What Is Bitcoins Used For?
Practically, any product and service that are bought with dollars and other currencies can be bought even with the bitcoins. Alternatively, high volatility of BTC is the high risk for a few people who want to use the cryptocurrency, however, are afraid about the price differences. But, characteristics of the BTC price that make them ideal for the internet payments:
The bitcoin transaction can be processed within 10 to 15 minutes. For bank transfer, this can take hours and days for money to come from an account to other. Some will say that the PayPal and other e-wallets are faster. It’s true, but there’re some aspects that the e-wallets cannot give: smaller commissions and privacy.
Whenever you send the bitcoins to partner over internet, transaction can be registered in the blockchain. List of transactions will be public and verified on the specialized sites. Only identification number, sum and time will be recorded. There’s not any way to know from where these bitcoins come, or where they go. It is the best characteristic of BTC that has attracted a lot of people. Some are interested in it because they are able to buy the illegal goods with them, but most of the bitcoin users are the people who wish to buy only legal items or services, and do not want to disclose the identity.
An average commission will be 0.002 BTC for transaction. It’s significantly smaller when compared with PayPal and banking commissions. Furthermore, you aren’t obliged to pay this. By paying the commission, you will “reserve” computational power of the pool (or part of this), to process the transaction faster.