Why use Bitcoin? - Bitcoinist.net


Why use bitcoin?

As I mentioned before, Bitcoin saves on fees. Merchants will sometimes pass these discounts onto their customers. One good example of this is Gyft, where you have a 3% discount when using Bitcoin to purchase gift cards.

Another excellent example of enticing customers to use Bitcoin is purse.io. Purse.io allows you to purchase anything off of Amazon, and set a discount of your choosing that is between 10% to 30%. 10% discounts on orders are guaranteed to be filled within 24 hours, and other amount discounts should be filled in relatively quickly.

Besides saving money with merchants, sending money has never been easier. With the ability to send Bitcoin quickly and cheaply around the world, remittance services are running for their money. Bitcoin also allows you to do many things that you couldn’t do conventionally. Because of the blockchains features such as keeping transactions forever and permanently, you could for example sign documents proving that it is indeed yours.

You can also use multi signature wallets, with multiple people having to agree to a transaction before a transaction is made. This allows for small businesses to better hold their money. With Bitcoin you can implement a brain wallet. A brain wallet consists of a long phrase of letters that you think of. With this phrase you can access your Bitcoin from anywhere. It really is quite impressive you can store money with essentially nothing but your brain.

Lastly, many people see Bitcoin as an investment vehicle. Bitcoin is essentially a high reward high risk investment, on a scale like no other. High risk when it comes to conventional investments may be 30% return in a year. With Bitcoin, 30% changes can occur in a day. For example, the meteoric rise to around $1200 back in 2013 and the severe crash afterwards is just an example of Bitcoins volatile.