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Last Updated on July 15, 2024 by Team Experts
Cryptocurrency is mainstream, and everyone knows it. It would just be feigning ignorance to say that one does not see the impact of cryptocurrencies in our contemporary world; with cryptocurrencies, many have made from zero to millions, improving business transactions and a host of other benefits. The leading cryptocurrency, Bitcoin, has made millions of dollars since its blueprint launch in 2009. Bitcoin hit an all-time high of $69 020 in October 2021, sending shivers down the spines of most financial pushers and analysts. You can imagine how much Bitcoin must have made for those who invested in it a long time before it hit its all-time high. The performance of Bitcoin and other altcoins in the crypto world has led many financial analysts to conclude that Bitcoin and other cryptos are on the cusp of mainstream acceptance. Bitcoin, along with other cryptocurrencies, is not abstract; it is evident that Bitcoin is really useful if you are well informed, which is what we would do in this blog. Let’s tell you how useful Bitcoin may be to you.
How useful is Bitcoin?
Because one can not hold Bitcoin physically like fiat currency, many believe it is very limited in its day-to-day usefulness. Well, the opposite is the fact – Bitcoin can be used for exchanges just like fiat currencies. So, for example, Bitcoin can be used for online reservations, online shopping, foreign exchange market trading, financial markets trading, etc.
It is fascinating that Bitcoin can be put to similar uses as fiat currencies; the fact that one can perform all these activities anonymously using Bitcoin is even more intriguing. Many a time, customers fall victim to bank cards and other fiat currency frauds due to the centralized nature of fiat currencies. Bitcoin reduces such fraudulent activities by operating a decentralized network that would get rid of third-party verifications. Very good, right? Now, let’s examine some other aspects of Bitcoin that can be put to use.
For online reservations
Many are entirely oblivious that even though Bitcoin is yet to achieve mainstream acceptance, it can be used for online reservations. There are quite a handful of online reservation retailers that accept Bitcoin for reservations. Well, many might ask, “do they accept it directly?” To get these reservations using Bitcoin, all you have to do is purchase their gift cards using Bitcoin.
Retailers like Airbnb, Esso, Hotels.com, Uber Rides, lastminute.com, Grab, Air Canada, Unravel, Cleartrip, and a host of others accept bitcoin and other cryptocurrencies as payment for their gift cards. So, if you happen to be traveling out of your country, metropolis, or county and you need to reserve accommodations, rides, and other needs ahead of time, your Bitcoin can come in handy. So, how do you go about it? All you have to do is visit a trusted cryptocurrency platform and register. After this, you click the “buy gift cards” option. Whichever retailer you intend to get their gift card(s), you will be asked to choose your payment option. Many usually have Bitcoin(BTC), Litecoin(LTC), Ripple(XRP), and other crypto payment options. So, choose “BTC” and send the exact amount displayed for your package. Your gift card(s) will then be sent to the email address you’ve provided while registering. Using these gift card(s), you could make your reservations.
Online Shopping
This is another use to which you can put your Bitcoin. You can use Bitcoin to shop items in online retail stores. The process by which you’d use Bitcoin to shop at these online retailers is the same as using Bitcoin for online reservations. For example, you could get Macy’s gift card using Bitcoin to purchase items ranging from shoes, clothes, and accessories from your favorite brands.
Trading options
You can use Bitcoin and other cryptocurrencies to trade financial markets. You must have heard of foreign exchange(FOREX) trading before. You could decide to use your Bitcoin to trade Forex or use Bitcoin to trade crypto markets; you could either buy some trading capital with Bitcoin then exchange it for fiat currencies on your cryptocurrency platform to trade Forex, or use Bitcoin to trade in the cryptocurrency market itself.
Investment
You could use Bitcoin as an investment. The value of Bitcoin and other cryptocurrencies will rise in the long run. Of course, Bitcoin has increased in price from cents to thousands of dollars in our present time. So, if you have Bitcoin, you could store some in a digital wallet and wait for it to increase in value in the near future. This is what they call HODL in crypto. You know that Bitcoin would increase in value sooner or later, so you buy it to keep.
Still wondering if Bitcoin is valuable in practical terms, the answer is crystal clear, yes it is. Moreover, using Bitcoin now would be a clever way of “seizing the future” as cryptocurrencies will be mainstream sooner or later.
Read more: What is the Best Wallet to Sell Bitcoin?
