What is bitcoin used for

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Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like rands, dollars or euros they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems. 

Rather than being controlled by a single source or company, Bitcoin is created and stored in a peer-to-peer networking system. And relies on what’s supposed to be secure cryptography for its creation through the use of digital signatures known as blockchains. 

It’s not recommended to think of Bitcoin as an investment unless you have the time and resources to treat it like the stock market. There’s no guarantee you’ll ever make a profit from it and it’s important to be cautious with your money. 

With that being said, many people do get rich from Bitcoin it’s just not as easy as you think. But also Bitcoin is more than a speculative investment there are options when it comes to spending your bitcoin. A lot of people are surprised to hear that. Bitcoin can actually be used to pay for everyday goods and services.  

PayPal has announced partnerships with bitcoin companies and Microsoft recently began accepting bitcoin for a host of digital content like games and videos. Add in the countless small businesses that accept bitcoin either online or in their brick-and-mortar locations. 

Bitcoin can be converted to cash. To convert Bitcoin into cash, look for a Bitcoin exchange that will allow you to sell your Bitcoin at a reasonable price, for your preferred local currency (such as rands, pesos, dollars, or euros). 

Bitcoins can be traded for gift cards. You’ll usually pay a little more around 5-10% is normal but on the upside, you don’t need to deal with exchanges or transfers. REEDS Jewelers, a large jewellery chain in the United States, is one of the most notable merchants to accept bitcoin as a form of payment.

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