Since Bitcoin has only been around for five years and is considered a new form of currency, I would like to take some time to explain how it compares to a classic currency like the dollar and to explain some of the powerful advantages Bitcoin brings to the table when it is used as a currency of choice. As time progresses, Bitcoin keeps evolving and finding new ways to adapt to the many different types of commerce, both online and off.
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Remittance
One of the biggest markets I expect bitcoin to have a major impact on is the remittances market. This is because bitcoin makes it much more affordable to send small amounts of value universally. Even better, the bitcoin currency can do this for virtually no fees, directly to the receiver anywhere in the world, at anytime, and very quickly. The small learning curve for figuring out how to get and use bitcoins is a small price to pay for being able to use the cryptocurrency as a secure form of money transfer.
Online gambling
The online gambling market is seeing a major rush for the same reasons as remittances. Bitcoin makes online casinos and gambling sites much more accessible, cheaper, and more efficient for people to gamble online.
When you are using bitcoin, you can practically deposit and withdraw any amount, from a fraction of a penny to millions of dollars in its bitcoin equivalent.
The minimum bets are also much lower, so you could literally play games for fractions of pennies as well. After that, you can cash them out to your own bitcoin wallet, making it much more affordable for anyone to gamble. This is a huge difference from traditional currency transactions when it comes to online casinos.
Identity, confidentiality, and security
With traditional currency, you need to have your account or identity verified, before the process of sending you your money even starts. And that can be a big issue for some people, not only in the sense of the time for waiting, but also because of the security and confidentiality issues that many online casino clients prefer to have.
With bitcoin, you are assured of your identity security, and you have 100% control of your own money. You won’t need names or addresses, credit card numbers or even wire codes. All you would need is an e-mail address (at the most) to verify your identity.
Exchange rates and online freedom
If you are using bitcoin and other forms of cryptocurrency for gambling, then you don’t have to pay for the exchange rates in the banks, given that it is cryptocurrency.
For those who live in America, cryptocurrency like bitcoin can also allow you to use online gambling facilities legally. This is very important, as the American government has been trying to ban online gambling for quite some time. This is a case where bitcoin and other similar online currencies can contribute to a certain amount of financial freedom within the online world.
Secure banking
Bitcoin brings free and secure banking to those without bank accounts. It’s been estimated that approximately 2 billion people, a majority of the world’s population, can benefit from the spread of cryptocurrency or online currencies like bitcoin. All that is required is the creation of a bitcoin wallet.
Bitcoin accounts
A bitcoin wallet is in essence an online bank account that can store and dispense bitcoin. You can also think of it more as a combination of a file folder and a safe, as what it really stores is the data – the “bitcoin file” that keeps track of how much you have in bitcoin currency, and what their equivalent values are when broken down and converted to traditional currencies. All you have to do is download all the necessary files from www.bitcoin.org, and with some work, you can have a bitcoin account up and running in a very short time. However, do remember that you will need online access to make a bitcoin wallet work.
How bitcoin makes online transactions easier
Bitcoins and other forms of cryptocurrency or online currencies are particularly efficient when it comes to sending and receiving small amounts of money through online methods. As stated before, this makes it cheaper in the sense that no financial fees will have to be slapped on to the transaction. All that the sender would need to do is transfer the money to the receiver’s bitcoin wallet. From there, the bitcoin on the receiver’s side can be converted to the local currency as long as there are local bitcoin exchanges that can process the bitcoins’ values.
Because of this bitcoin gives people everywhere the ability to tip someone for good service online, give to charities (even if it’s just cents a day), and you can even donate to or pay for videos that have amused you, helped you, or educated you without having to deal with corporate intermediaries or pay sites that have exorbitant financial fees.
The impact of bitcoin and other cryptocurrencies
Cryptocurrencies like bitcoin have the power to impact greatly on our daily lives, and these currencies can be even more important for people who are unable to have bank accounts or have difficulty transacting through normal sites and pay networks. This allows more people, then to be a real part of the worldwide economy in many ways.
However, the real extent of how to use cryptocurrencies and the many ways that they can be used online in major and emerging markets is still to be fully tapped. If you will open a bitcoin wallet account, do make sure to read up on all the literature available on cryptocurrencies, so you’ll know how to maximize its use.
With the expansion of the Internet across the world, bitcoin and other currencies like it have the ability to reach out to everyone on the planet through direct and indirect means. Getting into bitcoins now will help show support for this alternative financial system, and it can help spur growth for more bitcoin-friendly applications, networks, and computer infrastructures.
