While much of the publicity and public knowledge of Bitcoin centres on its volatile price, it was created as a trustworthy and user-friendly form of payment. The peer-to-peer system that Bitcoin is built upon, the blockchain, was specifically built to enable its users to avoid needing to trust fiat currencies and the central banks that dictate values.
So, if you’ve got some bitcoins, you’re probably wondering what you can do with the new-age currency. Even though its purpose is to be a form of digital money, adoption has been relatively slow among vendors. Still, there are several different places that cater to crypto revolutionaries.
- Spend your Bitcoin on everyday goods
It may seem counterintuitive to spend your pioneering currency of the future on everyday goods, but paying with bitcoin at such stores will contribute to convincing them and the market of its validity as a payment method. Among the two leading names in this regard are Home Depot, which accepts in-store bitcoin payments, and several vendors who use the Shopify platform. If you’re going for something a little less home-oriented, you could turn to Microsoft, Starbucks, or even Subway.
- Be the high-roller people expect you to be
Nowadays, if you say that you own some bitcoin, people will assume that you’re far better off than you once were. As such, you can embrace your new high-roller persona by playing the bitcoins at an online casino. At the trusted sites, casino bitcoins can be used to play table games, slots, and everything else on offer. Then you can withdraw your casino bitcoins via the Bitcoin payment method. While you can book a place at the Golden Gats Hotel & Casino in Las Vegas with cryptocurrency, floor casino bitcoins can’t be used there.
- Go big on luxury purchases
Everyday use of bitcoins is the way that the cryptocurrency was intended to be used, but given the current prestige of Bitcoin, it’d make sense to convert the coins into a luxury purchase. This way, whenever someone asks about your luxury item, you can smugly say that you were a savvy Bitcoin investor. At some point, luxury electric car manufacturer Tesla will return to accepting bitcoin, but until then, you could turn to BMW or Lamborghini, or to jewellery firms like Baunat or Reeds.
- Let it ride in the market
It’s impossible to deny the allure of the volatile cryptocurrency market. So, in some ways, the best place that you can use your bitcoins is in your wallet. Firstly, you’ll always want to join a cryptocurrency exchange that allows you to withdraw to your wallet, so that you can manage the safety of your coins. Furthermore, in the current environment, Bitcoin remains the most popular investment as the value of altcoins is often tied to the flagship name – but that’s not to say that you can’t diversify your portfolio and exchange your bitcoins for another crypto.
- Give a little bit back
Some people have come away from the surges in Bitcoin’s price with hundreds of thousands, even millions in value, and sometimes, it’s nice to give a little bit back. The charities that accept bitcoin donations include Amazon Watch, The Water Project, and Global Impact.
Essentially, you can use your bitcoins just as you would your money, but with a more select group of forward-thinking vendors.