Bitcoin is more applicable in some special payment scenarios

Bitcoin’s various features that distinguish it from legal tender systems make it more applicable in certain special payment scenarios, forming a stable payment application. At present, these payment scenarios mainly include:

1. Cross-border remittances. Cross-border remittances of fiat currency involve multiple banking services and exchange costs. Some companies have tried to provide cheaper remittance services using Bitcoin as a medium;

2. Cross-border large-value payments. When the payment amount is large, using Bitcoin for cross-border payments can also significantly save costs;

3. Virtual goods trading. For virtual goods or services that can be delivered online, such as music, games, software, and network services, it is very convenient to use Bitcoin transactions. PayPal was the first to introduce Bitcoin payments in music and game goods payments, and many VPN services also accept Bitcoin payments;

4. Private commodity payment. For legal but highly private commodity or service transactions such as adult products, the anonymity of Bitcoin is very attractive;

5. Bitcoin-related industry transactions. For transactions where both the buyer and seller are Bitcoin enthusiasts, such as mining equipment, hard wallets, etc., Bitcoin transactions are very common;

6. Other virtual currency transactions. On some virtual currency trading platforms, Bitcoin has become the main currency for pricing and trading of various other virtual currencies. These payment scenarios constitute a relatively stable payment application market for Bitcoin in the early days.