Home Finance Can People Buy Domains with Bitcoins?

Can People Buy Domains with Bitcoins?

by Tripp Casey

Domain names are essentially identification for any resources stored on the internet. Domain names give all relevant resources attached to it, a unique identity on the internet. Domain purchasing also exists as an investment opportunity wherein one can sell their domain name to an interested party and gain a profit based on similar domain’s market value at the time. Buying a Domain with Bitcoin is referred to as blockchain domains; these are slowly becoming an extremely lucrative avenue for investing in domains. This is known as bitcoin web hosting.

Buying a domain with Bitcoin allows certain advantages over buying a domain regularly. Since blockchain domains are not stored on a server but instead on a public registry there is an unprecedented level of openness and transparency to the entire process. Blockchain domains being stored on a public registry negates the threat of fraudulent claims of ownership.

The use of blockchain domains makes the process of transferring or receiving cryptocurrency even easier. The only requirement for these transactions is a working internet connection. The transaction takes place in a decentralized manner, directly to and from two entities without any involvement by a third party. The removal of middlemen also significantly lowers the transaction fee, making it practically negligible.

A significant advantage of blockchain domains lies in the removal of censorship. Regular domains are policed by authorities such as ICANN or 101domain, curtailing some of the freedom of the user. Blockchain domains, by virtue of not having any overarching authority, are entirely censorship resistant. Blockchain domains also cannot be blocked or suppressed arbitrarily since they are stored in digital wallets operated by a private key, only available to the owner of said domain.

The best avenues through which to purchase blockchain domains are Namecoin, Blockstack, Ethereum Name Service, Handshake, Emercoin, PeerName, Unstoppable Domains and Dot BIT. The popularity of blockchain domains can be viewed through the advent of an increasing number of such sites popping up daily. Buying a domain with Bitcoin is made safer and more secure through the use of the aforementioned sites.

Blockchain domains are more advanced as compared to regular domains as they allow the user to build on software and programs on top of their domains, making it a more multi-dimensional platform. This combined with all the advantages mentioned above presents people who have invested in Bitcoin with a more beneficial and transparent system of purchasing domains.

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