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The top real-world uses of Bitcoin and its underlying network

By Guardian Nigeria
20 July 2022   |   9:34 pm
Bitcoin is a renowned electronic currency that users store in the blockchain. The blockchain network's invention facilitated this electronic currency's transactions. It ensures that users can complete Bitcoin transactions without an intermediary. A blockchain is a dispersed digital ledger system of transactions by several computers. The blockchain is a peer-to-peer network, meaning transactions are processed…

FILE: An attendee wears a necklace at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida. The crypto conference is expected to draw 50,000 people and runs from Friday, June 4 through June 6th. Joe Raedle/Getty Images/AFP (Photo by JOE RAEDLE / GETTY IMAGES NORTH AMERICA / Getty Images via AFP)

Bitcoin is a renowned electronic currency that users store in the blockchain. The blockchain network’s invention facilitated this electronic currency’s transactions. It ensures that users can complete Bitcoin transactions without an intermediary. A blockchain is a dispersed digital ledger system of transactions by several computers. The blockchain is a peer-to-peer network, meaning transactions are processed and validated without a central authority. The Bitcoin Sprint is a fantastic platform to consider if you are planning to invest in Bitcoin.

The popularity of this digital asset has increased over time and found many uses in real life. Below are ways this virtual currency is used together with its underlying technology, blockchain.

Online Trading
Bitcoin is also well known due to its volatility which is another reason it is beautiful to Bitcoin traders. Online crypto exchanges offer a chance to sell and buy this digital asset and also exchange this digital money for fiat cash. Consequently, there is a higher chance of increasing your investment returns. You can download many platforms and apps to keep track of your investments on the go. This site utilizes first-class Machine Learning and artificial intelligence technology to notice profitable trades. Sign up with this exchange platform and maximize your gains 

Purchasing Various Items
You can purchase many things lately with this virtual asset, including real estate, cars, fast food, and much more. The number of firms accepting payments in Bitcoin will likely grow in the future. Still, for now, the companies that accept payments in the form of this virtual asset include Microsoft, Subway, and Starbucks, among many others. 

However, your location will determine the different options available. For instance, a Burger King branch accepts Bitcoin payments in Holland. So, generally, you can find reliable establishments and businesses that accept Bitcoin payments.

Supply Chains
Blockchain technology is essential for supply chains, mainly since a supply chain includes a lot of different entities and processes. Blockchain technology allows significant control over the supply chain and faster delivery. Another advantage is better visibility for processes and products’ tracking in real-time throughout the supply chain.

What’s more, people can use blockchain in the fashion industry. In Denmark, provenance and the designer, Matin Karlgaard used blockchain technology to enable the customer to trace and see the production and distribution of clothes. As a result, there is an increase in the transparency in the product of clothes, and it helps customers choose sustainable and ethical brands. 

Cheaper Money Transfers
The majority of the people not only support this electronic asset because it is a better investment but also because it is a better way to do finance around the world. The current fiat system has many problems because big corporations and governments are always looking over your transactions. In the end, these big corporations and governments charge people whenever they carry out a money transfer. 

Also, you must pay transaction fees if you are paying money via a credit card. What’s more, sending money overseas is expensive. On the contrary, you can leave money in your account, and inflation eats its value. Fortunately, Satoshi created Bitcoins as a hedge against inflation. Also, this digital currency can reduce transaction costs and durations, making transactions speedy.

The Bottom Line
Generally, Bitcoin is one of the greatest innovations that have impacted different sectors of our society. While some people and organizations were skeptical about it, they can’t ignore it today. And more entities now embrace it as a payment method or value storage vehicle. You can also say the same for blockchain technology.