Bitcoin: Will it Become a Necessity for Life

Bitcoin, the most widely used cryptocurrency, was invented in the year 2008 by a group of people who used the name, Satoshi Nakamoto. However, Bitcoin transactions commenced following the year of its launch. Bitcoin can be easily exchanged with other currencies, products and/or services. Its decentralized nature and peer-to-peer network make it one of the most popular cryptocurrencies. Because of its hassle-free and user-friendly nature, it is favored by the next generation customers and Bitcoin is gradually disrupting other payment platforms and people are resorting to buying almost anything (even a Lamborghini!) using Bitcoins.

Bitcoin can be used for purchasing almost anything ranging from food, travel, expensive cars and much more

Though at the beginning of its inception, Bitcoin was accused of not being able to scale up transactions as compared to other payment services like Visa or MasterCard. Bitcoin’s maximum capacity is 7 transactions per second (tps), whereas Visa can handle an average of 150 million transactions per day, which is around 24,000 tps. But soon after, Bitcoin gained traction and improved its scaling capacity through its indigenous solution of implementing the Lightning Network. Until now, the Lightning Network has been successfully tested and its full implementation is expected to make the dreams of the Bitcoin users come true.

Here are a few examples of Bitcoin-friendly food zones:

  • Subway — offer sandwiches with Bitcoins across various locations all over the globe.
  • Pembury Tavern — a tavern accepting Bitcoins in London, UK.
  • PizzaForCoins — a service that accepts Bitcoins where you can order mouth-melting pizzas.
  • The Pink Cow — a dining zone that accepts Bitcoins in Tokyo, Japan.
  • Old Fitzroy — a pub that accepts Bitcoins in Australia’s Sydney.
  • Burger Bear — a food stall in London, UK, that accepts Bitcoins.

Some examples of travel services that accept Bitcoins are as follows.

  • Hailo Taxis- the black cab app that accepts Bitcoins.
  • Red Cab Co- A taxi service in Chicago that accepts Bitcoins
  • Relia Car Transporation in the US – offer travel services in exchange of Bitcoins
  • Toronto Airport Lumo- is a transport service in Toronto that accepts Bitcoins.

Apart from these, you can buy retail goods like furniture, clothes, home decoration items, etc by Bitcoins. You can also buy electronic products with Bitcoins. But whether you mine Bitcoins or buy Bitcoins, it is very important that you do proper research whether a company is currently accepting Bitcoins or not, before buying anything with Bitcoins. This is because, it often happens that some companies might integrate Bitcoins at some point in time, but may not be using it after that. For example, Steam, which is a renowned video game distributing platform from the Valve group, stopped accepting Bitcoins since December 2017, owing to the volatile nature of Bitcoins.

Dell also stopped accepting Bitcoins since November 2017, citing reasons for lack of customers’ interest. But there are plenty of other places that continue to accept Bitcoins thereby making life easier.

Countries supporting Bitcoin for buying & selling in day to day life

One of the greatest attributes of Bitcoin is that it has no specific locations unlike fiat currencies, that is like Dollar depicting the US, or Euro depicting EU, etc. This makes it comparatively easier to send and receive Bitcoins to and from any country in the world, provided you have a robust internet connection. However, different countries respond to the revolutionary changes differently brought in by Bitcoins. For some countries, these changes are a threat to their economic development, that they limit by implementing anti-crypto legislation policies towards financial and other institutions that wish to adopt Bitcoins and other cryptocurrencies. Some of the countries that accept Bitcoins are Malts, Switzerland, Bermuda, Gibraltar, Slovenia, Singapore, Georgia, Estonia, Belarus, Hong Kong, Japan, Germany to name a few.

Therefore, Bitcoin calls for amazing investment and trading options because of its inherent attribute to be exchanged with other powerful currencies. However, it is not as though Bitcoins will disrupt US dollars anytime soon, but people nowadays find using Bitcoins much safer and more convenient for making various payments. To trade-in bitcoin, Bitcoin Trader is the powerful software that guarantees to place your bitcoin traders profitably. To know more about it, Please check Bitcoin Trader Reviews.

Leave a Reply