Are you looking for different ways to take advantage of all the bitcoin that you have collected? Are you interested in investing in cryptocurrency, but want a bit of clarification on how you could use it? If so, then you need to learn all you can about all the different Bitcoin uses.
Doing so will help you understand the power that Bitcoin can offer you. It’s just as handy for everyday use as it is to support charities or exchange for other forms of crypto.
See below for an in-depth guide on how to use Bitcoin and all the methods of payment it qualifies for.
- Normal Shopping
Perhaps you’re wondering what all of the hype is surrounding Bitcoin. Maybe you’re unsure as to where you would be able to use Bitcoin if you were to invest in it.
Most people get “Bitcoin” and “Cryptocurrency” confused, so let’s take the next few sentences to set the record straight.
Cryptocurrency, as the name would imply, is a digital (online) form of currency, the same way that a physical dollar bill is a form of currency.
Bitcoin is a type of cryptocurrency. But what makes it so special? It doesn’t conform to any regulations by governments or banks. Its value and worth are merely dependent on the people that invest in it and the transactions that take place, similar to an investment.
Now knowing that it’s a type of currency, you’re probably wondering, “Can I use Bitcoin to purchase everyday items?” The answer is yes, as long as the merchant accepts Bitcoin as a form of payment.
The number of places that are accepting it is growing by the day. Its value continues to rise, so more and more merchants are becoming aware of the value that it holds. It also provides them with an instantaneous transaction, which is very valuable to their cash flow.
If you have Bitcoin to spend, be sure to ask if your favorite shops accept it as a form of payment. If they do, then it can prove to be very valuable in your everyday life.
- Higher-Ticket Purchases
Which would you prefer to receive when you sell an item: instant compensation in the full amount or the buyer’s word that they’ll pay you in increments over the next several years until they’ve paid you back in full?
We’re willing to bet that you’d prefer the former. That’s the exact mindset that most companies have when they’re selling larger items such as cars, boats, ATVs, etc.
As we mentioned earlier, Bitcoin allows the merchant to receive your payment instantly, and since Bitcoin is currently in the five figures (in terms of worth), you’ll likely find several willing candidates when you go to purchase a big-ticket item.
You can also use Bitcoin to purchase more luxury means of travel, hotel bookings, and more. Luxury services, such as these, are accepting more and more forms of cryptocurrency so that their customers can afford a higher tier without being strapped for cash.
If you’re looking for ways to invest in Bitcoin, be sure to visit this link and learn more about how ByteFederal ATMs can help you purchase Bitcoin today.
- Diversify Your Portfolio
You’ve probably heard the term “Don’t put all your eggs into one basket!” since you were little. But it’s shocking to see how many people break this rule of thumb with their investment portfolio.
They opt to invest in the “next big thing” or pour all of their money into brands that they’re emotionally attached to (such as Nike, Delta Air Lines, Starbucks, etc.).
In theory, it’s wise to invest in name-brand companies with sustained success, but what if those stores suddenly witness a PR nightmare? What if they go bankrupt seemingly out of nowhere?
Use your Bitcoin to purchase stock in other realms of investments. For example, there’s a big push right now to invest in precious metals. Stocks and bonds are always a strong investment as well.
- Invest in Retirement
First, let’s preface this by saying that this isn’t a recommendation, it’s a suggestion. Everyone starts their retirement savings journey at different stages, the older you are, the less risk you’ll want to take.
Bitcoin, or any version of cryptocurrency, is extremely volatile. It ebbs and flows constantly at high rates. If you’re starting your retirement savings while you’re young, then you can be more aggressive, and thus, cryptocurrency is a great way to build up compounding wealth.
Even then, you want to diversify your portfolio. As we said, you don’t want to put all of your eggs into one basket.
- Donate the Cryptocurrency
You can donate cryptocurrency the same way that you would make a contributing donation with physical money. Just make sure the charity you’re donating to is equipped to handle cryptocurrency.
Being one of the most valuable forms of cryptocurrency, donating Bitcoin can be a tremendously noble donation to make. It can also help you get a tax write-off for next year’s taxes.
Some of the more notable organizations that accept cryptocurrency include Red Cross and Greenpeace. If you’re unsure whether your preferred charity accepts it, then simply ask them.
How to Use Bitcoin: Use These Five Ways
Now that you have seen an in-depth guide on how to use Bitcoin and the easiest way to use Bitcoin once you’ve invested in it, be sure to use this to your advantage.
Take the time to browse our website for more articles on using cryptocurrency, as well as many other forms of content that you will enjoy.