The Many Uses of Bitcoin
As you may have heard, a cryptocurrency (aka digital currency) called Bitcoin has really taken the world by storm. At first it was just thought of as an experiment, but over the years, adoption of Bitcoin has skyrocketted. Today, it is viewed by many as a legitimate currency, and quite a few alternative coines (mostly imitations of Bitcoin) have emerged as well. But those who are new to Bitcoin may wonder just how much use it can have for them. I will attempt to answer this question in this article.
1) Bitcoin as a currency.
The first, most obvious use of Bitcoin is as a currency. Many people don't trust government-issued currencies and prefer to use Bitcoin for philosophical reasons, such as being a libertarian. If you fall into this category, using Bitcoin can have a good amount of appeal. In the past, using Bitcoin was not easy, but today, many websites accept Bitcoin. Depending on where you live, you may even find local businesses such as cafes and sandwich shops that accept Bitcoin. It's important to note the Bitcoin is also accepted by online casinos. This is especially helpful to some because traditionally, credit card companies have refused to accept transactions for online casinos, making it difficult for many people to fund their online casino accounts. For a list of casinos that accept bitcoin, head over to http://www.bitcoinvideogame.com/casinos.htm.
2) Bitcoin as an investment.
Many people simply buy Bitcoin in the hopes the value of the currency will rise. Some people have made quite a bit of money investing in Bitcoin, and it is therefore a possible way to make a lot of money. But anyone who invests in Bitcoin needs to understand that this type of investment is very speculative and risky. For this reason, you should only invest money that you can afford to lose.
3) Bitcoin as a business.
Finally, Bitcoin and its related technologies have been responsible for over 100 startup companies. Bitcoin has therefore been good for business. Among the businesses Bitcoin have spurned are mining businesses, Bitcoin exchange businesses, and businesses that leverage the technology used by Bitcoin, which is called Blockchain technology.
Therefore, while Bitcoin, at its core, is a digital currency, it has plenty of other applications and uses. As with all new technologies Bitcoin has had a ripple effect that has affected multiple industries.