Since its inception in the year 2009, the lure of cryptocurrency has been on a consistent rise and is expected to accelerate even more in the upcoming years. One of the many attractive elements of cryptocurrency is the possibility of big jumps in its value over short time intervals. However, despite its allure, many individuals who invest in cryptocurrency don’t seem to have a good grasp of how it really works and, more importantly – how to spend it.
Well, you must be familiar with the old world where cryptocurrency wasn’t that popular and couldn’t be used to buy anything. As of now, things have changed.
Before we help you out by explaining the 5 best ways to spend the cryptocurrency you have, let’s take a look at the brief history of Bitcoin.
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Brief History of the King of Digital Currency: Bitcoin
With a public debut in the year 2009, Bitcoin was introduced to the world as a decentralized currency that didn’t need any intermediary or a central bank. Bitcoin was released as open-source software after the mining of the blockchain’s genesis block was done by Satoshi Nakamoto.
Since its release, Bitcoin has been traded millions of times and is viewed as a legitimate means of exchange. To top it off, it set an all-time high record of $66,878 in October 2021.
5 Best Ways to Spend Bitcoin
Even though the number of companies that accept Bitcoin as an active payment method is growing each day, large transactions involving this digital currency happen to be quite rare. Despite that, it is quite possible to purchase a wide range of products from e-commerce websites using Bitcoin.
Listed down below are the 5 best ways to spend your Bitcoins.
1. Buying Gift Cards
Perhaps. one of the best ways to spend your Bitcoins is buying gift cards. Gift cards happen to be vouchers that you can use for online shopping on several popular e-commerce sites. Not only that, but you can also redeem these gift cards when you visit any store. For example, a Starbucks gift card can be redeemed at any Starbucks store.
Even though Bitcoin is a pretty popular cryptocurrency, there are limited sellers who accept Bitcoin as an active payment method. Coingate is one of the sellers that provides gift cards for many popular e-commerce sites such as Starbucks and Flipkart. To know more, you can view website.
So, converting your digital currency into gift cards and using them to purchase your favorite services or products is one alternative way to go.
2. Supporting Charities
It’s an absolute fact that Bitcoin actually makes the process of supporting charities relatively easier. Although most charities claim to be non-profit, they tend to incur several expenses. Often, you blindly trust the charity organizations, and you’re not aware of where your money is going.
However, giving charity with Bitcoin can help you track the Blockchain address to which the coins are being sent. Hence, you can ensure that the funds are being delivered to the intended recipient.
The best thing about donating Bitcoin is having the peace of mind that you’re donating and helping those in need. And most importantly, you’re doing that anonymously and privately while also eliminating the element of identity fraud.
3. Travel
Everybody wishes to travel in luxurious business class flights, but it is not easy for everyone to afford it. Recent improvements have allowed you to book flights and cruises all over the world using your Bitcoins.
Not just flights and cruises, but you can also book hotels using Bitcoins which takes convenience to a whole new level allowing you to make the best use of Bitcoins.
4. Making Payments
Perhaps, one of the most simple and common uses of Bitcoin is for making payments. Bitcoin can be used as a common medium of exchange for buying almost anything.
You may be surprised to know that even a renowned car company like Tesla has started to accept Bitcoin as a payment method. This has made it quite easy for many crypto owners to get their hands on expensive products such as a Tesla car.
5. Sending It as A Gift to Your Loved Ones
Buying gift cards to give them as a gift is one way to go. However, giving Bitcoin directly as a gift is also a great option. Since it will be a gift that stands out from the rest, not only will your loved ones think of you as a cool person, but they will also be able to weigh in on the benefits of this technology.
You’ve seen how Bitcoin grows and how it can make you rich. So, if you want to make it easy for your loved ones, purchase a Bitcoin wallet, load it up with Bitcoins and send it to them as a gift and we assure you, they will love it.
Final Words
The world is advancing and adapting to improved technology by the day. When cryptocurrency is concerned, no doubt there will be bumps and bruises, but there are several ways to utilize it while it goes on that journey. That being said, we hope this article proved to be helpful in determining some of the best ways in which you can spend your Bitcoins.