If you read our previous articles about Bitcoin, now you have to be familiar with it and know how does it work. Bitcoin came to use as a medium of exchange. In fact, it came to revolutionize the financial payment system. Bitcoin popularity increased during the past few years. But, the use cases of Bitcoin are not limited to use just as a payment option. There are other use cases for this revolutionizing cryptocurrency. In this article, we are going to talk about Bitcoin use cases. In fact, we are going to make you familiar with more purposes, which you can use Bitcoin for.
Using Bitcoin as a payment method
As we mentioned above, Bitcoin introduced in order to use as a payment option. Many businesses and companies now accept Bitcoin as one of their payment options. There are thousands of online and offline shops out there, which accept Bitcoin in exchange with their goods and services. For example, the domain and host providers, food and grocery shops, computer accessories shops and travel agencies, etc. they all accept Bitcoin as a payment option.
Bitcoin as an investment option
As we know, the Bitcoin price is volatile. Many people trade or invest in Bitcoin to make a profit. In fact, they take the advantage from price fluctuation. They buy Bitcoin in low price and when the price increases, then they sell with some profit. There are different types of traders and investors. Some invest long term and some invest in short term. The long term investors, buy bitcoin and wait a long time (months or even years) until the price increases. The short term investors, which know as traders, trade Bitcoin on a daily basis. In fact, the buy Bitcoin and sell it at the same day and make profit from the price fluctuation in a day.
Bitcoin Use Cases; transfer fund
In addition to above mentioned use cases of Bitcoin, it can use in order to transfer fund. In fact, Bitcoin provides quick and cheap transactions. If you are willing to send money abroad using the traditional banking system, it takes few days to confirm the transaction. Additionally, the transaction fee and exchange rate will cost you a lot in the banking system. However, Bitcoin takes only 10 minutes to confirm a transaction and the transaction fee is significantly lower.
Imagine that you want to send money to one your friends overseas. If you choose the traditional banking system, they would charge you for a transaction fee as well as exchange rate. But, you can easily send the money by using Bitcoin. In this case your friend will receive the money almost immediately. After that, they can easily turn their Bitcoins into cash using one of the Bitcoin exchanges.