Still, to this day there are thousands of people who do not see the benefit of cryptocurrencies. They prefer to be blind to the power of blockchain technology and do not understand why crypto appreciates in value. The more it does, the more they will shout about how useless Bitcoin is. So let’s look at the real-world use cases of Bitcoin and blockchain, so you don’t end up being one of those bling people.
Bitcoin is a cryptocurrency, which means that it is decentralized. It operates without a central authority or middleman. Instead, transactions are recorded on the blockchain and validated by a network of users around the world, called miners. Yes, it is these guys that apparently waste more energy than the whole continent, but turns out, it’s much less than what any other substantial industry consumes.
Bitcoin has gained a lot of attention in recent years due to its potential as an alternative to traditional currencies and payment systems. Here are some of the different ways in which Bitcoin can be used:
1. Online purchases: Bitcoin can be used to purchase goods and services online from a growing number of merchants who accept it as payment. This is particularly useful for people who want to buy things anonymously, as Bitcoin transactions can be made without revealing personal information.
2. International payments: Bitcoin can be used to send money internationally quickly and easily, without the need for intermediaries like banks or money transfer services. A great tool for people who need to send money to family or friends in other countries. Sending Bitcoin can be done without the high fees and long processing times associated with traditional methods.
3. Investment: Bitcoin can be used as an investment, with the potential for significant returns. It is not a secret that Bitcoin's price has increased significantly over the years, and many people have made substantial profits by buying and holding it as an asset. Imagine buying something for $0.50 and then watching it grow to $60,000. As the price of cryptocurrency started to rocket, people flocked to crypto exchanges like Gate.io to buy more BTC or another crypto. And this is still an ongoing effort. Click here for more details on how to buy Bitcoin on Gate.io
4. Remittances: Bitcoin can be used as a cheaper and faster alternative to traditional remittance services, which are often expensive and slow. In fact, China became the first wide consumer of this service due to high conventional trading activity and level of emigration.
5. Micropayments: Bitcoin can be used for micropayments, which are small payments that are typically less than a dollar. A god-savior for online content providers, such as bloggers and musicians, who monetize their content without relying on advertising.
6. Charitable donations: Bitcoin can be used to make charitable donations, with the potential for greater transparency and lower transaction fees than traditional methods. Many charities now accept Bitcoin donations, and some have even set up their own Bitcoin wallets to make it easier for people to donate. Bitcoin is widely accepted by UNICEF, just to throw some names out.
7. ATM withdrawals: Bitcoin can be withdrawn from Bitcoin ATMs, which are becoming increasingly common in many parts of the world. This allows people to easily convert their Bitcoin holdings into cash, which can be useful in areas where Bitcoin is not widely accepted.
Thank you, Satoshi
Satoshi Nakamoto is the pseudonym used by the mysterious creator of Bitcoin. His true identity of Satoshi Nakamoto has never been revealed, and it remains one of the most intriguing mysteries in the world of cryptocurrency. Despite the anonymity of its creator, Bitcoin has become a groundbreaking innovation that has revolutionized the way we think about money and payment systems. Today, Bitcoin’s daily traded volume tops tens of billions of dollars, whilst BTC/USDT pair has become the mainstay for Bitcoin trade.
It all started with a vision. A vision of a decentralized, peer-to-peer electronic cash system has inspired a new generation of entrepreneurs and developers to explore the potential of blockchain technology. And while Satoshi Nakamoto's identity remains a mystery, their legacy lives on in the continued development and adoption of Bitcoin and other cryptocurrencies.