Top 5 Uses Of Blockchain – Invest In Bitcoin

Top 5 Uses Of Blockchain – Invest In Bitcoin

In this article, we’re going to discuss why you should invest in Bitcoin. There are many different reasons for why you might want to invest in Bitcoin. We hope that this article will convince you to invest in Bitcoin.

Safer Online Presence

Using the project, one can timestamp a piece of data by anchoring a hash of the data into the blockchain. Since these timestamps are based on the hash of the data, one can prove that the data existed at a specific time. One cannot go back and modify the contents of the data since one cannot modify the previous information on a blockchain. This idea gained attention due to the mass applications that it can have. Since the data becomes part of a blockchain, the timestamp is both accurate and trustless. Therefore, people who post content online can easily prove who put it on the internet first. Usually, there a long legal procedure but with blockchain, it will be redundant. That’s why you should considering to invest in Bitcoin.

Tokenization and ICOs

Essentially an ICO is like selling tokens that represent a “share” in the company. The company sells a specific number of tokens to whoever wants to buy. This allows the company to raise funds and distribute profits later on. If the company is successful, the token will be demanded more and thus the price of the token will increase in the market. This rise in value benefits investors in the long run. This way of fundraising has been very successful in 2017, passing regular Venture Capital markets. We can see people that people invest in Bitcoin and Ethereum due to these ICOs. Thus, the value of Bitcoin rises.

Financial Industry

The banking industry is another one of the markets which will get affected by the Ethereum blockchain revolution. The Ethereum blockchain method of payment reduces post-trade processing time thus increases efficiency and saves a lot of money. In an interview, Thomas Olsen claims that the global financial markets could save over $15 billion and $30 billion a year by adopting blockchain payment methods. It’s one of the best ways for consumers to transfer, send and receive money. The banking sector is well established today and is starting to understand how they can provide higher value to customers using blockchains.

Audit Trails

Having an audit trail is one of the most important aspects of a business since it helps companies avoid overpayments and detect issues in a payment trail. Digitizing this process would give each transaction a proof and a time stamp. This will make sure that all parties interacting with the company can be sure that none of the records were tampered with. Thus, all companies and customers could trust each other due to the proof which has already been made and can’t be changed.

Smart Contracts

Smart contracts are essentially electronic contracts that take place and are registered on a blockchain. The potential in smart contracts is boundless. Imagine you could create a smart contract for someone willing to exchange currency with you online. If you wish to buy a token or bitcoin, you could use smart contracts to make sure that the exchange is done. Usually in this situation, an escrow service would be used. However, it’s another hassle to deal with escrow services when there’s an issue with an exchange. Smart Contracts eliminate the need for a third party. The smart contracts are electronically programmed to take place, thus they’re secure and can’t be tampered with.

How to Invest in Bitcoin

There are many ways how blockchains will affect business, finance, healthcare and even the way we use the money. This list isn’t even close to those of uses that block chains have in other industries. Hopefully, you’ll start to see the effects that blockchains will have on the world soon. We recommend you to invest in Bitcoin using Coinbase. Coinbase is the world’s most popular digital currency exchange, over $6 Billion worth of digital currencies have been exchanged on the platform. That includes Bitcoin, Ethereum and Litecoin. The exchange provides many advantages such as low fees, secure storage and faster transactions. Coinbase allows users to buy as well as sell digital currencies on the platform. Coinbase provides several secure ways of depositing and withdrawing from your online wallet. Depending on your region, you will be able to use credit cards, bank transfers and PayPal in order to deposit money.

Check out our article on how to invest in Bitcoin using Plus500.

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About Article Author

Michael Serrano
Michael Serrano

Michael is an engineer and a bitcoin evangelist. He has been involved in cryptocurrencies since 2013. His biggest wish? 1 billion users of bitcoin, ether and litecoin by 2020. In the last 10 years he has worked for various early-stage start-up as a back-end developer.

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