblox, and it has a vast range of kid-friendly games....

Top 10 Best Anime Torrent Websites In 2021

There are millions of fans worldwide of all types of animation art, also referred to as Anime. The fact is...

Top 10 Best Latest Fake Email Generator For 2021

Do you scout for a reliable fake email generator ? Well, if you are, then you will be benefited...

Top 12 Best Torrent Search Engine Fast Running in 2021

You may have come across many torrent websites which use P2P file-sharing technology if you are a frequent torrent...