Bitcoin is the first and currently the world-leading cryptocurrency. There are hundreds, if not more, uses for Bitcoin because of the blockchain and its distinctive features.
These features allow software developers to create software on top of the currency to use it to their advantage. Whether you are a newbie or a seasoned bitcoin user, here are five ways to use bitcoin that you might not have heard of yet.
- Use bitcoin as an investment vehicle
If you compare bitcoin to other investment vehicles like stocks, bonds, commodities, or precious metals, bitcoin is much more flexible in its uses. The digital currency’s potential lies in the limited supply of 21 million coins. As long as people use bitcoin, the value will always rise over time.
Bear in mind that Bitcoin is an extremely volatile investment, and in the short term, your gains and losses will be extreme, but this will smooth over in time, and a long term investment strategy is still the best strategy.
Bitcoin is still in its early stages and development still happens daily, and if you are in it for the long haul it will pay off, but to buy and sell bitcoin in the short term will not yield the best results
- Use bitcoin as an educational tool
When it comes to Bitcoin, people are still very much in the dark and a lot of education still has to take place. The goal of Bitcoin has always been the potential of the Blockchain. The blockchain was created for people to take back control of their internet and financial lives without a middleman always wanting his share.
The idea came from the 2008 housing financial crisis and was created not just to disrupt the tech world but to show people that there are other solutions to better our lives. Most of the time, bitcoin is only seen as a monetary vehicle, but it stands as an example of how we, as everyday people, can change the financial landscape.
- Spend bitcoins for your everyday needs
The first thing you need to know is that Bitcoin is a currency. It is a form of digital currency and electronic form of payment, like when you pay with your debit card at your local grocer. There are many benefits for the retailer to accept bitcoin, like lower costs, instant transactions, and almost no fraud risk or bank charges.
There are already several online and even physical retailers that are starting to accept bitcoin as payment. You will also find Bitcoin ATM’s scattered across the U.S. and Australia.
This means that Bitcoin is slowly becoming legal tender all over the world, meaning that continuous commerce will be a big factor to grow Bitcoin and all other cryptocurrencies.
- Indulge in luxury expenses with bitcoin
For the active people that already live in the fast lane, there are many ways to spend your Bitcoins. You could spend them on 1st Class flights or luxury suites in hotels. Not every flight and hotel accepts bitcoin just yet, so you can use the 100’s of other services to get the ball rolling for your next holiday paid by bitcoin.
But it doesn’t matter where in the world your holiday is going to be, you have peace of mind that all your purchases will be duty-free, seeing as you are cutting out the middle man like the banks and other financial institutions.
- Support charities with bitcoin
Everyone wants to do good and help others, but we don’t always have the means. A lot of charities and NPO’s now accept Bitcoin as a donation. Organizations like Wikipedia, Red Cross, and Green Peace have gotten on board with bitcoin.
And of course, because you are cutting out 3rd parties, you can rest assured that your donation will make it to the charity in the full amount. And also, your funds will get there faster and more effectively and you could help more people, faster.