File image: A Bitcoin (virtual currency) coin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration.

CAPE TOWN - Worldwide cryptocurrency, Bitcoin exploded on to the market. The soaring currency is expanding and becoming more adaptable to daily life. Take a look at why most people use the progressive cryptocurrency. 

According to the biggest Bitcoin gambling site, FortuneJack, between November 2016 and November 2017, the cryptocurrency saw its market-cap increase by 1034% to a record breaking value of R1.8 trillion on coinmarketcap.com. 

In addition to this, Bitcoin hit a new all-time high against the British Pound and US Dollar with xe.com valuing a single bitcoin at R111 000 and R110 000 respectively. 

Apart from its rewarding equity, Bitcoin is used for added reasons, these include:

Privacy and Security

Bitcoin works on a public and private key system. Therefore, you are not obliged to reveal your personal information. This makes the transaction much more secure and you are the only one with access to your bitcoin wallet. This minimises the probability of online infringement and access to a user's personal credentials. 

Inflationary

Bitcoin is not influenced by inflation or quantified easing. This make bitcoin different from traditional ‘fiat’ currencies. However, like all currencies, there are factors that influence it. These include government regulation, demand and supply and the migration away from 'fiat' currencies. 

Speed

Based on its digital nature, bitcoin deposits and withdrawals are fast and processed without delay. As opposed to traditional banking methods, a transfer service will process money after several days. 

READ: Bitcoin surges in Zimbabwe as military moves in to seize power

Earn

The cryptocurrency can earn you money by a number of ways including mining, earning and earning. Mining involves using your computer to add transactions to the public bitcoin ledger, called the blockchain. Similarly, earning is the process of accepting bitcoins for freelance work or at your business. Bitcoin can be accepted as a payment method. 

Spend

Bitcoin can be spent in a number of ways. These include online e-commerce sites, travel and property, online gambling, online auctions and physical stores to name a few. 

Cities and businesss that accept Bitcoin: 

City

Number of shops

Los Angeles

127

New York

120

Buenos Aires

111

San Francisco

108

London

86

Madrid

82

Kansas City

68

Toronto

64

Melbourne

63

Athens

52

Sao Paulo

49

Tokyo

48

Amsterdam

46

Tel Aviv

42

READ ALSO: Bitcoin is not for the faint of heart

- BUSINESS REPORT ONLINE