Traders and investors around the world are working together for Bitcoin’s global adoption with the biggest milestone being having it recognized as legal tender in at least one country. The Republic of El Salvador took that honour and the next step is establishing a Bitcoin City.
With that in mind, the question that comes is ‘what can you do with Bitcoin today?’, at least outside of El Salvador. Excitingly enough, you can use it to buy a lot of goods and services in various countries. Here are some examples of uses for the world’s most valuable cryptocurrency as of the start of 2022:
- 1 Online Casino Gambling
- 2 Payment for Expensive Products Like Vehicles and Properties
- 3 Direct Payment for Independent Businesses
- 4 Pay For Essentials in Certain Cities
- 5 Yield Farming for Long-Term Passive Gains
- 6 Short-Term Trading for Quick Profit
- 7 Non-cash Remittance
- 8 Funding Projects as Charity
- 9 Sports Betting
- 10 Bottom Line: Bitcoin Is a Versatile Virtual Asset
Online Casino Gambling
First and foremost is the most fun way to use Bitcoin which is casino gambling. Unfortunately, land-based casinos are still working on the technology to implement virtual assets for their games and machines but online casinos have already solved it.
Bitcoin gaming includes slots or table games where you use BTC for staking. These websites also offer huge bonuses such as match deposits and cashback, making casino gambling more user-friendly for all kinds of gamblers than land-based casinos.
Payment for Expensive Products Like Vehicles and Properties
A handful of car manufacturing companies have opened support for cryptocurrencies with the most popular example being Tesla’s acceptance of Bitcoin as payment. Likewise, a few independent property sellers and real estate brokers can accept crypto payment as it is them who will determine the terms of payment.
Such exchange is not widely practised, however, because Bitcoin is still not a regulated currency in most parts of the world. Investors also prefer earning as much as possible so it’s rare that sellers will accept crypto during a market surge.
Direct Payment for Independent Businesses
Small business owners catering to international customers are always met with different kinds of challenges. They have to deal with cross border payment fees on one hand and their local banks’ limited support for complex sources of income. Bitcoin solves both as it runs in a borderless autonomous network that can send payments between two accounts directly and for a cheap fee.
Pay For Essentials in Certain Cities
Some cities around the world, like São Paulo in Brazil, have businesses that accept Bitcoin payments for everyday items. That includes restaurants and grocery stores. Bills and rent can’t be paid using Bitcoin but the area has Bitcoin ATMs for easy conversion into fiat. Therefore, it is perfectly possible to live off of cryptocurrencies for investors and traders as long as they have access to these services.
Yield Farming for Long-Term Passive Gains
Rather than using Bitcoin to pay for goods and services, you can simply hold onto it and let it give you passive income in some way. The most basic example of this is to just hold it until it becomes valuable in the market then sell it for another currency, crypto or fiat.
Another example is lending Bitcoin as loans then have the borrower pay it back with interest. Crypto that runs on a proof of stake (PoS) system lets you earn passive income by staking a fixed amount of money. This can’t be done using Bitcoin because it runs on a proof of work (PoW) but you can convert it to a PoS virtual asset and vice versa.
Short-Term Trading for Quick Profit
Bitcoin is still not regulated as a currency so many investors only see it as a store of value. Instead of trying to earn them, traders participate in a short-term investment practice of buying and selling. It requires high awareness of current events and market trends to predict potential profit in the immediate future but it demands the least amount of commitment to the network.
As mentioned, you can exchange Bitcoin with other cryptocurrencies so you can benefit from multiple networks. Some crypto are better for payment because Bitcoin has grown to be too expensive. Exchanging it with Litecoin or Ethereum is like converting paper bills with large values into coins for cheap purchases. Bitcoin is amazing for this kind of exchange because every exchange supports it and all crypto traders accept it.
Remittance is often the most important source of income for the country as it lends human resources to friendly nations. Overseas workers send home income back home and pay for the remittance fee. This can also refer to paying for goods from offshore companies in international trading.
Bitcoin is better than fiat for remittance because, as stated, they can travel between two accounts directly. Fiat has to be converted into a third currency if the money between two transacting parties doesn’t have the means for direct conversion. Bitcoin skips that, thus making it easy to send money faster and cheaper.
Funding Projects as Charity
You can use Bitcoin to help fund other people’s projects instead of purely profit. It capitalises on the network’s peer-to-peer remittance to override banks’ fees to make sure that the recipients get as much of the funds as possible. It is already believed that 2022 will give rise to digital altruism thanks to development in decentralised finance technology. Ethereum is better at performing this practice but Bitcoin’s support is enough to be independent from smart contract networks.
Bitcoin gaming also includes betting on sports and esports through online bookmakers. Some of them share a website with online casinos so you can use one wallet for all gambling activities. Likewise, there are stadiums and hippogryphs with on-site betting booths that let you buy stake tickets using cryptocurrency. Simply check the bookmaker if they can accept such payment and enjoy the event.
Bottom Line: Bitcoin Is a Versatile Virtual Asset
Bitcoin is considered a universal coin in the crypto economy. Every platform that is dedicated to accepting crypto automatically already has support for BTC payments. Meanwhile, acceptance of Ethereum and Litecoin had to be clarified to avoid confusion. Bitcoin has its limits like how it cannot be sent to an Ethereum-based account but it can be minted into an equal-valued token using various services. Therefore, Bitcoin is one of the safest investments in the crypto industry.