Introduction to Ways to Use Bitcoin
Bitcoin (BTC) and other cryptocurrencies can be overwhelming to understand at first, but contrary to popular belief, acquiring BTC isn’t rocket science.
In fact, there are lots of crypto marketplaces where you can easily buy Bitcoin online. If you already have fractions of BTC and are wondering where and how to spend them, here are five simple ways you might want to try and explore.
Before getting started with the list, let’s have a quick review of what BTC is.
A quick look at Bitcoin
Bitcoin is a digital currency introduced by its mysterious creator Satoshi Nakamoto in 2009.
It uses technology to run its operations and works digitally through devices connected to the Internet.
The most common way of storing this digital asset is through digital or Bitcoin wallets installed on your smartphone.
This mobile app allows you to spend, store, receive, and track your funds in real-time, wherever you are.
Now, let’s take a look at some of the best ways to use your BTC.
1. Transferring funds locally and internationally
Bitcoin is very popular for being decentralized money, meaning no central authority runs and operates it. Because of this unique characteristic, transactions with BTC aren’t limited by geographical borders.
You can easily send and receive funds without standing in long lines at remittance centers and worrying about holidays and business hours.
What makes it more convenient is that BTC allows you to send money within your country or abroad with just a few taps on your smartphone.
Besides that, funds sent in BTC have cheaper fees than fiat currency transactions, making it more practical for people who often send or receive money from other locations.
Just note that transaction fees vary depending on the platform, the amount of money you want to send or receive, and the recipient’s location. Be sure to check these things out if you’re planning to send funds in BTC.
2. Supporting philanthropic efforts
Another interesting characteristic of Bitcoin is that it runs on a robust technology called blockchain, which works like a record book where all BTC transactions are logged.
Interestingly, everyone on the network can view these transactions, paving the way for transparency.
This is why lots of major charity and non-profit organizations across the world accept donations in BTC and other cryptocurrencies.
If you want to give back, help provide the needs of people in need, or support different causes, you can do so with your BTC.
You can also support the efforts to protect marine wildlife since groups like the Sea Shepherd accept Bitcoin donations.
3. Traveling around the world
Earlier, we mentioned that Bitcoin is borderless. This only means you can bring your hard-earned money even on your adventure trips to different countries.
Because many people, businesses, and governments are starting to recognize and utilize Bitcoin’s game-changing potentials, its adoption rate is soaring in different corners of the world.
When you travel to another country using your BTC, you no longer have to convert your fiat money into local currency.
Hotel accommodation, tour tickets, airfare, and local transportation fares, and fancy food and snacks—you can instantly pay all of these with just a few clicks on your Bitcoin wallet.
This also means you can enjoy your trip without worrying about running out of local money or bringing in piles of bills! Convenience at its finest, indeed!
4. Shopping in-store and online
Aside from paying for your travel expenses, you can also buy various stuff from your favorite physical or online store using your BTC.
There are hundreds of stores and merchants worldwide that accept BTC payments in exchange for their products and services.
Craving pizza or burger? Try Domino’s or Burger King. Scouting for luxury cars? Visit Post Oak Motor Cars.
If your favorite store uses gift cards and you want to pay for your purchases using BTC, we’ve got good news for you!
There are hundreds of stores worldwide where you can easily exchange gift cards for Bitcoin and vice versa—yes, shopping using your BTC is that easy.
5. Earning money through cryptocurrency trading
Most Bitcoin and other crypto holders use their funds to make extra cash through trading, which involves buying and selling BTC in marketplaces online.
Traders scout for the best offers available on the market and earn money from the margin they set in every transaction.
This approach might sound easy to do, but it requires a lot of reading and familiarity with different trading strategies.
Further visit: Basic Significance of Latency in Bitcoin Network Beyond 2020
However, practice makes perfect. So if you’re eyeing to jump into the crypto market, start your research now and look for the best approach that perfectly matches your trading style and needs!
How are you going to use your BTC?
Bitcoin’s uses are developing as time goes by. Most of the time, it varies depending on who’s using it.
For people living in countries with a struggling economy, BTC can serve as a safe-haven asset that protects their wealth from the drastic effects of hyperinflation. For techy folks looking for unique gift ideas this holiday season, Bitcoin could be your answer.
How about you? How do you plan to use your BTC? Let us know in the comments below!
This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.