The Bitcoin currency is still rather new and undiscovered by the general public. It made its first official public appearance back in 2009, ever since it has been trying to take over the online payment industry. Many people have doubts regarding this cryptocurrency and perceive these payments as Bitcoin gambling endeavors. Speaking of this, there are several uses of this technology which dominate today’s online markets. The sooner people learn about this, the sooner they can start employing it.
This word is bound to catch a lot of people’s attention, especially when it refers to all kinds of online retailers. Bitcoins are used by several online services in order to provide discounts and promotions for certain products if the buyer goes through their website to get the bitcoin discount. Some of the most popular online shops in this regard are Amazon, Starbucks, and Target.
- Grey Marketplace & Ransomware
Everything has a positive and a negative side. In this case, the bitcoin currency is utterly torn between the two. Many criminals use it as a form of payments for buying illegal objects, artifacts, weapons and substances and use them for international trade. The onset of these activities can be noted with the censorship-resistant transactions by Silk Road and Wikileaks.
One of the ransomware’s greatest feats was when a group of hackers entered the patients’ data in an L.A. hospital and demanded 40 bitcoins for its safe return.
- Trading & Speculations
A more legal, yet profitable use of bitcoins is in the global trading market. Some people tend to buy and hold on to their coins, while others actively exchange them at the altcoin market with other alternatives for regular, fiat currencies.
- Online Gambling
If the fact you have invested in bitcoins and trade with them is not thrilling enough, you can always try bitcoin gambling. Many gambling sites have made use of the fact bitcoin transfers cannot be traced in order to attract players to enjoy their gambling habits without sharing private banking information.
Newly created sites like mBitCasino.com as well as old gambling rooms have managed to incorporate bitcoins as their deposit and withdrawal option or as an exclusive payment method.
- Digital Gold
Bitcoins don’t exist in real life due to the fact that they are strings of numbers and letters. Nonetheless, people have often imagined and illustrated them as golden coins from the Middle Ages. Considering bitcoins as an alternative is a sustainable opinion, as bitcoins are more portable, durable and divisible for starters. Skeptics often emphasize the gold’s irreplaceable quality in jewelry and electronics, although bitcoins’ expanded uses might surpass standard jewelry and appliances.
The lack of fees and the speed of processing money transfers is bound to push the bitcoin technology into other markets. Some of the most likely areas which could benefit from bitcoin inclusion are international money transfers and micropayments. These are bound to benefit different entities, starting from everyday people to multinational corporations.