Bitcoins are a great idea and recently have been gaining mainstream attention, pushing the technology to new heights and testing the networks capabilities. But the question remains, Where are people spending the Bitcoins they own?
#1 Day Trading
Day trading has become a favorite past-time of some Bitcoin owners, and also has driven many day traders to Bitcoin; Attracted to the current volatility of the price. The big gaps in trading value is where Day traders can make the most profits. It also is where people lose profits. Since most people get into Bitcoins as an investment, trading in the exchanges is a logical second step.
#2 Mining Equipment
With only 25 million bitcoins total being created in the world, mining the remaining 11 million has become a top priority for many people, especially miners that began in the early years of bitcoins. I speculate many of these new-found millionaires are re-investing for profits and the over-all well being of the network.
Bitcoin is a safe haven for gamblers, The coin allows for quick and easy transactions. Casinos such as k8Poker offer gamblers full anonymity. That means you don’t risk your credit card or personal details with a third party what-so-ever, Since Bitcoin is a Peer2Peer, decentralized currency.
#4 Service Trade
Service trade is very active in the Bitcoin community, Coders offering their service often frequent the Market forums, such as on BitcoinTalk.org to meet up with creators in need. These person to person transactions are at the heart of bitcoin
Many people get involved with Bitcoin because of the idea behind it. Building a decentralized currency. It also makes Investing much easier, all transactions can be viewed through the blockchain, This enables investors to see exactly what’s happening with their money. Since we are still in the beginning stages of Bitcoin, the transactions and companies are much more personal and deviate from the systematic investing that is so rampant now.
Many Bitcoiners coming from a tech background choose to spend their bitcoins on electronics. There are several marketplaces which make buying electronics a breeze. New stores are popping up daily providing consumers everything they need, fast and easy transactions, with minimal processing fees.