Welcome to Brave New Coin’s Bitcoin 101. First-timers, we’d like to introduce you to the wonderful world of cryptocurrency; where payment is frictionless, free and instantaneous, and pizza could cost you $5 million dollars (more on that later). Sections 1-6 will cover the essential things you need to know about Bitcoin.
To our experienced readers, welcome back. Sections 7-10 contain some more advanced ideas and fun trivia. Read up, get to know Bitcoin better, and discover how cryptocurrency could change the world. Let’s get started.
The answer? Many things. Already, your bitcoins can buy a huge selection of goods and services.
Food & drink: Bitcoins can also be used in bars, restaurants and cafes that accept them. Its easy to buy coffee with bitcoin.
Real Estate: Property has been put up for sale across the world in bitcoin. (BitPremier)
Send money cheaply: Remittances can be sent to anyone anywhere for much lower transaction fees than current money transmitters such as Western Union
Crowdfunding: Since it is so easy to use bitcoin online, it can easily be used for crowd funding. People can choose to donate anonymously, donate micro amounts, or set a condition on their donation, allowing the money to remain in their wallet until a certain threshold has been reached to the cause.
Provably fair gambling: Online gambling and betting is also made much easier using bitcoin. No credit card details are needed, and users can check that the site that they are on is using provably fair odds.
Bitcoin 2.0: Developers and thinkers in the Bitcoin space are already envisioning what is possible in the future with Bitcoin. Some of their ideas, whilst not yet a reality, are pretty damn cool/scary. For more information, take a look at:
- Self executing contracts
- Decentralised, autonomous organisations (DAOs)
- Proof of existence/ownership
- Ethereum, Counterparty