How To Use Bitcoins And Crypto Currencies ?

 

It is extremely important to understand that as well. Because on one hand, some people use Bitcoins as an investment while on the other hand, some people use crypto currency as an alternate currency A lot of people want to replace it with currency and use Bitcoins in place of rupees and dollars But the main use of crypto currency at present is like an investment We invest money in crypto currency hoping for a higher return in the future and hence get more money in return Just like we don't use gold in our daily transactions but instead buy it and store it in the bank lockers like a guarantee to get more returns in the future because the price of gold keeps rising gradually People do the same with Bitcoins and this is why Bitcoins are also called "Digital Gold" But just like any other investment, this too, entails risks. And those who criticize this as a form of investment say that Bitcoin is a digital currency. It has no inherent value of its own For example, you can physically touch the gold in your hands. If you buy a house as an investment, it will be physically available to you Bitcoins, on the other hand, are not physical. Everything is happening on the computer It could still be referred to as a "niche product" that does not have a widespread acceptance in the society Crypto currency is not yet a medium of exchange, that is, you cannot go to the nearby shops and buy bread anything with Bitcoins But this trend might change in the future because there are several restaurants and hotels in the Western countries that have begun to accept Bitcoins as an alternative form of payment There is a technical challenge here that makes it difficult to use Bitcoins as a medium of in daily transactions  The Bitcoin transactions on the block chain take time to get confirmed. One block process takes around 10 minutes for the computers to calculate So, you can understand that it is not practical to wait for 10 minutes for transaction to get completed in daily life But at the same time, there are some present day use cases for Bitcoins where they work better than our traditional ways The best example of this is our Foreign Funds transfer When you have to transfer money from one country to another, the banks deduct a lump sum in the name of foreign transfer fees They charge a lot of fees and take a lot of time to transfer money from one country to another The Bitcoins are more economical in this case. Bitcoins do not charge any transfer fees and ten minutes is a much lesser time as compared to the 1 to 2 days that the banks take A similar thing applies to the credit card fees Crypto currency can be more economical than credit card fees This is why banks, credit card companies and remittance companies have been against the Crypto currencies and are so even today because Crypto currency can become a rival to their business model While several industries and mutual funds have been struggling, the value of Crypto currencies like Bitcoins and Ethereum has been on the rise it has more than doubled in value .

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