Despite the fact that there are countless digital assets available at present, with varying degrees of appeal and adoption, Bitcoin remains the first choice for newcomers entering the crypto space. Bitcoin makes it possible to exchange money and transact in a different way. To be more precise, it has unlimited inputs and outputs. No bank or administrator gets involved in the process as the transactions are encrypted on the blockchain network. Anyone can see the balance and the transactions of any Bitcoin address, but the identity of the user isn’t disclosed.
Gone are the days when mining was the only way to get Bitcoin. Now, you can buy BTC from a cryptocurrency exchange. As you compare different platforms, consider security features, fees, storage options, withdrawal options, and educational resources. Use a helpful guide on how to buy cryptocurrency to get the hang of it. As far as storage is concerned, deploy a hardware wallet if you want to hold Bitcoin for the long term. Perhaps you’re curious to know what you can do with cryptocurrency. Bitcoin has multiple uses, which include:
Make Daily Purchases with Bitcoin
If you have Bitcoin that just sits in your wallet and is reserved for occasional purchases, you might be missing out on excellent rewards. An ever-increasing number of merchants are accepting BTC as means of payment for their goods and services. You can spend your tokens at any retailer that takes Visa or Mastercard by converting your coins to dollars in an instant. Whole Foods is just one of the companies that accept Bitcoin. You can pay for your groceries using your digital assets. And it won’t even feel like a big deal.
Some online retailers offer discounts to shoppers who use cryptocurrency. At some online shops, you can receive a 20% discount when you pay with BTC. The crypto payment is processed automatically, sparing you some time. Don’t waste any more time and identify businesses that will accept Bitcoin directly. Several websites can help you in this respect. All you have to do is to enter your address, and the store locations that accept cryptocurrency as payment will immediately become available. In case you didn’t already know, PayPal streamlined the crypto payment process. Hold the coins you buy in your PayPal account.
Trade Bitcoin for Profit
You can use Bitcoin as an investment tool to generate profits. BTC is similar to gold in many respects. More specifically, it’s limited in supply, has a functional use, and is considered a good store of value. There are differences too. Bitcoin can’t be stored in the traditional sense, which facilitates its transfer from one party to another. Moreover, digital asset has outperformed precious metal. At any rate, there are opportunities to trade on platforms like cryptocurrency exchanges. Find a user-friendly platform and start trading coins. Some investors choose to spread their purchases around multiple exchanges or transfer their BTC to a cold wallet to reduce the risk.
It’s recommended to proceed with caution and start with a small investment. If you want to attain success as a crypto investor, do your due diligence and research the market. As you’ll see, this isn’t an undemanding process. Take social media very seriously, as each platform provides specific insights. Attention must be paid to the fact that this isn’t the place to ask for advice. Spend time reading charts and identifying patterns to make informed trading decisions. Needless to say, you need a strategy to protect your balance. Be very strict with profit targets and stop-loss orders.
Support Charities and Philanthropic Projects with Bitcoin
Those who are charitable give all the time, even when they have little money to spare. Giving is more impactful than ever and is the bedrock of a healthy, sustainable civil society. Take part in a cause you feel strongly about. If you don’t have the time to volunteer, at least help that organization make an impact. This might come as a surprise, but many organizations from around the globe, supporting different causes, have begun to accept Bitcoin alongside traditional forms of money. Take into account the possibility of donating your Bitcoin directly to a charity or philanthropic project.
Examples of organizations that accept cryptocurrencies include but aren’t limited to Wikimedia Foundation, United Way, Internet Archive, Open Medicine Foundation, PTSD, and Wild Me. Your tax deduction will be equal to the price at which the BTC would change hands between a buyer and seller. Ensure you’ve held the funds for more than one year if you seek a deduction based on fair market value. You may be able to recommend how the funds should be invested. This way, you’ll have a guarantee that your contribution is going where you want it to go.
Use Bitcoin for International Money Transfers
Wire transfers are the most expensive payment type, but they remain the most utilized method. Sending money internationally is so costly because financial institutions charge higher margins for payment processing, currency conversions, deductions, and so on. The transfer fees vary greatly depending on the provider. The country, currency, time, and speed of the transaction are taken into account when establishing the bank transfer cost. You’re better off using Bitcoin to send money abroad. With just a personal computer or a smartphone (and a good Internet connection), you can send money across the globe without much difficulty.
Not only are BTC transactions faster but also less expensive. All you need is a crypto wallet, and you’re good to go. You can send as many coins as you want, wherever you want, anytime you want. If you don’t have any funds in your wallet, deposit fiat currency onto a crypto exchange, purchase Bitcoin and send it to your recipient. It’s clear to see that the process involves only a few steps. You can open an account with an overseas exchange and arrange for withdrawal on behalf of your family or friends. This way, you can avoid the remittance fees, and you don’t have to worry about the safety of the transaction.