Ever since its invention in 2009, bitcoin has become a rather popular digital money possibility, and expanded its use to other fields and industries as well. Initially, it was presented as a “peer-to-peer electronic cash system” and its first launch was definitely revolutionary for the world of payment systems. People were curious about it in the beginning and slowly started embracing it and according to statistics, there were approximately 800.000 daily bitcoin transactions recorded by the end of 2023.
Based on these statistical reports, the question that naturally arises is – what do people use bitcoin for? While there are plenty of uses that bitcoin has nowadays, we will try to cover some of the most common and prominent ones online. However, before we get into that, let us have a look at what bitcoin is briefly and how it functions.
What is bitcoin?
Bitcoin, in simple terms, is digital money. Basically, it does not exist in physical form, like we are used to with the traditional money currencies we have. It only exists online on systems and those systems are called blockchain technology. It was first introduced through a whitepaper written by the author named “Satoshi Nakamoto”. Nevertheless, it is believed that this is a pseudonym for a group of people who actually worked on the whitepaper, but their names were never made public.
The main idea of the invention of bitcoin was for it to be a decentralized currency. This means that this digital money is not controlled, monitored or supervised by traditional banking systems or governments, otherwise known as intermediaries. That being said, the transactions are direct from one party to another and consequently, the transaction fees are almost entirely eliminated. Ultimately, nowadays bitcoin is regarded as a secure and transparent way of payment.
Most Common Uses of Bitcoin Online
As previously stated, bitcoin has many uses online. Some of the most prominent ones, which will be discussed in the paragraphs below, are investment and trading, bitcoin casinos, e-commerce and international transfers. Let’s get right into discussing them!
1. Investment and trading
Bitcoin has become an unbelievably valuable asset nowadays, especially since when analyzed, its value from 2009 when it was launched till today has grown immensely. As a result of that, its price keeps going up even nowadays and people buy it as an investment but also trade it after some time as it is guaranteed to bring substantial returns. If you are new to the world of bitcoin, we recommend that you research previously, in order to avoid mistakes you can make when buying bitcoin.
2. Bitcoin casino
Bitcoin casinos have also become a sensation in today’s world. There are online casino websites where you can play games solely using bitcoin as a way of payment. In those sites you can find all types of games from bitcoin roulette, to bitcoin poker, blackjack and so forth. Essentially, you have almost all casino games available, and they are very diverse so you will for sure find some game that you like. The availability of these sites is definitely a great opportunity for all those who are willing to make bitcoin payments only online.
3. E-commerce
Retail stores online have started embracing bitcoin as a form of payment at a large scale lately. The main reason behind is the fact that bitcoin payments have really low transaction fees, which benefit both the retail store and the customer. Apart from that, since bitcoin is regarded as a secure form of payment, customers seem to feel safer making payments online on different sites from different countries. It is expected that in the future bitcoin will expand its presence even further in e-commerce.
4. International transfers
It is well-known globally that international transfers have a crazy amount of provision fee that you have to cover with the payment. As previously stated, this fee is almost entirely eliminated by bitcoin. To illustrate, it has been estimated that globally people pay 7.25% more in international transfer fees through traditional banking when compared to bitcoin. This amount is definitely alarming and rightfully so, also the reason people are slowly moving to bitcoin for international transfers.
Conclusion
It is absolutely true that bitcoin has made a great impact on financial systems. While it is also true that there are some people who are still doubtful about the existence of bitcoin in the long run, it should be said that its use is definitely beneficial and should be regarded as so. Bitcoin is foreseen to grow even more in the future in its use in investment and trading, online casino, e-commerce and international transfers. However, we also expect bitcoin to invade other industries and areas of life as its use is to the advantage of people. Bitcoin will be all around, and we are here and excited for it!
Founder Dinis Guarda
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