Despite there currently being more than 19,000 (and counting) cryptocurrencies in the market, Bitcoin remains at the top in terms of market capitalization, price, and adoption. This consistent dominance can be attributed to the many new and exciting real-use cases being developed for Bitcoin.
If you want to know how to use Bitcoin, here are a few ways to get you started:
Daily purchases
There was a time that not many people were aware of what to even do with Bitcoin. At the time, the people who held BTC were solely doing so for buying, selling, and trading—essentially, investment purposes.
However, now that it’s had time to mature and more people have learned how to use Bitcoin, more companies and merchants have begun to accept Bitcoin as a means of payment for their goods and services. This includes everyday purchases like food, beverages, groceries, and even pet supplies. Now, its reach has expanded to services like hotel accommodations, airlines, travel companies, luxury items, and even event tickets.
Supporting charities and philanthropic projects
Because of the security and transparency provided by the blockchain, Bitcoin has made its way to the forefront of acceptance for charitable efforts and donations—leading to the fastest adoption in recent years. Many organizations from all over the world, supporting different causes, have begun to accept Bitcoin donations, including Save the Children, The Water Project, Autism Speaks, and more.
An excellent example of a Bitcoin-driven organization is the Built With Bitcoin Foundation, which aims to build 100 schools, water wells, and community gardens for areas that need it most. With a couple of schools already completed and multiple projects and partnerships in between, this initiative represents the capability of Bitcoin to fund and support philanthropic efforts.
Transferring money
Money sent traditionally through local or international banks and remittance providers is still the most common form of remittance. The biggest downside to using traditional means, however, is that you’ll need to provide a lot of personal information, pay higher fees, and wait longer for the transfer to go through.
More often than not, these services will have limited operating hours, meaning that they’re open during the day and closed at night and on holidays. Additionally, fees will vary depending on what provider you use as well as the locations of both the sender and recipient.
Transferring money with Bitcoin is an entirely different story. With just a smartphone or personal computer and a stable internet connection, you can send money across the globe in a matter of minutes—all you need is a Bitcoin wallet and you’re good to go. Operating hours won’t be an issue since Bitcoin runs 24/7 and since it has no borders and geographical limitations, the fees are minimal.
Cost and speed are even better when you conduct your transactions on the Lightning Network, an added feature on the Paxful Wallet that makes everything cheaper and quicker.
Gifts for your loved ones
The list of things you can buy with your Bitcoin only grows with each passing day, so why not show affection for a loved one with a gift bought with Bitcoin? If you aren’t sure about what to get for them, why not gift the Bitcoin itself? On Paxful, you can buy Bitcoin for as little as 10 USD.
To give your loved one the gift of Bitcoin, both of you will need a Paxful Wallet, which you get for free after creating an account. From there, you can just head to the Wallet Page, click Send, and enter your loved one’s wallet address. Additionally, you can download the Paxful mobile app, take your Bitcoin on the go, and send money via QR code.
Remember to teach them how to use Bitcoin after sending it to them so that they can also maximize its advantages.
Preserving wealth
In the past, Bitcoin has been compared to gold in terms of its ability to store value. The two have long been considered to be usable stores of value and viable means of wealth preservation.
Bitcoin has made its case as a store of value in the past, especially in places that struggle with economic and financial crises. In recent events, people have used it as an escape route or a means of survival against local currencies plummeting from inflation.
Currency exchange
Bitcoin not only gives you the best forex rates, but Paxful allows you to turn it into an exciting earning opportunity.
For example, let’s say you’re looking to convert 100 USD into Indian Rupee(INR). If you were to exchange it traditionally, you’d get around 7966.45 INR in return (exchange rate as of August 15, 2022).
An alternative would be to exchange your USD into Bitcoin first. At the time of writing, 1 BTC = 24,013.6 USD. This means that you’d get 0.0044 BTC from your 100 USD.
If you looked at the current offers available on Paxful, you’d be able to exchange that 0.0044 BTC for over 13,000 INR. It’ll depend on what offers are available and which buyers want to trade, but that’s the extra income you can potentially earn on Paxful.
Travel
Using Bitcoin for travel is becoming a popular option nowadays, especially with people like Paco de la India leading the charge.
There are two reasons why Bitcoin is great for traveling. The first is that you won’t need to keep physical cash. Not only is it dangerous to carry a lot of cash, having a lot of it fills your pockets with coins and bills that can get heavy, increasing the chance of your money being lost or stolen.
The second is that Bitcoin transactions are some of the most secure in the world. You can carry your BTC in an app on your smartphone, locked behind security measures like 2-factor authentication and password protection.
Also, as we mentioned in the previous point, you get competitive forex rates when you use Bitcoin.
Migration
Because it’s an excellent tool for travel, getting competitive forex rates, cost-effective remittances, and wealth preservation, Bitcoin is perfect for migrants.
It’s an all-around currency that you can use on the go, purchase everyday goods and services, as well as send and receive money—another indicator that it was made for everyone.
Starting a business
Looking to start a trading business on Paxful? Many people have created gift card businesses with Bitcoin before, so we’re sure you can do it too.
Whenever you create an offer on Paxful, you have the chance to set your profit percentage—allowing you to earn on every trade you make. This way, you get to find new earning opportunities on the platform every single day.
The more you trade and take advantage of Bitcoin’s uses on Paxful, you’ll slowly start to build relationships with other traders, allowing you to get even better deals. You can start your business there and slowly build it up with more and more trades.
Many more
Bitcoin has come a long way from being just a mere investment tool. Now, it has many real-life uses and opportunities for everyone. As long as people like us continue to explore and push the boundaries of what it can do, new opportunities will surely pop up.
These are just a few ways you can make the most out of your Bitcoin. Despite being over a decade old, Bitcoin is still continuously evolving and the more it does, the more people will see its true potential.
