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Bitcoin Basics: 5 Ways to Use the Popular Cryptocurrency

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There has never been a better opportunity to consider cryptocurrencies than right now. Due to its appeal to those wishing to utilize this alternative currency, Bitcoin has risen rapidly over the past several years. The phrase “Bitcoin,” the most well-known of the new cryptocurrencies, is one of those that automatically generates buzz since everyone is so enthusiastic about its possibilities. Start your bitcoin investment by joining Bitcoin Era.

It, therefore, comes as no surprise that cryptocurrencies in general are interesting. They have the power to transform society since they are decentralized (no banks!), anonymous, and electric. Surprisingly, this shift will affect more than only the financial industry: As it turns out, cryptocurrency has a plethora of applications, many of which will surprise you.

Here are a few usages of bitcoins.

5 Amazing Uses for Bitcoins That You Didn’t Know About

  1. Spend money anonymously

The pseudonymous nature of bitcoin—in which users are identified by their public keys rather than by their “real world” identities—is one of its main advantages. This offers many consumers the required amount of secrecy that old-school digital payment methods do not. Situations, where this quality is put to use, include those when people are escaping violent spouses, wanting debatable medical procedures, or acting outside the restrictions of repressive governments.

  1. Use Bitcoin for Travel and Education

People will have the opportunity to use Bitcoin for a huge number of transactions as more and more merchants start to accept them. Travel transactions are merely one type. Since 2013, the travel website cheapair.com, where you can book flights, hotels, rental cars, and cruises, has accepted Bitcoin. Additionally, many schools are increasingly allowing students to pay with cryptocurrencies. Universities in Cyprus, Germany, Switzerland, and the United States have reportedly begun to accept Bitcoin as payment. As the use of this currency increases, this method of payment will undoubtedly expand.

  1. Everyday uses

While the aforementioned uses are niche ones, the typical bitcoin user will just use bitcoin to make regular purchases from online (or even offline) merchants. This will happen more frequently as the size of the bitcoin market expands; the price of bitcoin will (theoretically) settle, customers will want to spend their bitcoins, and merchants will see the advantages of allowing bitcoin transactions.

There are many reasons why Bitcoin investment is a good choice for financial investors. First off, the previously mentioned low transaction costs are a great reason for companies to accept bitcoin as payment; by lowering the fees associated with credit card transactions, authorizations, statements, interchanges, and customer service fees, businesses can significantly reduce their costs.

In addition, features like micropayments, which are typically not possible in other financial systems, make the new payment system act as a catalyst for financial innovation. These features open up new financial opportunities and encourage the development of new online business models and marketing techniques.

  1. Start Funding initiatives

Nowadays, a lot of entrepreneurs use cryptocurrency to finance their concepts, offerings, and ventures. Start-up executives are turning to cryptocurrencies as a means of obtaining capital as opposed to traditional VC funding or crowdfunding platforms like IndieGoGo or Kickstarter. This method of collecting funds is altering the entire fund-raising process because it is simple to track and receive.

  1. Spend less money on transfers

The fact that bitcoin has a very cheap transaction cost when compared to other electronic payment systems is one of its main advantages. The transaction price for Bitcoin is incredibly cheap compared to the costs associated with money transfers facilitated by banks, credit cards, and commercial services like PayPal. The cheap transaction fees associated with bitcoin are especially helpful for immigrants transferring money back to their families back home. Due to the size of the remittance transfer market ($542 billion in remittance flow was transmitted globally in 2013), there is a major potential market for bitcoin.

Conclusion

So, these were some common usages of bitcoin that every Bitcoin user should be well familiar with. Some other usages also depend highly on peer-to-peer transactions. This system allows you to transact with your peers without any government involvement in the process. It has been growing in popularity owing to the corruption and malpractices that are happening to many bank networks.

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