Bitcoin hit the internet in 2009, and according to many, it is the byproduct of the turmoil of the 2008 recession. However, it took a while before people worldwide began accepting a novel way of transacting and tried to move away from traditional financial systems, adopting new money transfer concepts.
In the past few years, Bitcoin has not only become a headline mainstay due to its massive price fluctuations, but it has also garnered an ever-growing global acceptance. There is much debate concerning the long-term sustainability of this payment form, but that does not seem to be stopping renowned brands from accepting it and people using it for p2p transactions. Per the latest projections, there are around one hundred and six million Bitcoin users globally, with this cryptocurrency holding a 42.39% market share.
In this article, a presentation follows regarding some of the most established ways coin holders put the world’s first digital money form to good use.
1. Shopping at Famous Stores
In 2014, the price of Bitcoin hovered around $300 per unit, mainly utilized on the dark web and by niche sites. However, today, Bitcoin can get used by thousands of online retailers. Individuals can buy their morning coffee through Bakkt, a third-party digital wallet application that works with multiple merchant partners, including Starbucks. Coffee aside, major online retailers such as Overstock, Newegg, and Amazon are Bitcoin-friendly. Twitch, AT&T, Home Depot, Whole Foods, Microsoft, and others have also accepted this crypto transaction pick and are diving head first into the digital money craze.
2. Anonymous Sending Coins to Friends
The main reason for Bitcoin’s popularity is that it implements a decentralized ledger where all transactions are final and anonymous. Hence, it is the perfect money transferring method as third parties are not privy to information regarding who is sending money to whom. Crypto wallet owners can convert their received Bitcoins into fiat money using one of many crypto renowned broker exchanges such as Coinbase and Kraken.
3. Donating to Groups & Individuals
Unfortunately, GoFundMe does not accept cryptos, but Giving Block does. Moreover, multiple crowd-funding platforms servicing different sectors do. For example, Tecra Space is one such decentralized platform that focuses on funding high-tech projects. In December 2023, Kickstarter, the site that started the crowd-funding boom, announced its plans to make the blockchain shift in 2023, creating a decentralized version of Kickstarter’s core functionality. Also, no one is stopping individuals from posting their crypto wallet addresses on social media and dedicated websites, asking people to donate what they can for particular causes, whatever they may be.
4. Online Gambling
Internet Bitcoin gaming started in 2011, two years after the inception of the world’s initial digital coin. Now, it is all the rage, with thousands of crypto gambling sites flooding the Web. You can find quality Bitcoin casinos at OnlineUnitedStatesCasinos.com if scouring the net for the best ones is too much hassle. The main perk of playing at these interactive gaming hubs is they supply super generous bonuses for crypto enthusiasts, deals that are far more enticing than most fiat offers. Another one of their primer allures is that the withdrawal speeds when choosing Bitcoin are incomparably swifter than credit/debit card and e-wallet fund removal requests.
5. Day Trading
For the uninformed, day trading refers to a practice where traders seek to take advantage of short-term price volatility. They enter the market buying assets at one value and wait for a favorable price spike, instantly unloading their assets when such a thing occurs. The goal of this activity is to profit from small market fluctuations. Since cryptos are notoriously volatile, more so than any other asset class, they present an excellent opportunity for traders with extensive market knowledge who can quickly recognize short-term openings. Apps that allow day trading include eToro and LBLOCK, yet this option is available in mobile payment software such as Cash App and Venmo.
6. Bitcoin Lending
Yes, Bitcoin Lending is also a thing. BlockFi, YouHodler, Crypto.com, and Nexo are only a few platforms that allow it, featuring annual interest rates of up to 14%. The only difference between a securities-backed loan and a Bitcoin one is that the latter uses digital coins as collateral. It is nothing more complicated than that. The quick definition of crypto lending would be decentralized financing, where crypto investors borrow their blockchain-powered assets to third parties, earning dividends in the process.
7. Buying Video Games
Going by recent research posted on ReportLinker.com, the global video game industry should start pulling in annual revenues of $413 billion in the next six years, growing at a rate of 11.8% per year. So, to say that the video game sphere is swelling at a staggering pace would be a dramatic understatement. It stands to reason that people would seek to take advantage of its growth and the rise of cryptos by pairing these two. Consequently, online platforms are on hand, where gamers can purchase modern titles with Bitcoins. Bitrefill is a site that allows users to buy gaming gift cards that parties can later spend on games they love. It does not directly facilitate game purchases, but it does so indirectly. The same concept gets utilized by Keys4Coins. That said, on JoltFun and the Kinguin marketplace, users can buy games directly with Bitcoin. Kinguin process payments through the BitPlay system.
8. Earn Interest Via Bitcoin Saving
AQRU is a simple mobile app that allows users to deposit BTC into a savings account that can yield passive income at an annual rate of up to 12% per year. That means that instead of spending their digital assets, AQRU users can grow them over time by keeping them in their app balance. The unique thing about this scheme is that the interest here gets paid daily, helping savers compound their earnings much quicker. Anyone can open an AQRU account in ten minutes or less, and the AQRU system allows anyone to withdraw their Bitcoin at any time.