You might be thinking about what is bitcoin used for? As already mentioned in previous post, Bitcoin is a new kind of digital money used to pay for a variety of goods and services. Although physical forms of Bitcoin exist, the money’s primary form is cryptographic data so you trade it online, peer-to-peer, using bitcoin wallet software or an online service.
Bitcoin can be used to build amazing things in todays global market. Already users from all over the world using bitcoins. Individual, business and developers everyone using bitcoins.
Bitcoin for Individual Users!
Bitcoin is the world’s coolest new way to exchange digital money at a very low-cost. Helping millions of individual users from all over the world in their digital transactions.
Bitcoin has made the mobile payments easy. On mobiles it allows individuals to pay with a simple two-step scan-and-pay. All is required to simply display and scan the QR code to make payments. There is no need to sign-up, swipe card, type a PIN, or sign anything.
It gives more security and control over users money. All the transactions are secured by military grade cryptography system. Bitcoin gives them control over their money and a strong level of protection against many types of internet fraud.
It is made to work everywhere, anytime. Just like with email, user don’t need to ask their family to use the same software or the same service providers. There is no problem; because it is based-on the same compatible open source technology. The Bitcoin network always works, even on holidays!
Bitcoin is made for really fast international payments. Sending bitcoins across globe is easy as there are no banks to make them wait for days, no extra fees for making an international transfer, and no special limitations on the minimum or maximum amount they can send.
Individuals can choose their own fees. There is no fee to receive bitcoins, and many wallets let them control how large a fee to pay when spending. Most wallets have reasonable fees, and also a higher fees can encourage faster confirmation of their transactions.
With the Bitcoin, there is no credit card number required, in fact, it is even possible to send a payment without revealing identity, almost like with physical money. Users should however take note that some effort can be required to protect their privacy.
Bitcoin for Business Users!
Bitcoin is also a very secure and inexpensive way to handle payments for the Businesses around the world. Millions of business have already started using this cool Internet kind of money.
Businesses can choose their own fees. There is no fee to receive bitcoins, and many wallets let them control how large a fee to pay when spending bitcoins. Fees are unrelated to the amount gets transferred, so it’s possible to send 100,000 bitcoins for the same fee, it costs to send 1 bitcoin.
For businesses it gives extra layer of protection against fraud. Any business that accepts credit cards or PayPal knows the problem of payments that are later reversed. Bitcoin payments are irreversible and more secure, meaning that the cost of fraud is no longer pushed onto the shoulders of the businesses.
For businesses there is no PCI compliance required. Accepting credit cards online typically requires extensive security checks in order to comply with the PCI standard. Bitcoin still requires them to secure their wallet and their payment requests.
Bitcoins helping news businesses to gain visibility. Bitcoin is a booming market of new customers who are searching for ways to spend their bitcoins. Accepting them is a good way to get new customers and give their business some new visibility.
It also includes a multi-signature feature which allows bitcoins to be spent only if a subset of a group of people authorize the transaction. This can be used by a board of directors to prevent any member to make expenditures without enough consent from other members, as well as to track which members allowed each payment.
It gives total accounting transparency. Many organizations are required to produce accounting documents about their activity. However, Bitcoin allows them to offer the highest level of transparency since they can provide information to their members, that can be used to verify their balances and transactions.