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How Do People Use Bitcoin?
How Do People Use Bitcoin?
Unlike other currencies that are based on physical worth—such as the U.S. dollar which was originally based on gold—cryptocurrency like Bitcoin is based on mathematical proofs, as we’ve learned. And like other currencies, Bitcoin is used just the same: as payments.
One of the first major companies to accept Bitcoin as legitimate payment was Dell. Dell did so internationally. This benefitted Dell because transactions using Bitcoin have nearly non-existent transaction fees. Shortly after this, airBaltic became the first airline to accept Bitcoin as payment for flights through their website.
Online currency can be used to purchase pretty much anything, as long as the seller accepts Bitcoin as payment. In order to use Bitcoin, a user has to set up their Bitcoin wallet. There are different wallets to choose from, and they can be accessed through your smartphone or your computer.
Once a user has a wallet, they can start to acquire Bitcoin. Bitcoin is gathered most commonly buy purchasing it with fiat money. Some people choose to become miners, and you can earn money that way by validating transactions. Either way, once you’ve got some Bitcoins in your wallet, you can start spending it online where ever it is accepted. It can also be used to purchase other forms of cryptocurrency.
Additionally, both public and private banks have embracing Bitcoin usage by rolling out Bitcoin ATMs. They're certainly not widely adopted, but they already number in the thousands. The United States leads the pack with over 1,000 Bitcoin ATMs.
There are a few benefits to using Bitcoin as opposed to everyday currency. For one, all transactions are completely anonymous. Regardless of what you’re interested in and what you’re purchasing, no one can know who you are or why you’re purchasing what you’re purchasing. Another big benefit is the security that Bitcoin provides.
The system is incredibly regulated and irreversible, and since transactions and blocks are permanent, there’s no fear of someone messing with them once they’ve happened. However, hackers are a very real thing, and since there is no centralized entity, if someone steals your Bitcoin, there’s really nothing you can do about it. Whoever has it, owns it.
Credit: Money Munk
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