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Know about it: where bitcoin is used

Nicholas Say

Nov 16, 2020 — 1 min read

There are places all over the world where bitcoin is used. In truth, it would be very difficult to explain all the markets that use Bitcoin. Some people still think that it is a niche digital currency with few real-world uses, but this simply isn't the case.

Let's look at a few places where Bitcoin found a home:

Global Transfers

Bitcoin is being used as an alternative to the SWIFT interbank transfer system. Unlike SWIFT, Bitcoin transactions are generally completed in an hour, and there are no political restrictions on who can use the platform. This makes it a perfect solution for banks that may not want to deal with SWIFT.

Savings and Payments

Bitcoin has caught on as a way for people in nations with high inflation to save their money. It might have seemed like a novelty at first, but looking at the value of Bitcoin when measured in currencies like the Argentine Peso, Turkish Lira, or Venezuelan Bolivar, it is easy to see why many people hold it as a way to save value.

Everyday Purchases

Today, it is very easy to obtain a Bitcoin debit card, and spend Bitcoin like cash at any store that takes Visa or Mastercard. People all over the world are opting to use Bitcoin as a way to save their funds, and these debit cards allow them to spend the Bitcoin when needed.

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