What can I use bitcoins for?

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

1. Fast transactions

Bitcoin transaction is processed in 10-15 minutes. In the case of a bank transfer, it can take hours or even days for the money to go from one account to another. Some may say that PayPal or other e-wallets are even faster. True, but there are other aspects that e-wallets cannot provide: privacy and lower commissions.

2. Confidentiality

When you send bitcoins to an online partner, the transaction will be registered in a blockchain. The list of transactions is public and can be checked on specialized websites. Only the identification number, the amount and the time are recorded. There is no way anyone can know where bitcoins come from and where they go. This is typical of bitcoins, 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 reveal their identities. Porn and gambling websites may be immoral, but they are not illegal, so people who want 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. Smaller commissions

The average commission is 0.002 BTC per transaction. It is significantly lower than PayPal or bank commissions. Plus, you don’t even have to pay for 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’re not in a hurry, this may be the perfect opportunity to make money transactions at zero cost.

Of course, there are disadvantages to using bitcoins, such as the possibility of losing them. If someone steals your bitcoins or deletes your wallet files, it is impossible to recover them. Until bitcoin is regulated, there is no central body to arbitrate between different parts. In other words, you can’t complain if you lose or are robbed by your bitcoins just because you have no one to complain to.