In fact, almost any product or service that can be purchased with USD or other currencies can also be purchased with Bitcoin. On the other hand, Bitcoin’s high volatility is a huge risk to some who might want to use the cryptocurrency, but are afraid of price differences. Even so, Bitcoin’s properties make it ideal for internet payments:
1. Fast transaction
Bitcoin transactions are processed within 10-15 minutes. In the case of bank transfers, the transfer of funds from one account to another can take hours or even days. Some might say PayPal or other e-wallets are faster. That’s true, but there are other aspects that e-wallets can’t offer: privacy and smaller commissions.
When you send bitcoins to a partner over the internet, the transaction is registered in the blockchain. The list of transactions is public and can be verified on a dedicated website. Only the identification number, total and time are recorded. No one can know where Bitcoin came from and where it went. This is the characteristic of Bitcoin that attracts a lot of people. Well, some of them are interested because they can use these to buy illegal goods, but most Bitcoin users are people who want to buy legitimate goods and services but don’t want to reveal their identity. Pornography and gambling sites may be unethical, but they are not illegal, so people who want to subscribe to these services can pay securely in bitcoin on sites that accept the currency, knowing that their reputation will not be affected .
3. Smaller commissions
The average commission for a transaction is 0.002 BTC. Compared to PayPal or bank commissions, it is much smaller. Also, you are not even obligated to pay. By paying the commission, you “reserve” the computing power (or at least a portion) of the pool to process your trades faster. You can even pay no commission. In this case, you may have to wait two or even three days for your transaction to be processed. If you’re not in a hurry, this can be a great opportunity to trade currencies at zero cost.
Of course, there are downsides to using Bitcoin, such as the possibility of losing it. If someone steals your bitcoins, or you delete your wallet files, there is no way to recover those files. As long as Bitcoin is unregulated, there is no central organism that can arbitrage between different parts. In other words, if you lose or you get robbed by bitcoin, you can’t complain because no one can complain.