Bitcoin and other cryptocurrencies today are continuously gaining popularity among various businesses and institutions across the world.
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| Source: express.co.uk |
This rising adoption encourages non-crypto holders to buy bitcoin and also takes the lead for more creative and interesting ways on how this giant cryptocurrency can be utilized and involved in everyday living.
If you are a bitcoin holder who is curious about how you use your bitcoins, here’s a list of some of the unique ways on how you can make the most of your virtual currency.
You’ll also get to know what makes bitcoin advantageous over using conventional fiat currencies.
8 Interesting Ways to Use Bitcoin
Make payments and purchases
Bitcoin functions as a new form of payment and a new kind of money. This cryptocurrency basically works like the traditional fiat currency or paper money that is used in exchange for goods, products, and services.
However, bitcoin has no physical form as it operates solely on the digital platform — meaning you won’t have to bring a physical wallet or coin purse every time you want to use it.
Making payments is possible with bitcoin through the use of bitcoin wallets or digital wallets that serves as its storage.
These digital wallets, which can be downloaded and installed on smartphones or computers for free, have the function of sending and receiving money from different accepted businesses and applications in different parts of the world.
Through bitcoins, making payments is also known to be faster and more convenient as compared to the traditional way of processing payments.
Its decentralized feature — meaning it does not operate under the regulation of a government or central bank — cuts off the lengthy process and common concerns faced by users when using the traditional payment method with fiat.
So, should you have to make payments for bills, house furniture, shoes, groceries, vacation trips, theater tickets, or other purchases — whether locally or abroad — you can make use of bitcoins for faster and more convenient transactions.
Donate to charities and non-profit organizations
The non-profit organization sector is slowly exploring cryptocurrencies as another means of accepting donations and contributions for charitable projects and campaigns. This is because bitcoin and other cryptocurrencies operate transactions in a very transparent and immutable way.
This is through the public ledger that records and holds every transaction made in the bitcoin network. The public ledger is basically like a fiat currency’s passbook or record book where every transaction reflects. As for the non-profit groups accepting crypto, this feature gives a better view of where the bitcoin donations go or how is it utilized.
Among the most notable non-profit groups that are now accepting bitcoins and other cryptocurrencies is the United Nations Children’s Fund, also known as the United Nations International Children’s Emergency Fund (UNICEF).
Aside from UNICEF, there are other charity organizations that now allow you to make your contributions in bitcoin and other cryptocurrencies.
These groups include The Water Project, Humanity Road, Red Cross, Save the Children, among others.
Send money locally or abroad
Since bitcoin is decentralized, the bitcoin network is neither regulated nor controlled by a higher authority. Given this factor, making remittances through bitcoin is so much easier as it doesn’t require much personal information such as name, address, date of birth, and others, unlike banks and other regulated remittance platforms.
Usually, money transferred through banks or other remittance service providers aren’t processed and received in real-time.
This also varies on the amount to be transferred, the location of both the sender and the receiver, and the purpose of remittance.
With bitcoins, remittances are faster and available 24/7.
Engage in investment activity
Bitcoin is also known because of its volatile characteristics, meaning its price can go extremely high or low. Its price as of the time of writing (October 17, 2019) is over 8,000 USD. Tomorrow, it can be less than that, same as that, or even more than that — nobody really knows.
Bitcoin is thought to be a good asset for investment because of its fluctuating market.
This is because just like gold, it is also deemed as a scarce asset. It only has a maximum cap of 21,000,000 BTC, unlike fiat currencies that have an unlimited supply and can be printed out and distributed by its central banks whenever needed.
While this might sound risky to some, there are people who see this constant price change and the unpredictable market as an opportunity to be familiar with the market movements.
Other ways of using bitcoins
Aside from the interesting and beneficial ways of using bitcoin listed above, there are still more ways on how you can use your coins.
These include using:
bitcoins for giveaways,
for out of this world experience like spaceflights,
for cryptocurrency trading, or
even for applying to loans backed by crypto.
Just always remember that whichever way of using bitcoins you prefer, it is always a good thing to make sure to spend it with extra care by checking each transaction you intend to engage in. This way, you can enjoy spending every fraction of it and make the most out of your coins.
Author
Iggi Vargas is an aspiring writer heavily interested in art, fashion, music, and most of all, cryptocurrency. He aims to drain every last bit of knowledge about crypto and disseminate it to the public with a more laid-back and less intimidating approach.
He believes that crypto is the future and he's glad to be the missionary for all crypto enthusiasts.
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