What Can I Use Bitcoins For?

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Virtually any product or service that can be purchased with dollars or other currencies can also be purchased with bitcoins. On the other hand, the high volatility of bitcoins is a huge risk for some people who might want to use this cryptocurrency, but they are afraid of the price differences. Despite this, the characteristics of bitcoins make them perfect for Internet payments:

1. Quick transactions

A bitcoin transaction is processed in 10-15 minutes. In the event of a bank transfer, it can take hours or even days for the money to pass from one account to another. Some might say that PayPal or other e-wallets are even faster. That's true, but there are other aspects that e-wallets cannot give: confidentiality and small commissions.

2. Confidentiality

When you send bitcoins to a partner on the Internet, the transaction will be recorded in a blockchain. The list of transactions is public and can be checked on specialized websites. Only the identification number, the sum and the time are recorded. There is no way for anyone to know where bitcoins are coming from and where they are going. This is characteristic of bitcoins which have attracted many people. Well, some of them are interested because they can buy illegal goods with them, but the majority of bitcoin users are people who want to buy legal items and services, but who do not want to disclose their identity. Pornography and gambling websites can be immoral, but they are not illegal, so people who wish to subscribe to these services can safely pay in bitcoins on websites that accept this. currency, knowing that their reputation will not be affected.

3. Small commissions

The average commission is 0.002 BTC for a transaction. It is significantly smaller compared to PayPal or bank commissions. Plus, you don't even have to pay it. By paying a commission, you "reserve" the computing power of a pool (or at least part of it), to process your transaction faster. You even have the option of not paying the commission. In this case, you may have to wait two or even three days for your transaction to be processed. If you are not in a hurry, this could be the perfect opportunity to make cash transactions at no cost.

Of course, the use of bitcoins also has drawbacks, such as the possibility of losing them. If someone steals your bitcoins or if you delete the files from the wallet, it is impossible to recover them. As long as bitcoin is not regulated, there is no central arbitration body between the divergent parties. In other words, you cannot complain if you lose or are robbed by your bitcoins, simply because there is no one to complain to.


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