Bitcoin and the Blockchain were originally invented to revolutionize the way we store and transfer value as humans.
While there are folks who currently use Bitcoin exclusively as an investment, the programmability of the coin API actually enables infinite possibilities of uses.
As both an entrepreneur and investor, I believe that it’s only inevitable that Bitcoin is here to stay – not just because we love it, but because of its distinct disruptive ability to function as money.
How to get started with Bitcoin:
- Step 1: Get some bitcoins – mine (i.e. create), earn, or trade.
- Step 2: Set up your first Bitcoin wallet. Here is an excellent guide.
- Step3: Create a public Bitcoin address. Looks something like this – 1GX5Vwe5LCfdkQ9V2oDSQsZk9kp2vBxvLK
- Step 4: Send a small amount of bitcoin to the public address you created within your Bitcoin wallet using the “send” function in the place you obtained your bitcoin.
- Step 5: You are now officially an expert on how to use Bitcoin and are ready to shop, invest, donate, and send Bitcoins to anyone and everyone.
- How To Make A Bitcoin Paper Wallet & How To Spend Bitcoins
- Best Bitcoin Wallets For Android OS [2020 Early Edition]
For the time being, BTC can already be spent on a number of fun and exciting things. From online gambling to retirement investing, users are growing every day.
To satisfy the cravings of those already in possession of “Satoshi”, here is a short, but very sweet list of the top 5 ways to use Bitcoin.
Top 6 Ways To Spend Bitcoins:
That said, let’s start with the list…
1. Buy Giftcards of popular services
If you have been wondering where do you spend Bitcoin for the right purpose, well you could use it at Bitrefill.
Bitrefill is a popular service that sells Giftcards for all popular services. They have a huge list of Giftcards available for services like Apple store, Amazon, Steam, Playstation, Uber, Bestbuy, Spotify to name a few.
The service also offers a mobile app and an Inbuilt wallet which helps in the instant purchase of gift cards.
Most of these Giftcards could be redeemed instantly or you can actually gift these gift cards to your friends and relative. This is a community suggested way of spending Bitcoin.
2. Luxury Travel
Bitcoin isn’t just for techno geeks and finance nuts. Even those who lead an active and luxurious lifestyle can benefit from the privacy and adaptability of Bitcoins.
Its ability to convert across currencies and be sent across continents makes it a great, safe monetary option for frequent travelers.
Today, flights and hotel bookings can be purchased using this cryptocurrency, allowing for ease of access and a VIP experience.
While transportation and destination options are still limited, if you would like to view available vacations you can book with BTC, check out Travala.
Travala has been around for a while and they have integrated with many booking partners including Booking.com. They claim to be offering the cheapest deals and complete refund if you could find deals cheaper than Travala. They also have a native token called AVA which is worth exploring. Overall, you can easily spend Bitcoin on booking travel for yourself, friends or even for clients.
3. Send Bitcoin To Friends & Family Across The World
Who doesn’t love a gift that stands out from the rest? Impress and educate your friends and family by sending them bitcoins!
Not only will they believe you are one cool, hip gifter, but they can also weigh in on the benefits of this exciting technology.
- Today is the perfect time for a newbie to learn about Bitcoin.
If you want to be extra creative, send them BTC using a paper wallet and a bitcoin address, and let them figure out how to redeem it.
Also see: How to buy Bitcoin
4. Online Gambling
Gamblers will find joy in the fact that Bitcoin is anonymous and is not under the scrutiny of regulators and tax collectors.
This makes it easy for gamblers to enjoy the thrill of high stakes betting without someone breathing down their backs.
The cool thing is that new technologies are being built every day, and Bitcoin gambling is becoming more accessible and user-friendly for an increasingly broader audience.
There are even physical machines being created that accept Bitcoin.
Some of the more popular gambling sites include:
Other than the fact that it sounds way cooler to send Bitcoin than it does to send physical dollars, it is private, anonymous, and quite frankly, smarter to gamble with Satoshi.
Note: Be sure to check your local laws regarding online gambling and sports betting before participating in such services. I am not endorsing or recommending online gambling to anyone, just merely sharing my opinions.
5. Support Charities
Believe it or not, Bitcoin actually makes it easier to support charities.
Most charities, although they may say they are non-profit, do incur a number of expenses. Often, you don’t really know where your money is going.
With Bitcoin, you can track exactly to which Blockchain address the coins are being sent to and ensure that the funds are actually being delivered to the intended recipient.
Bitcoin saves time and efficiency by eliminating unnecessary third parties or roadblocks, and in the process, it helps more people become and stay efficient.
Some charities who accept Bitcoin include:
The best part about donating with Bitcoin is getting the peace of mind that you can donate and help others in need anonymously and privately while eliminating any worries of identity fraud.
6. Smart Investment
The complexity and genius behind the Blockchain as a way of storage for bitcoins is equivalent in security to holding assets in a Swiss Bank.
In essence, the true invention here is the Blockchain, and that’s what is spawning numerous other cryptocurrencies such as Binance, Nexo, Ethereum and many others.
Combined with its massive fungibility and ability to convert to literally any currency, Bitcoin becomes an extremely safe (but also very volatile) investment option.
The value of Bitcoin does not depend on your political location and is accepted almost worldwide. The truth is that there will only ever be about 21 million bitcoins in existence (maybe even less due to “burned wallets”)… Let’s not forget that there are over 7 billion people on the planet.
As demand and user adoption increases for this unique decentralized technology, the intrinsic value of Bitcoin will only shine brighter.
An investment in Bitcoin today will help protect your nest egg from any potential economic collapse of tomorrow, and it will serve as an excellent hedge for risk.
It’s a good idea to also hold some more alt-coins like Monero, ETH, and BNB as they are also good investments. You can use online tools like Binance or Changehero to get these alt-coins in exchange for BTC or other cryptocurrencies.
Things You Can Do With Bitcoin
We hope you enjoyed reading this article and possibly even found a new and exciting way to use your bitcoins.
Whatever your reason may be for wanting to obtain BTC, enjoy the ride! There will be bumps and bruises as it heads toward the moon, but there are lots of great ways to use it while it goes on that journey.
Who knows, maybe you or someone you know will invent new ways to use Bitcoin!
Let me know in the comments if you have any new and exciting ways to use Bitcoin that hasn’t been covered in this article!
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