WHAT CAN BITCOIN BE USED FOR?
Of course it makes sense that this question is probably one you may ask yourself and perhaps others who are more familiar with the matter, but does anyone really know for sure? I mean, certainly there are a good number of things we can think of hear at CDN for the different uses Bitcoin has – mainly if you consider some of the original adopters of Bitcoin in the retail space such as: Overstock and Purse.io if you aren’t familiar with either of these platforms, they basically let you purchase anything you could find on Amazon or elsewhere with Bitcoin.
Aside from eCommerce purchases however, perhaps you’re more interested in using your Bitcoin to buy a Lamborghini – I mean, does it surprise you that that is one of the ways you can use Bitcoin? Probably not, but who knows – if you have enough, here’s the link to go and do it. But on a serious note, with Bitcoin being the largest representative in the cryptocurrency space in terms of volume, there is certainly a lot of people who are trying to find more and more ways to use Bitcoin in lieu of FIAT currency which often takes an exceedingly long amount of time to perform certain transactions (such as international wire transfers) additionally, you’re going to be charged for – get this accepting money. Yeah, your bank will probably charge you for making money. What did they do to deserve it? Nothing, they’re just your bank so they figure it makes sense to charge you.
Take cryptocurrency on the other hand, with the example above – instead of getting charged ridiculous fees and still having to wait 3-5 days to receive funds, you can probably complete your transaction in less than a couple hours with minimal fees (below $1) in most cases.
But instead of me jumping into unique use cases of things you’ve likely already heard of how Bitcoin can be beneficial when it comes to transferring currency, what about in other ways that are more common but perhaps not as well known?
INSTEAD OF ASKING: WHAT CAN BITCOIN BE USED FOR
Let’s take a look at the image below and ask ourselves: What CAN’T Bitcoin be used for?
Thanks to the folks at 16best.net we can see not only Bitcoin’s many use cases and what it can be used for, but also the many different categories of merchants who accept Bitcoin. Because it would take too long to list out all the companies that use Bitcoin from this infographic we’re instead just going to list out the different business verticals so you can make reference and refer back if needed:
Online Stores
Travel
Restaurants & Pubs
Payment Services
Food and Beverages
Phone & TV Services
Medicine and Pharamacy
Political Party Campaigns
Online Dating Sites & Adult Stores
Jewelry
Automotive
Charity
Movie Industry & Torrents
Real Estate
Newspapers and Online Media
Sports
Online Services & Marketing
Gaming / Gambling
Hosting/Cloud Services/ VPN’s
This list again, does not even touch on all the stores/merchants that represent each category. Chances are there are probably a lot more than aren’t even on this infographic, so the next time you’re asking yourself something like…
WHAT CAN BITCOIN BE USED FOR?
Think about everything in the image above and ask yourself what can it NOT be used for? Clearly there is a lot of uncertainty in the market but as most smart speculators know: the value Bitcoin has is not so much to do with Bitcoin itself but rather its place in the cryptocurrency industry and what it has done to drive awareness of the underlying technology which is of course: the Blockchain.
If you have a lot of Bitcoin right now and bought at a time when the market was surging don’t worry – just hold on for the ride and rest assured that the technology Bitcoin represents and has helped other currencies (such as Ethereum and Cashaa) improve upon is not going to be going away any-time soon. Here at CDN we hope to continue providing you positive insights, information and news about the industry as it continues to unfold in these times of uncertainty and beyond.