Best Uses for Bitcoin and Other Cryptocurrencies

By now, you've probably heard a lot about Bitcoin. It's all over the news and has even been the subject of controversy. Let's start this discussion by clarifying what Bitcoin is.

 

 

 

In its simplest form, Bitcoin is simply an electronic currency, also called a cryptocurrency. So why would someone choose Bitcoin over using, say, the U.S. dollar, which is ubiquitous and mose convenient for most people? There are two main reasons. First, may people distrust the governement and like a decentralized currency like Bitcoin which isn't subject to manipulation.

 

Second, the cost of using Bitcoin is much lower. With traditional currencies, you have to often pay bank or credit card fees, simply to use your money. This is especially true for online purchases, which are almost always made with credit cards. The transaction fees, on average, start at 30 cents. With Bitcoin, they start much lower or are sometimes even free (for now).

 

At the current time, there still aren't very many places that accept Bitcoin as a form of payment. This is quickly changing, but if you try to rely solely on Bitcoin, you will likely discover that it is difficult to get by. This was demonstrated on a program featuring Morgan Spurlock, called "Inside Man." Incidentally, you can watch this episode on Netflix if you missed it. Despite the fact that's inconvenient to use, Bitcoin can still be used as a currency. This is the most obvious way to use Bitcoin, since it was designed to be a currency.

 

Another use of Bitcoin is as an investment vehicle. While the value of Bitcoin fluctuates greatly, many people believe the value will escalate over time. Such people may invest great sums of money in Bitcoin. I, however, do not recommend doing this as it is a highly speculative form of investment. There is nothing wrong with having a small part of your portfolio invested in Bitcoin, but be wary of investing large sums of money.

 

Finally, Bitcoin can be used to fund online casino account. For the time being, it remains somewhat difficult for people in certain countries to fund casino accounts. Credit card companies frequently will refuse to process such transactions. But as mentioned earlier, Bitcoin does not use banks or credit card companies as middlemen. This means that as long as you have Bitcoin, you can directly fund your online casino account with no issues whatsoever. If this sounds like something you'd like to do, check out these Bitcoin Poker Sites to see which casinos accept deposits made with Bitcoin.

 

As you can see, Bitcoin can be a very versatile instrument with many different uses. Hopefully this article has helped you begin to realize how you may be able to use Bitcoin for your own life.