What is the use of Bitcoin if it can’t be used for shopping (Can Bitcoin no longer be bought or sold)?

08/17/2023 09:38 • Tech Trends • 59 views

What is the use of Bitcoin if it can’t be used for shopping? Many people believe that Bitcoin not being usable for shopping means that after purchasing something online, you have to pay a certain amount of transaction fees. If you want to buy something, you first need to pay a fee; if you don’t pay this fee, it will be converted into Bitcoin or other cryptocurrencies for the transaction. The purpose of this is to allow people to buy and sell goods, services, and assets using blockchain technology in a new way.

So, what is the technology based on smart contracts? Simply put, it is “smart,” which means anyone can establish a system on the blockchain network. In this software, anyone can freely create their own wallet and run nodes. However, these technologies are not meant to solve the shortcomings or functional problems of existing systems, but to address the requirements that most virtual currencies cannot meet. “Smart” is a relatively new concept, but in reality, it operates differently from conventional computer operations. The working principle of this new type of machine is similar to a computer on the internet—it controls user devices (such as servers) and then automatically executes programs without affecting the security of user funds due to hardware damage. Therefore, “smart” (or not smart) is a decentralized approach rather than relying on third-party intermediaries. Because of the nature of Bitcoin itself, its essence is also based on a trustless network architecture.

Although Bitcoin does not have an anonymity problem, there is still significant room for improvement in many aspects, such as allowing the sender to access their own data. For example, you can store your private key in one place and send emails from another address, or send messages to friends. Even in various situations, you can still perform transfer operations through mobile applications, etc. However, what is the use of Bitcoin if it can’t be used for shopping?

Can Bitcoin no longer be bought or sold?

Editor’s Note: This article is from 8btc (ID: bitcoin8btc) and is authorized to be published by Planet Daily.

Recently, there have been reports that Bitcoin can no longer be bought or sold illegally! In a statement on January 10, 2017, it was stated: “I believe that Bitcoin can be bought and sold on the cryptocurrency trading platform BitMEX.” However, the U.S. Commodities Futures Trading Commission (CFTC) has issued a notice stating, “Under the Bank Secrecy Act, the bank cannot provide any form of custody services to digital asset exchanges.”

However, this is not the case—CFTC Chairman Jay Clayton clearly stated earlier this week that it does not allow Bitcoin to be used as an investment tool to participate in the stock market. “We cannot sell, hold, or transfer any Bitcoin through brokers or other institutions. If someone wishes to purchase, they can list it on Coinbase, which may cause huge losses to these investors as their funds will be compromised,” he added. “But you cannot do it.” “Therefore, if you want to engage in securities business in this way,” you must first work with a third party.

In fact, shortly after U.S. Treasury Secretary Steve Mnuchin announced that Bitcoin is an unregulated investment, someone raised questions about this issue. This high-profile informant told TheBlock, “When it comes to certain specific purposes, Bitcoin seems unlikely to become a legal means of market circulation.” He also pointed out that many cryptocurrency companies refuse to acknowledge this allegation because the SEC’s allegations against the field are completely wrong. “I haven’t received any information about this, but I am happy to see this.”

Although some companies have agreed to accept this view, most people are skeptical. For example, a company called Proximity is considering banning cryptocurrency trading and tokenization using blockchain technology, claiming that it will make it easier for people to obtain virtual currencies such as Bitcoin.

Furthermore, some have suggested that companies like Robinhood should not sell their own cryptocurrencies without permission and that it is still possible to leverage the platform’s liquidity mining program to promote network security. However, some are also concerned about whether these measures apply to Bitcoin and other digital assets.

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What is the use of Bitcoin if it can’t be used for shopping (Can Bitcoin no longer be bought or sold)?

Can Bitcoin no longer be bought or sold?

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