What is Bitcoin used for?

//What is Bitcoin used for?

What is Bitcoin used for?

Bitcoin is a digital currency created to work as a simple and efficient medium of exchange. With the help of cryptography, the transactions are verified and secured and the same technology allows ordinary users to create new bitcoins.

Unless you’ve been leaving under a rock in the past couple of years, you’ve probably heard about Bitcoin. But, even if you are familiar with the basic concept and you know what cryptocurrencies are, there is a chance that you don’t know what you can actually do with bitcoins.

For starters, there are a huge number of sellers, offline and online, that will gladly accept Bitcoin as a payment method. Some popular brands like Newegg and Overstock accept Bitcoin. In addition, hundreds of bars, shops, and restaurants accept this form of payment. You can also use bitcoins to purchase plane tickets, jewelry, books, applications and electronic parts online. In the recent period, some businesses have started accepting other cryptocurrencies like Ripple, Ethereum, and Litecoin. But, the truth is that Bitcoin is the most widely accepted digital currency.

In the recent period, an increasing number of people are using bitcoins as an investment tool. The news is full of stories about ordinary people that have become millionaires with the help of Bitcoin. All they had to do is to buy a certain amount of bitcoins and wait. This is not a surprise because Bitcoin has increased its price by 15 times since 2016 and over 30 times since 2014. Of course, it is impossible to predict whether this digital currency will go up, but that’s why it’s worth considering it as an investment tool. After all, people can’t find a safe investment that can pay great returns in a short period of time. There is always some percentage of risk involved.

In case you are a business owner, you can consider accepting Bitcoin as a payment method. In this way, you will definitely attract new clients/customers. We can all agree that the cryptocurrencies are getting more popular and this trend won’t change in the future. There are about 2000 Bitcoin ATMs all over the world mostly in developed countries like Canada for example. This type of payment can be processed in different ways – with the help of mobile apps, hardware terminals and QR codes too.

Hopefully, this article will encourage you to consider investing in Bitcoin or some other cryptocurrency.

2018-03-01T14:22:31+00:00
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