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Uses of Bitcoins

As the Bitcoin grows in popularity, the users are coming up with more and more ways to make it work for them. The use of bitcoins can be stretched as far as our imagination goes.

Bitcoin can perform almost every task that traditional currency does, but with more ease and comfort. You can buy goods/services and make online transactions worldwide through bitcoins.

In this article, we have discussed what is bitcoin and how to use it some most common things that you can do using this digital currency.

USES OF BITCOINS:

Hair Dressing:

Getting a new haircut to add some different flavor to your look is now easier than ever as several Top salons around the globe have announced their venture into the world of Bitcoin.

The saloons have trained employees to accept Bitcoin payments and have QR codes hung up around their shop.

Food:

Let’s admit it, food an essential part of our lives. Every time we hear the word “food” our stomach starts growling. And with restaurants around the world accepting payments in Bitcoin, it makes for an even greater experience for food enthusiasts. So, it’s time to get your Bitcoin wallet address and start paying for your favorite food in bitcoins.

Clothing:

Since the earlier days, clothing has had a very close bond with Bitcoin. It is said that clothes are one of the first items that the users could buy using bitcoins.

Most leading clothing stores accept bitcoins in payments and the trends keep on growing each day. Recently, an online retailer in China called Hyperbeast and a French retails chain Monoprix have welcomed Bitcoin payments in order to attract clients from different fields of life.

Real Estate:

After getting your hair done, having dinner at some feisty restaurant and putting on some lavish clothes, the next thing you’d want to do is rest in a home bought with Bitcoin.

That’s right. Several real estate companies/firms are accepting bitcoins as a form of payment. Whether you are making a down payment to buy a home or just paying rents, the real estate firms across New York, Australia, and Canada are welcoming Bitcoin payments.

Have low balance in your bank account? Your Bitcoin wallet has got your back.

Never heard of Bitcoin wallet before? Read our guide on what is Bitcoin wallet.

Last but Not Least – Donations:

The best way to put your money to good use is helping the needy. And Bitcoin makes this process a lot easier for you. Now you can donate your coins using Bitcoin wallets to those in need of a shelter or food.

In conclusion, Bitcoin has made our lives easier than ever. We can buy food, get good clothing and pay rents when laying in our beds; which was not possible before the arrival of cryptocurrency. And ever-growing use and popularity will only take our payment methods to a whole new level, bringing more comfort into our lives.

Where to use Bitcoin?

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Can Bitcoin become a Legal property?

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More and more people join the Bitcoin community every day. Thus, the drive to determine how it can integrate into mainstream society becomes even more essential. The questions that strike to everyone is whether any traditional laws apply to Bitcoin or not.

Although these determinations might bring implications to its holders and Bitcoin itself, and few will play a bigger role in the United States than property laws, which could ultimately govern ownership over the digital currency.

A new white paperTreatment of Bitcoin Under U.S Property Law, assembled by Perkins Coie. The report seeks to analyze how the worlds of virtual currency and property law intersect. Perkins Coie is an international law firm that specializes in blockchain technology and digital currency, also it has been active in space since 2013. It is pretty detailed and well researched but the paper’s conclusion is straightforward and transparent.

“We conclude that property interests should exist in Bitcoin under such law and that multiple sources of persuasive authority provide additional support for that conclusion,” the paper’s authors, J. Dax Hansen and Joshua L. Boehm, wrote.

The paper starts off with an overview of Bitcoin’s technological aspects and what those mean for how property law can apply to it.  The authors use California state law and Bitcoin transactions as an example and make their case.

“Parties may … enter into contractual arrangements in which one party entrusts partial or complete control of such private key(s) to a third party while still maintaining formal title to the bitcoin value represented inapplicable [unspent transaction outputs],” the paper reads. “These kinds of contractual arrangements are commonplace in custodial, trust, and escrow settings, which have generated well-developed legal principles that should generally translate to bitcoin custodial contexts.”

Even the country’s superior law professors support the idea that intangible property rights should apply to Bitcoin:

“Property law scholars who have encountered the bitcoin ownership issues in the context of broader, more theoretical undertakings have reached the same general conclusion… that is, interests in bitcoin should be protected by property law.”

The author further describes how Bitcoin has been widely treated as property by legal divisions and thus can be owned as one.

“Although the concept of ‘property’ is fundamentally a matter of state law in the United States, it is also important that bitcoin has been widely treated as property for the purposes of other state and federal statutory regimes,” reads the paper. “These treatments and assumptions have already had substantial consequences for the bitcoin sector. They, therefore, constitute informal but persuasive legal precedent further indicating that bitcoin can be owned as property.”

