Sunday, June 26, 2022

What are the practical uses of Bitcoins?

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Bitcoin and other crypto currencies were introduced by some computer programmers. They have introduced these currencies as a decentralized currency and their main aim was to provide relief to the investors from the financial counterparties. For example, you need to make an online payment through your bank and you have to pay a transaction fee for each transaction. However, you do not need to pay such hefty transaction fees and you can transfer your funds faster with anonymous identity when it comes to Bitcoin Prime

Initially, such digital coins were introduced in 2009 and they were known as ICO or initial coin offering, and now you can find the decentralized finance or DeFi system running on the cryptographic network. Initially, there was no framework established for such coins and nearly 1927 dead coins are detected where no trading activities are found. According to some investors, these failed crypto projects was the scams where investors lost their money because initial coins were introduced and disappeared from the market, as they were established as a pre-order mode. Still now, there are many coins and digital assets available which have high level of vulnerabilities to hacks and people can lose their funds due to technical exploits and bugs. So, bitcoin is not a safe option, but if you invest your funds on Bitcoin by knowing the facts and figures of the market then you can gain a huge profit. Apart from that, you have a complete freedom to use your coins for buying goods and services, and you can also use your wallet to transfer your coins to another account. 

How would you use your crypto? 

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The main use of bitcoin and other digital currencies is to help the investors for their wealth management and capital growth. For example, you can treat such coins as a commodity and keep your coins for a long-term period to get a good return. Even, investors suggest treating your bitcoin as a precious metal like gold and do not using or selling your coins in a short-term period. 

You can also use your bitcoin to keep your family safe from inflation in financial market. You can face a huge inflation in the market when banks or central authority of your state start printing the fiat currency in an endless way. It is a practical thing because the Federal Reserve‚Äôs money-printing of the United States stated that we have to print more dollars to buy the same goods and services every year and we have to print such fiat currency again and again. So, if you store or save your fiat currency in your bank account or locker, then you cannot get a higher value in future because the value of the fiat currency will be decreased day by day. In the case of bitcoin, you can prevent this issue and you can keep your digital currency in your wallet for a long term. The scarcity of bitcoin has a lot to do with the rise in price and people cannot mine bitcoin for forever because there is a limit to that. 

Uses of bitcoin: 

  • You can use your private keys to transfer your coins and you can keep your identity anonymous. So, you can maintain your privacy while transacting in bitcoin. It is true that people can use such coins for criminal activities and money laundering activities by hiding their identity, but it is impossible in the case of bitcoin because you cannot open your account in a crypto exchange without verifying your KYC. 
  • You need to pay a huge transaction fee for making a transaction through your bank account, debit card or credit card, and you can save this cost by using your Bitcoin for such online transactions. 
  • These can be used for purchasing different kinds of services, good, or e-gifts. There are many businesses and outlets who have decided to make bitcoin as one of their payment modes and some of them have been doing it for quite some time now. For example, you can use your coins for travel booking and you can also use your coins for buying products from Microsoft. 
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Make sure, you must choose a reliable platform to invest your funds in bitcoin and you can use Bitcoin Era in this regard.

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Radhe Gupta
Radhe Gupta is an Indian business blogger. I believe that Content and Social Media Marketing are the strongest forms of marketing nowadays.

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