From its humble beginnings in 2009, Bitcoin has experienced incredible growth to completely disrupt the financial world. Although the cryptocurrency had negligible value and its outset, it has skyrocketed in popularity and prestige and at the time of writing, a single Bitcoin was worth a cool $28,000.
But while the world of crypto in general and Bitcoin in particular is an exciting and inviting one, many people still don’t fully understand the technology or what it can be used for. As a result, they remain skeptical of converting their fiat currencies into Bitcoin, since doubts remain about its security, longevity and practicality. However, the cryptocurrency is becoming more and more widely accepted across the globe and now offers a range of practical uses. Here are just four.
Investing
Bitcoin has already experienced incredible growth in value over the past decade and given that there is a maximum upper limit of 21 million Bitcoins which will ever enter circulation, its worth is only projected to increase in the future. The best estimates project that cap will be reached in around 2140 and although it’s uncertain exactly what a Bitcoin will be worth then, the scarcity of supply is likely to increase its value. Of course, the market is susceptible to volatile fluctuations in the meantime, but a savvy investor can reap the rewards from nimble speculation in the short term or prudent HODLing in the long term.
Buying
While cryptocurrencies remain on the fringes of the mainstream in most parts of the world, they are undoubtedly making inroads into the commercial sector. With each passing year, there are more and more companies which accept crypto as a form of payment, with Bitcoin invariably chief among them. In fact, Bitcoin has already been embraced as legal tender by some emerging economies such as El Salvador and the Central African Republic, while it has proven to be extremely popular in more developed nations such as Italy, where it was the third-most favored method of payment in 2021 (ahead of both Visa and Mastercard).
Betting
Nothing enhances the enjoyment of a sporting event more than placing a little wager on its outcome. For betting enthusiasts, the good news is that Bitcoin can now be used for the T20 Asia Cup, the English Premier League, the Super Bowl or pretty much any other major extravaganza you can think of. Best of all, the reduced overheads which Bitcoin casinos have to contend with (no middleman transaction fees, for example) means that they can offer more lucrative odds and better promotional perks to their customers than traditional platforms. Plus, transaction times and security protocols are invariably more convenient, too.
Donating
Another viable use of your Bitcoin is giving it to a good cause. For those of us lucky enough to have everything we need to get by, donating money to charities, funds and other philanthropic organizations is a reward in itself. In recent years, major charitable companies such as the Red Cross and Greenpeace have begun accepting donations in the form of Bitcoin – and since there are fewer logistical hurdles for the funds to traverse, you can rest assured that your assistance is going to those who really need it.
Are you new to the world of Bitcoin? Here are just four of the ways in which you can leverage the lightning quick and super secure blockchain technology which underpins it for your own purposes.