The author also pointed out the challenges that would come along with treating the currency as legal property. These include the lack of traceability that comes with Bitcoin, the multisignature arrangements, and pseudo-anonymity. Although, the authors are still positive that these obstacles can be overcome as the technology evolves.

“To be sure, difficulties in tracing ownership of particular bitcoin units across successive owners could cause some challenges in certain commercial use cases,” they wrote, but “blockchain technology itself has enables, and will likely continue to enable, solutions to obstacles that do arise.”

It appears to be that the worlds of Bitcoin and formal legal precedent are rapidly coming to a head. This could be a turning point for Bitcoin’s future.

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Bitcoin Spurs a Shortage of Graphic Card

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The increasing popularity of Bitcoin is causing a prominent shortage in the supply of graphic cards. It is considered a key component of the digital currency system over the last few years.

The chief executive of JIB group of computers, known as a leading IT retail and computer gaming chain said that the price of graphic cards is also increasing since mid of May 2017.

Graphics cards are the main part of computer systems which used for mining the cryptocurrency like Bitcoin. People who invest in Bitcoin can get revenues on their investment from Bitcoin much faster than other investments. They can get returns of their investment within only 5 to 15 months.

A mining rig is a computer system which miners use for mining cryptocurrency. According to Mr. Somyot, people think investing in a mining rig is not very risky. They use minimum six graphic cards. At a price of almost 2940 USD, for a mining rig.

In gaming markets, the margin on graphic cards has also been increasing since the 2nd quarter this year, and it is about 2-3% to 8-10%. The graphic card companies need to reserve the cards to dodge a negative impact on gamers. In the markets, the demand for the graphics cards is also at a high point.

 

 

The most commonly used graphic card for Bitcoin are NVIDIA 1060 and 1070, and AMD 570 and 580. These were in short supply and causing a 20% price hike.

According to predictions, the higher prices will remain until October.

Don Sambandaraksa is a long time Bitcoin enthusiast associated with cryptocurrency since 2013 when the price of Bitcoin was at 40 USD, he said, these days Bitcoin may no longer be efficiently mined with CPUs or even GPUs (Graphics Processing Units).

He said people have made chips that could only do Bitcoin hashes, nothing else.

Mr. Don said, 1080Ti card’s price is about 700 USD and it can get a return on investment in almost 108 days. Over a year can make 2300 USD, an annual return on investment of about 300%. He said, as more people come to buy graphic cards then the less profitable they will be. Mr. Don also said it is a sign of the crazy levels of the profitability that mining offers.

Story Credits: www.bangkokpost.com

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Bitcoin & Ethereum Drive Cryptocurrency Market Cap Above $150 billion

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Bitcoin and Ethereum’s Gains

It only took a few hours for Bitcoin to shoot back up from $3,894 to $4,264.26 on Wednesday, which caused the total market capitalization of the entire cryptocurrency world to surge above $150 billion.

It’s opposite team mate, Ether, also rose on Wednesday, marking the highest it’s ever been since June. These two unknowingly, drove the market cap of the digital currencies insane.

In particular, at the moment Bitcoin’s market capitalization is around $69.8 billion, which makes it twice as large as Ethereum, its closest rival.

However, Bitcoin has been a tad bit volatile lately, suffering from a 10% drop after it had crossed $4000 earlier. These fluctuations were an after effect of the scaling issue that was recently undertaken by the network. This is intended to increase the transaction sizes in the blockchain network. This new protocol is known as Segregated Witness, which is said to solve the scaling matter.

Related: Bitcoin drops below $4000

 

On the other hand, Ether rose to $324.07, its highest since June 23. It’s known to have doubled since its last low hit in mid-July. Overall, its performance has been well in 2017, as it is up more than 4000%, which brings its market cap to around $30.1 billion.

These recent increases in Bitcoin and Ether have brought together the total market cap of all digital currencies above $150 billion.

 

News Credit: marketwatch.com

 

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Bitcoin is sliding

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10 July 2017. Bitcoin is continually hitting new heights, now its standing at $2500 per coin.  The digital currency trades down 3.7% at $2510. And, is intimidating its lowest close since June 2017. Its contending, ethereum is also under pressure.

Bitcoin’s price is stuck between $2400 and $2500 since last Monday. This was the day when the head of the Goldman Sachs warned about the sliding price of the bitcoin as low as $1857 before rushing as high as $3915.

Back in early June, Mark Cuban declare Bitcoin as a “bubble”. He tweeted, “I think it’s in a bubble. I just don’t know when or how much it corrects. When everyone is bragging about how easy they are making $=bubble.”

Last week, Jeffrey Kleintop also suggested that “Bitcoin was in a bubble unlike any we had ever seen before.”

 

News and picture credit: business insider.com

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Bitcoin TUTORIAL – How to get a wallet and your first bit coins

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