Although cryptocurrency was first launched in 2009, it’s only relatively recently that it has become more mainstream. Following a rise in value in 2017, many people sought to capitalize on the opportunity to buy this new form of currency. However, a significant proportion of the population are still unfamiliar with Bitcoin and cryptocurrency in general. If you’re thinking of buying or investing in cryptocurrency, take a look at exactly what you can do with it now:
1. Buy Goods or Services
You can use Bitcoin to buy goods and services in the same way that you use other currency. An increasing number of merchants now accept cryptocurrency payments, so it’s a viable way to shop for things online. From clothes and apparel to music and movies, you can buy almost anything online with cryptocurrency.
2. Play Games
Whether you’re an avid gamer or you just want a fun way to fill your time, cryptogames can be an exciting way to use your Bitcoin. Play poker or blackjack against other people, try your luck on the slots or place your bets on dice. You can even find online sportsbooks and numerous other casino-style games, so there really are no limits when it comes to finding fun games to play with cryptocurrency.
3. Trade It
If you own Bitcoin, you can trade it for other currencies, if you choose to. As well as trading your Bitcoin for other cryptocurrencies, like Litecoin, you can choose to trade Bitcoin for standard currencies, like U.S. Dollars, GBP Pounds or Australian Dollars. Depending on the exchange rate and any commission you need to pay, you might be surprised at how much you can boost your capital by when you trade at the right time.
4. Share It
If you want to send someone funds, you can share your Bitcoin with them. Providing they have a Bitcoin wallet; cryptocurrency can be sent in seconds. What’s more – the blockchain technology behind cryptocurrency makes it a safe and secure way to transfer funds to someone, regardless of where they are in the world.
5. Save It
Just like other types of currency, the value of Bitcoin rises and falls all the time. This means that saving your Bitcoin could be a viable way to invest. If you buy when Bitcoin values are relatively low and hang on to your cryptocurrency, for example, you can sell or trade when the value increases and generate a profit. Of course, the success of this time of investment relies on buying and selling at the right time. In addition to this, some wallet providers require you to login or use your account regularly, so don’t risk losing your capital by forgetting your details!
Learn More About Cryptocurrency
If you’re thinking of buying Bitcoin or any other cryptocurrency, it’s worth spending a little more time getting to grips with the terminology and technology. By making sure you understand exactly how cryptocurrency works, you feel more confident buying, trading, saving or sending Bitcoins in the future.