It’s been more than a decade since Bitcoin (BTC) was created and introduced to the general population by an individual or group of people with the alias Satoshi Nakamoto. It is a cryptocurrency or virtual asset that is known not only as a new kind of money but also for having a wide range of ingenious and exciting features.
Currently, there are over 5,000 cryptocurrencies available in the market for trading and other financial transactions. Of this continuously growing number of virtual currencies, bitcoin remains on top in terms of market capitalization, price, and adoption.
Its constant dominance in the crypto market over the years brought the discovery of its various beneficial and noteworthy functions. To give you an idea of these applications, check out this list of ways on how to use bitcoin.
In the early years of bitcoin, people from both inside and outside of the cryptocurrency environment only had minimal knowledge of its possible uses. Before, the majority of people that held BTC used this virtual asset only in the cryptocurrency market for buying, selling, or trading. However, at the time of writing, there is a vast number of companies and merchants in various parts of the world that accept bitcoin as a legitimate form of payment in exchange for particular goods, products, or services. These products and services include those that we use every day, like groceries and even supplies for your pets.
Aside from these, it comes in handy when you make payments in some restaurants, fast food chains, and coffee shops, as well as in various hotels, airlines, and travel companies.
Supporting charities and philanthropic projects
Among the broad range of bitcoin use cases, its acceptance for charitable efforts and donations can be considered to have the fastest adoption in recent years. BTC, along with other virtual currencies today, is being recognized as a reliable means for relief contributions and donations. This is because tracking the transactions made through it is quick and efficient.
Some of the organizations that accept BTC and other cryptocurrencies for humanitarian action and development aid are Save the Children, The Water Project, Red Cross, Autism Speaks, Zamzam Water, Unicef, and many more. Apart from that, many cryptocurrency and blockchain companies have also started their charitable efforts exclusively funded and run through virtual currencies.
One example is the #BuiltWithBitcoin charitable initiative of Paxful that aims to build 100 schools, water wells, and community gardens for sustainable agriculture. This project presents the capability of the cryptocurrency industry to fund and support charitable and philanthropic efforts.
Today, the majority of individuals still rely on the conventional way of sending or receiving money, which is through local and international banks or other remittance service providers. While transferring money through these service enterprises is the most common, its process demands your personal information, including name, address, contact details, and others.
Sending or receiving money is also not always done in an instant, most notably because these remittance service providers run on business hours—open during the day and closed by night, during weekends or holidays. Fees also usually vary on the amount you want to send, the money transfer service provider you intend to use, and the area or location where you plan to send the money.
Money remittances with bitcoin is a different story. You can transfer money just by accessing a digital wallet on your smartphone or personal computer. It doesn’t require much personal information, unlike with regulated banks, and it offers minimal or no additional fees. Aside from this, it is also possible to send and receive money in almost an instant. Users won’t even have to worry about making it to operating hours to conduct transactions as you can send and receive money with BTC anytime and nearly anywhere since it has no geographical limitations.
Gifts for your loved ones
This virtual currency’s adoption is increasing nonstop, and there are over hundreds of things that you can buy with bitcoin today. From shoes and clothing to gadgets and luxury cars—the list continues to grow as time goes by.
If you want to try and bring about change, you can also opt to give bitcoin as a gift to your friends and loved ones. Just an important note: you don’t have to buy an entire bitcoin; you can buy this cryptocurrency in fractions.
There are plenty of ways to give it as a gift. One of these is by having a digital wallet where it is stored and utilized. There are hundreds of digital wallets available today, but if you are new to the crypto sphere and don’t have one yet, creating an account on Paxful entitles you to a free bitcoin wallet.
Once you have a digital wallet, you can start sending BTC as a gift to your loved ones—assuming that they, too, have digital wallets. Just log in to your Paxful account, click the “Send and Receive” button, type in the amount you want to give, and enter the receiver’s bitcoin address.
To proceed with sending, you will be asked to enter your account password for security purposes. This will only appear if your two-factor authentication (2FA) is not enabled. After completing these steps, you can continue sending out your bitcoin gift. Another way of sending is through the Paxful Bitcoin Wallet application. Just click “Send Money,” and follow the steps mentioned earlier.
Bitcoin is known as a highly volatile asset and is often compared to gold. These two are considered as useful options when it comes to wealth preservation. Since gold has been around for a long time, most people still rely on and believe in its value. But just like gold, it is also an excellent option to preserve assets.
For countries that are struggling with economic and financial crises, BTC and other cryptocurrencies served as an escape route and means for survival. Storing and keeping money in BTC when a country’s fiat currency value drops is a good way to avoid inflation in fiat currencies and not lose all funds and resources. Other than that, it is also famous for investments. Cryptocurrency investors take advantage of BTC’s highly unpredictable and extremely fluctuating features.
There are still loads of uses for bitcoin, and these are just some of the many available to you. This cryptocurrency still has a long way to go, which reminds us that a lot of bitcoin uses still await the holders in the cryptocurrency environment.