Why do I love bitcoin?

In the previous post, I said bitcoin is a new religion, but of course bitcoins is more than just a kind of belief, it is useful.

The vendor of my cellphone service is http://mobilevikings.com, which claimed the first mobile company accepts bitcoin. Before the acceptance of bitcoin, the way I top up my credits is using bank card, credit card and Paypal. This works and fine. But the problem is that if I do not have  euro bank card or credit card, how can I top up my mobile phone? Bitcoin works. No matter what kind of currency I have, I just purchase some bitcoins, and use it as the payment method. Since the ratio of prices of bitcoin in different fiat currency is almost exact the corresponding exchange rate, the money paid in fiat currency and bitcoin is actually the same.

Another case of mine is domain registrar I use. I have been choosing Godaddy for my domain registrar for many years. The payment option for me is credit card. Imagine my credit card expires one day, I do not know how I can renew my domains at Godaddy.com. Fortunately, I found http://namecheap.com supports bitcoin. That means if I have bitcoin, I can register new domain, renew my domains and buy SSL certificate at namecheap.com. This is pretty handy, no matter where I am and what kind of currency I have, what I need is bitcoin.

Actually, the implementation of bitcoin payment at mobilevikings.com and namecheap.com is bitpay.com. I get bitcoins using my fiat money (CNY, EUR, USD etc.), and then pay the bitcoins to bitpay.com, mobilevikings.com and namecheap.com recieve the fiat money from bitpay.com.

Just looking at the two sides, i.e. companies that support bitcoin and I who is the consumer, the payment start from fiat money and ends at fiat money which is not supposed to be the same currency nor from the same country. This is not easy to be achieved without the help of bitcoin. In other words, bitcoin plays as the bridge role to finish each payment, with low fee and pretty fast speed.

By the way, since the payment could be finished during short period, the price fluctuate during the short period is too small to be concerned. No one has to bear the loss of changing price of bitcoin if not holding the bitcoins. Bitcoin just acts as a modern payment tool, which is the money of the internet era.

People who has never experienced bitcoin may say it is just a piece of code, but actually it is a piece of powerful and useful code. At least, this is one of the reasons why I love bitcoin.

One reply on “Why do I love bitcoin?”

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