What to do with bitcoin

Newslookup.com: hickz1 | 2018-04-12 06:40 UTC

The entire world is buzzing like crazy over bitcoin and cryptocurrency in general. There are people making millions overnight and others wanting in on the action. Graphic card prices are skyrocketing and everyone is mining some form of cryptocurrency. There is just one thing that never seems to rise up, and that is what we do with all this digital currency? Everyone wants some, but not many seem to understand what it is for.

Even if the name says it, people are forgetting that cryptocurrencies are an actual form of currency that can be used to buy stuff.

Is it money or stock?

Having some cryptomoney for the sake of having it seems to be the view many people are having. It is not seen as a tool for trade, but more as a stock to buy and to sell. This seems like a good use, but it is not what the thing was designed for in the first place.

We all know those people who hopped on the bitcoin craze after reading or hearing about the people who made millions just by forgetting they had some bitcoins laying around. For these people it is not a currency they are buying into, but a stock that is kept untouched until sold.

For the rest of us, cryptocurrency is a true form of currency, which can be used to buy and sell stuff. Sure, it might be difficult to get your groceries paid with bitcoin in the local supermarket, but there are many places around the world that accept bitcoin as a viable form of payment.

Bitcoin with businesses

Every day https://www.shopify.com/blog/10480345-75-places-to-spend-your-bitcoins are accepting bitcoin as a means of payment. The volatility of the currency has been one slowing factor, but for many of the companies that accept it, it's nothing more than one extra step on getting the dollars to your account.

Right now you can shop online with bitcoin on numerous online stores and buy many of your every day needs. Tech items, clothing, make up, cigars and coffee are just the tip of the iceberg.

One surprising field that was pushing bitcoin for the consumers was online gambling. They saw it quickly as a way to get more people in by having a new hook to entice players in high tech countries. For instance https://www.onlinecasinot.com/bitcoin-ja-kryptovaluutta skyrocketed quickly, though the interest in it has cooled down and some brands have even stopped accepting bitcoin.

It will be a long way until we see bitcoin as a payment option in stores like Target and Wallmart, but we are getting closer to it every day. Japan has been https://www.seattlepi.com/business/technology/article/Japan-embracing-cryptocurrencies-despite-big-12786619.php and growth in the Asian market could be the last push we need to get the ball rolling in the big business.

Bitcoin with consumers

One of the best uses for bitcoin and other cryptocurrencies is your everyday person to person transfer. It's easy to pay for services or items when you don't need wonder which way to give or send money that is good and fast for both parties.

There is a reason why many online forums have started to prefer the use of bitcoin as the de facto means of payment. It's quick and easy to transfer money between two people without the need of giving out any personal information. Bitcoin operates well even over borders and you don't need to worry about bank holidays or anything. Thanks to the design of the cryptocurrencies, there is nothing slowing you down when it comes to payments.

The ease of use and intractability of the money is the draw of it to many people, including the less favorable merchants. Bitcoin has a long way ahead to shake the stigma and become an accepted and trusted currency for your average person.

Volatility plays both teams

Cryptocurrencies, and bitcoin especially have been the subject of major volatility. The value of a single coin has changed immensely and changes are happening fast. This is both a curse and a blessing, the great draw and the great drawback. For who invest in forex and in online https://www.avatrade.co.uk/ in general, this volatility represents a true boon. The high volatility can generate huge profits in a minute, but of course everything is proportioned with the amount of the initial investment.

Any person wanting to make a quick buck will love the fact that bitcoin can go up in value in a matter of months. Your initial investment can double and halve in moments and this is the part that draws in more finance people. Whether or not this is a good thing is up for debate. Sure, they can make cryptocurrencies popular and well known, but that does not advance the currency side of the coin.

To an average user, money needs to be easy to understand, easy to use and somewhat stable. A consumer will not care if the dollar goes up or down against the euro, but will care if his 100 dollars’ worth of bitcoin suddenly drops to 50 dollars. The nature of cryptocurrencies plays a big part here, but the more people use cryptocurrencies, the less these wild swings happen. Currently we don't yet have that strong user base, which stabilizes the value, but the more people get on board, the better it is for everyone.

Future of everyday use

The future of bitcoin and cryptocurrencies in general is wide open. Governments and financial institutions are fighting back, but the people seem to be on board. The latter is much stronger force and if people want to use bitcoin, they will.

We are now near the tipping point of moving from the current tech savvy flash in a pan mentality to fully embraced means of trade. Every year is a big leap for cryptocurrencies as a whole and the entire field will shift accordingly. This time next year we might see some big chain store accepting bitcoin, or we might see the downfall of the concept and the lack of interest.

Just remember, the more you use it, be brighter the future of bitcoin is. This is one thing where you can make a difference. Just be a part of it and tomorrow we all can see the change.

By hickz1 on 2018-04-12 06:40 UTC, Edited: 2018-08-28 09:25 UTC
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