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\pdf_title "Economics of Bitcoin and Cryptocurrenies"
\pdf_author "Bastiaan Quast"
\pdf_keywords "bitcoin, cryptocurrencies, economics"
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\begin_layout Chapter
Why use Bitcoin?
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Having examined the technological side of 
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symbol "Bitcoin"
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, we can now consider some situations in which these innovations best come
 to fruitition.
 In examining these situations we consider these merely from an effectiveness
 perspective, without regard for the morality of such possible situations,
 which is beyond the scope of this book.
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\begin_layout Itemize
international remittances
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online transactions
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mobile payments
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evasion of capital controls
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evasion of taxation
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anonymous online transactions
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\begin_layout Standard
This makes 
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 an ideal mechanism for remittances, which nowadays can cost as much as
 10 percent.
 Additionally no government can apply capital restrictions on these remittances.
 
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\begin_layout Standard
The instant nature of transactions means it is well suited for online retailing.
 Credit card transactions seem instant, but in fact are not.
 A significant percentage is in fact reversed after initial clearance.
 This is very costly for retailers, this often occurs after packaging of
 shipping has started.
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