What Can I Use Bitcoins For?

Practically, just about any product or service which may be purchased with dollars or other currencies may also be bought with bitcoins. On the flip side, the large volatility of bitcoins is a massive risk for some people which may want to utilize this cryptocurrency, but they are afraid about cost differences. Nevertheless, the characteristics of bitcoins create them perfect for internet payments:

Fast transactions

A bitcoin transaction is processed in 10-15 minutes. In case of a bank transfer, it may take hours or even days for your money to get from one account to the other. Some might say that PayPal or other ewallets are faster. It’s correct, but there are other facets that ewallets can’t give: solitude and more compact commissions.


When you send bitcoins to a spouse on the internet, the transaction will be enrolled in a blockchain. Only the identification number, the sum and the period are recorded. There’s absolutely no way for somebody to learn from where the bitcoins come, and where they move. This is characteristic of bitcoins attracted lots of people. Well, some of those are interested about it because they can buy illegal goods with these, but the majority of bitcoin consumers are people that want to buy legal items and services, but that do not need to disclose their identity. Porn and gambling websites might be immoral, but they are not illegal, so individuals who are looking to subscribe for those services can safely pay in bitcoins on the websites that accept this money, knowing that their reputation won’t be impacted.

Smaller commissions

The average commission is 0.002 BTC for a trade. It’s considerably smaller compared with the PayPal or banking commissions. Moreover, you are not even obliged to pay it. You have the chance not to pay the commission. In cases like this, you might need to wait two or even three times for your transaction to be processed. If you aren’t in a hurry, this could be the perfect chance to make money transactions with zero prices.

Of course, there are also disadvantages for using bitcoins, like the possibility to lose them. If a person steals your bitcoins, or if you delete the pocket documents, it is impossible to regain those. Provided that the bitcoin is not controlled, there’s absolutely no central organism for arbitrage between divergent pieces. To put it differently, you can’t complain if you lose or you are robbed by your bitcoins, simply because there is nobody to complain to.


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