Bitcoin is a cryptocurrency (the electronic equivalent of real money). Essentially, bitcoins are a new digital payment system with instant online transfer capabilities that allow for purchases, payments, and even investments. So how can we use Bitcoin? Despite its specificity, in particular the lack of any control by banks and institutions, bitcoin is a very secure digital currency. This is due to the fact that bitcoin is a decentralized system located on servers around the world, so the cryptocurrency has almost perfect protection against hacking.
In addition, bitcoin is not subject to inflation, which contributes to the rapid growth of its popularity in the world. Anonymity is another obvious advantage of conducting money transactions with bitcoin. All this makes bitcoin (BTC) an ideal financial tool for traders.
How can I use bitcoin?
To date, in many countries, the cryptocurrency is used to make purchases and trade on the exchange on a par with the dollar, euro and other national currencies. In the U.S., Japan, some EU countries and other countries bitcoins can be used to pay, for example, for a plane ticket, hotel room, or car rental. Bitcoin can also be used to buy real estate (houses, apartments), cars, and jewelry. In addition, more and more online stores accept payment in bitcoins.
You can also spend bitcoins to pay for the services of a tour operator, advertising agency, IP-communications and cloud services. You can buy server hardware and software. In addition, you can pay tuition fees at some educational institutions in Cyprus and the UK. Every year there are more and more opportunities to use cryptocurrencies. Recently you could even buy a Tesla car with bitcoin, but now the company has temporarily suspended this possibility.
Bitcoin’s legal status
As cryptocurrency spreads around the world, people are increasingly wondering: is bitcoin legal? Due to the fact that the new type of money does not have appropriate regulations and a certain legal status, attitudes toward bitcoin vary greatly from country to country.
The essence of the debate about bitcoin in the international market and in domestic politics boils down to the lack of a single legal framework within which to legally operate with virtual money. Despite the fact that different countries have different opinions on the cryptocurrency, in general, the status of bitcoin in the world is defined as follows:
- countries that have legalized bitcoin.
- countries that have encouraged the development of bitcoin.
- countries that have imposed restrictions on cryptocurrencies.
- countries that have banned bitcoin.