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- Bitcoin is used for several reasons12345:
- To create an electronic payment system that would not rely on a third party or central authority for confirmation, settlement or issuance.
- To buy merchandise anonymously.
- To make international payments that are easy and cheap because bitcoins are not tied to any country or subject to regulation.
- To store value without relying on a currency that is backed by a government.
- As an investment, hoping that they’ll go up in value.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.The primary philosophy behind Bitcoin was to create an electronic payment system that would not rely on a third party or central authority for confirmation, settlement or issuance. In addition to eliminating third parties, bitcoin transactions were touted as being irreversible, immutable and relatively cheaper than traditional payment options.www.coindesk.com/learn/why-use-bitcoin/Why bitcoin? Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation. Small businesses may like them because there are no credit card fees. Some people just buy bitcoins as an investment, hoping that they’ll go up in value.money.cnn.com/infographic/technology/what-is-bitc…The digital currency Bitcoin makes it possible to transfer money super fast with extremely low fees. This without having to rely on any middleman or third party. All Bitcoin payments are made person-to-person. Bitcoin is anonymous but at the same time transparent. It is anonymous because Bitcoins can’t be linked to individuals.cryptorunner.com/why-use-bitcoin/Bitcoin provides an opportunity for people to store value without relying on a currency that is backed by a government. It gives people an option to hedge for a worst-case scenario. You’re already seeing people in countries like Venezuela, Argentina and Zimbabwe (countries heavily in debt) where Bitcoin is getting tremendous traction.www.forbes.com/advisor/investing/cryptocurrency/…Bitcoin is currently used more as a store of value and less as a medium of exchange or unit of account. It is mostly seen as an investment and has been described by many scholars as an economic bubble.en.wikipedia.org/wiki/Bitcoin - People also ask
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