Bitcoin - Applications

The following is a list of applications of bitcoins

  • Bitcoins are being used to buy goods and services as more and more stores across the world are accepting bitcoin payments.

  • Bitcoin transactions provide a customized level of anonymity and it is relatively difficult to trace their trail. So bitcoins are being used to transact anonymously.

  • International payments can be made easily and cheaply as bitcoins are not related to any country or subject to any government regulation.

  • There is the freedom of the fact that there is no need of permission from any authority for your transactions.

  • Bitcoins provide a way to transact securely online as they use very strong cryptographic algorithms.

  • Users and businesses like bitcoin payments because there are no credit card fees to pay.

  • Bitcoins can be as an investment, expecting that their value will appreciate significantly in future.

  • Bitcoins can be used to gamble on online sites like SatoshiDice, RoyalBitcoin, Bitzino, Peerbet, etc.

  • Bitcoins are being used to shop online as increasing numbers of vendors are allowing bitcoin transactions. Users now can make payments in bitcoins on their smartphones through bitcoin wallet apps.

  • Unlike credit card or bank payments, there is no need to provide personal information to complete the transactions. So the hassle of providing identity can be avoided.