Significance of Bitcoins

Significance of Bitcoins

In the simplest terms Bitcoin is a form of digital currency. People new to the concept of technology behind e-commerce, might not be familiar with the significance of bitcoins. There are people who still undermine the value of Bitcoin in the present market. However, that doesn’t change the fact that in 21st Century Bitcoins are a major component of the economy. 

To understand the importance of Bitcoin, one needs to have a clarity on the concept of currency. Typically, currency is any form of money in circulation, that is used as a medium of exchange. To most people, the term money is synonymous with banknotes and coins. The definition of currency however, clearly states there can be multiple forms of currency. In the pre technology area most of market activities took place in the physical world, hence a greater emphasis had to showered on the physical forms of money -banknotes and coins.

In the post-technology era, most of the market activities have shifted to the digital domain. Hence, it is obvious that a new platform of market, needs a relevant currency. Hence, the need of digital currency or Bitcoins came to existence. We purchase a commodity to consume its utility, and in return we pay its value with currency. In 21st century we consume digitally, hence, we pay digitally. Thus if you wish to evaluate the importance of Bitcoins, you need only consider the areas of application. 

Different applications of Bitcoins

As far as the applications of Bitcoins are concerned, they are limitless. Any and every commerce activity that takes place on the digital platform, is an area of application for Bitcoins. But, here let us discuss the prominent industries, where Bitcoins are already more significant than physical money.

Gaming Industry

Gaming with Bitcoins is the latest, has opened up an entirely new dimension for game developers. Bitcoins are more popular with mobile device games. Bitcoins have further given rise to an entirely new industry -the online casinos. You will find the regular Casino games like, poker, roulette, slots, blackjacks and such. You can play these games using Bitcoins, and in return you earn Bitcoins. These Bitcoins can be used to play further games, or to make any other online purchase. 

E-commerce

E-commerce is what led to the rise of Bitcoins. Each and every commodity we need day in and out, in order to survive, are available online through the e-commerce websites. This is another new industry that has emerged has a result of digitization. Now the E-commerce websites, have their own digital wallet, to store Bitcoins. These Bitcoins are used to purchase commodities across the website.

De-corruption of charities

Charity funds are major instruments of orchestrating corruption. Bitcoins use efficient Blockchains, that execute a strict ledger maintenance and transaction tracking. Such services, make it extremely difficult for intermediary parties to leak funds. Eventually, putting a stop to charity related corruptions.

Although, these are the biggest areas of application for Crypto-currency, there are other notable applications as well. The other notable industries of application are, travel, real estate, digital media, education, fundraising, fast food restaurants, automotive industry, retail and digital publishing. 

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