When Bitcoin was launched in 2009, it was only viewed as an exciting concept, but now it has so many other uses. The list below outlines some of the best ways you can use the world's leading cryptocurrency.
For many people, Bitcoin is primarily an investment vehicle. Just like with stocks, investors trade Bitcoins through exchanges. This causes the currency's value to fluctuate based on supply and demand. Speculators can therefore invest in Bitcoin and hope that its value will eventually rise and result in a profit.
Bitcoin's volatility is an attractive feature for many investors. Essentially, the property makes it easier for people to buy Bitcoin low and sell it high.
Online gambling websites have always accepted various forms of payment from wire transfers to credit cards. And many of these websites now accept Bitcoin. This has made online gambling one of the most popular uses for Bitcoin. There are several reasons why Bitcoin is popular among gamblers. The most important is anonymity.
One of Bitcoin’s essential properties is that it can keep users' identities secret. The currency relies on random keys that are not easily traced back to their owners. This favors the gambler who would prefer to remain anonymous for various reasons. Bitcoin transactions are also much faster than other modes of payment, which is a definite plus.
Some people assume that the gambling sector is small and the Bitcoin gambling sector is even smaller. But this is far from the truth. There are many games people can play online, ranging for online poker to even such social games as bingo. One directory of bingo sites (www.topratedbingosites.co.uk/) shows that this market is indeed huge. There may not be too many bingo sites that accept Bitcoin, but the number of such services is growing.
With Bitcoin’s popularity and success, many companies started accepting cryptocurrency as payment for goods. Microsoft and Dell are two larger retailers that sell their products for Bitcoin. Some companies even offer a special discount for shopping with Bitcoin, which shows that they are more accommodating toward Bitcoin.
Individuals shopping with Bitcoin enjoy the currency's ability to divide as far as to 8 decimal places (the smallest Bitcoin unit is called a Satoshi). As for the companies, Bitcoin is an efficient payment system that can be verified on the blockchain, eliminating many cases of fraud.
Paying for Services
Goods are not the only things you can buy with Bitcoin. You can also pay for services at places like hotels, bars, and restaurants. Major hotel sites like Expedia and One Shot Hotels now accept Bitcoin for hotel reservations. Some major airlines also take Bitcoin in exchange for air tickets. All you need to do is look for a "Bitcoin accepted here" sign, which should be posted at any place that accepts Bitcoin.
Bitcoin is slowly becoming something of a digital gold standard, since many people treat it as currency when they need to keep their wealth safe. This trend can be seen by observing spikes in the Bitcoin price around politically and economically volatile periods in certain region. In some countries, like China, Bitcoin is already treated like a currency because the residents believe in crypto more than in the state-controlled renminbi. Many people also use Bitcoin to send money to their family and friends, which signifies Bitcoin’s use as a form of currency.