5 Best Ways to Use Bitcoin

May 10, 2019 11:18 pm

Bitcoin is the most valuable cryptocurrency in the world, and the system surrounding it is developing at a fast pace. When it was created, the main purpose of bitcoin was to ensure fast and secure transactions. While many people still use it for that reason, bitcoin can today be used in numerous other ways as well. There are hundreds, or even thousands, of ways to spend bitcoins and make your life easier and more fun.

If you’re just getting to know bitcoin or you have acquired your first bitcoins and you’re trying to figure out what to do with them, you’re at the right place. Check out our smart list of the best ways to spend bitcoin to get some ideas.

Invest Using Bitcoin

One of the best ways to use your precious cryptocurrency includes various investments. When you compare cryptocurrencies to other popular investment vehicles such as stocks, bonds, gold, silver, and commodities, you will realise that bitcoin is extremely flexible. Moreover, there is a high chance that the value of this digital currency will continue to grow due to the limited number of coins in circulation — 21 million. Therefore, as long as people continue to use it, the price of a single bitcoin is going to grow.

But you should keep in mind that bitcoin is volatile, which makes it great for long-term investment. In the future, its value will frequently go up and down, but it will surely have a tendency to grow.

Use Bitcoin for Online Gambling

It did not take gamblers long to fall in love with bitcoin. This cryptocurrency offers anonymity to those visiting and playing games on online casino websites, which is incredibly important for numerous reasons. Several years ago, when bitcoin first emerged, it was very difficult to find a place where you could gamble using crypto. However, you can now easily find a bitcoin casino or at least an online casino that accepts bitcoin among many other cryptocurrencies.

In many countries around the world, there is still no tax on bitcoin gains, which is what makes it even more popular among gamblers. Moreover, apart from using bitcoin in online casinos, you can now use physical gambling machines that accept this digital currency. Therefore, if you like this type of entertainment, this is a good way to spend your bitcoins.

Send BTC as Gifts

Are you running out of ideas when the time comes to buy gifts for birthdays and anniversaries? Everybody likes getting a unique gift, and bitcoin is one of the best gifts out there. People still don’t know a lot about cryptocurrencies, so this is a great way to both impress them and educate them.

But originality is not the only and the biggest benefit of giving BTC to someone. If you buy them a bitcoin that’s worth a couple hundred today, it might be worth thousands or tens of thousands in several years.

Make Online Purchases

Bitcoin is no longer in its infancy, so many online retailers accept it as a payment method. Some of these include large companies such as Microsoft, Overstock, and OKCupid. To find out where you can spend your bitcoins, look for a bitcoin logo on the official website.

If some of your favourite online retailers do not accept bitcoin at the moment, that might change in the future — the number of retailers that accept it keeps growing. It is a good idea to send them an email and ask whether they plan on adding that payment option in the near future or suggest that they should do that.

Donate to Charities Using Bitcoin

If you want to do something selfless with your bitcoins, you can always make a donation to charitable organisations. There are numerous nonprofit organisations and charities that will gladly accept donations in cryptocurrencies. Some of these include The Electronic Frontier Foundation, Wikileaks, The Water Project, Epic Change, and so on. Even the official Bitcoin website frequently publishes a list of organisations to which you can donate bitcoins.

Therefore, if you got lucky and purchased BTC when its value was very low, maybe it’s fair to give some of it away to those in need.

Conclusion

As you can see, there are many ways to spend your valuable bitcoins. The ones we have listed above are just our favourite choices. However, there are numerous other ways that might suit you better, so keep exploring to find some other great ideas.

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