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How do you use Bitcoin? Here are 8 examples

By (Rain İçerik Ekibi - Jun 09, 7:00 PM

The first known person to make a transaction using Bitcoin was Laszlo Hanyecz when he used the cryptocurrency to purchase two pizzas. Bitcoin has come a long way since and has established itself as the world’s largest cryptocurrency. Most individuals see Bitcoin as an investment, but the cryptocurrency has undergone several upgrades and improvements. As Bitcoin sees more mainstream adoption, its use cases have expanded significantly. Today, Bitcoin is more than just a store of value. Let’s take a look at the different ways in which you can use Bitcoin. 

Bitcoin As A Store Of Value 

Generally, Bitcoin is viewed as a store of value by businesses and investors who purchase significant quantities of the cryptocurrency. This property has also given Bitcoin the moniker of “Digital Gold.” Like Gold, Bitcoin has a finite supply, capped at 21 million, out of which a little over 19 million have been mined. The cryptocurrency is also used by institutions as a hedge against inflation, protecting them against currency devaluation of any economic crisis. Bitcoin is considered one of the soundest assets known to man, with supporters of the cryptocurrency arguing that it is the best way to store wealth and prevent it from being devalued over time. 

Earn Interest On Bitcoin 

Bitcoin allows you to generate income from two fronts. In addition to making money when the value of the cryptocurrency increases, investors can also earn interest on their asset by transferring their Bitcoin into a cryptocurrency interest account. Cryptocurrency interest accounts are not a new phenomenon, with quite a few prominent players in the space, such as Blockfi and Celsius. Bitcoin holders can stake their assets for a set period of time and earn interest on them, similar to traditional savings accounts. 

Bitcoin Debit Cards 

A Bitcoin debit card functions exactly like your regular debit card, giving Bitcoin holders a much more hassle-free experience when spending their BTC. Cardholders can simply spend their funds directly from their exchange account or dedicated crypto account instead of going through the usual hoops to withdraw and spend their funds. Users can then use their debit cards for everyday purchases and receive cashbacks in return. Should you wish to choose, there are several Bitcoin debit cards in the market, such as the Nuri, Monolith, and a host of others. 

Retail Purchases 

Bitcoin has been increasingly accepted as a mode of payment over the years, with several retail giants and e-commerce platforms announcing support for the cryptocurrency. Recently, Shopify announced that it was integrating with Strike, bringing Bitcoin Lightning Payments to the platform, and giving merchants the ability to receive Bitcoin payments from customers as US Dollars. 

Several other prominent names in the retail space accept Bitcoin, such as 

  • Overstock - Overstock accepts and fully supports Bitcoin payments. 

  • Home Depot - Home Depot is the largest home improvement chain in the US and supports Bitcoin payments. 

  • Xbox - Xbox Bitcoin for games, add-ons, and Xbox Live subscriptions. 

Donate Bitcoin To Charities 

Bitcoin holders can also donate to any charity of their choice, as long as it supports donations in Bitcoin. Donating in fiat incurs significant costs, while donors also prefer to remain anonymous while making the donations. This is why several nonprofit organizations have started accepting donations in Bitcoin. Donating in Bitcoin would also allow the charity in question not to pay any capital gains tax and receive the entire amount donated to them. Donating cryptocurrencies such as Bitcoin to nonprofit organizations is also tax-deductible in the United States, helping donors reduce their tax obligations while also supporting charitable organizations. 

Some nonprofit organizations that accept Bitcoin are 

  • The Giving Block 

  • Wikimedia Foundation 

  • Greenpeace 

  • Red Cross 

Travel Using Bitcoin 

You can also use your Bitcoin to travel! Travel companies have started accepting Bitcoin as well, with companies such as Expedia and Virgin Galactic giving customers the option to pay using Bitcoin. Emirates Airlines has also announced that it will begin accepting Bitcoin as a payment option in the near future. 

Experience Bitcoin As Legal Tender 

If you really wish to spend your Bitcoin, then you can travel to a country that uses Bitcoin as legal tender. While your options may be limited in this department, they aren’t zero. El Salvador, a tiny country in Central America, has made Bitcoin legal tender. This means you can spend Bitcoin like normal fiat currency to purchase everyday goods. Countries such as Panama and Cuba have also taken steps to adopt Bitcoin as legal tender, while a member of Paraguay’s Chamber of Deputies has introduced a bill to legalize Bitcoin in the country. 

Buy A House Using Bitcoin  

You can use your Bitcoin to purchase a house, with several real estate agencies and agents accepting Bitcoin as payment for real estate transactions. Purchasing a home using Bitcoin has several advantages. If you have made a significant profit by investing in Bitcoin, purchasing real estate is an excellent way of consolidating those profits. Investing in real estate also lets you diversify your assets. 

In Closing

As Bitcoin gains further mainstream exposure, with more businesses and individual investors increasingly being drawn to the cryptocurrency. The cryptocurrency has undergone several upgrades that have significantly improved its viability as a payment method. Bitcoin’s ability to act as a mode of payment will see its list of use cases increase significantly as more businesses, individuals, and institutions pivot towards the cryptocurrency. 

Now that you have read about how to spend your Bitcoin, it’s time you acquire some. The Rain cryptocurrency exchange is an excellent place to get started. Rain is regulated by the Central Bank of Bahrain (CBB) and features bank-grade security for its digital assets. Registration is quick and easy. Simply register and start trading! 

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