Why Do You Need Bitcoin
About ten years the media sphere is entertaining us news about bitcoin, having buried it more than 300 times and not planning to stop. The secret of bitcoin is beyond the power to reveal even to self-proclaimed experts. However it doesn't stop investors from investments in the fact that quite often call the largest bubble in modern history.
If you ask these investors why is bitcoin necessary, most likely, you will see only the confused views and the raised eyebrows. Gold, for example, is used by mints, by jewelry, as a conductor for high-precision electronics and material for medical implants. With the definition of the spectrum of bitcoin use, things are somewhat more complicated. If bitcoin is a true commodity, its value should not consist solely of the value of the investment instrument. So, what is the use of bitcoin?
As An Alternative Method Of Payment
If you spend enough time in network, you could notice the growing number of the projects accepting bitcoin as payment. This is not disdain for the big players on the market, including Overstock.com, Expedia, Newegg, DishNetwork and Microsoft.
Some companies accept bitcoin exclusively. Why? Sometimes businessmen are engaged in something, to the contradicting principles of traditional financial institutions, whether it be granting VPN traffic, trade in marijuana or demonstration of video for adults. Since bitcoin uses a p2p-system, such services may not be afraid of blocking their accounts. It makes sense for users to have a bitcoin wallet.
In general, bitcoin has become quite popular. It is accepted by more than 100 000 sellers on the Internet and offline, and their number grows every day.
As An Alternative To A Debit Card
Bitcoin provides opportunities similar to banking services. In some regions, people already have access to bitcoin-ATMs, where you can withdraw funds from your wallet or transfer them to a bitcoin-card. Such cards can become an alternative to debit bank cards. There is even a bitcoin-coin, but this is more of an expensive souvenir than a practical thing.
As The Constant Transactions Register
In January 2009, when Satoshi Nakamoto mined bitcoin genesis-block, he left the following entry in it: "Times 03/Jan/2009 Chancellor on brink of second bailout for banks."
This reference to the modern banking system reflects one of the main elements of bitcoin. Blockchain fixes all transactions of this cryptocurrency. More importantly, because third-party data can be entered in a record, bitcoin can be used to exchange information and values that are not relevant to it. This mechanism is much better implemented altcoins like the ethereum, but it is bitcoin first proposed such a concept.
As An Fiat Currency Alternative
Bitcoin is a ready-made solution for those who do not want or can not use the fiat currency, who have lost faith in central banks, live in a country with a degrading economy or in a region where there is no stable currency. If we don't pay attention to the recent ultra-volatility of bitcoin, at the moment it is a good investment and a healthy alternative to the fiat currency.
Of course, no one knows what is bitcoin future. However, the use cases described above are valid at the moment and, apparently, will be valid for some time.