What Is Bitcoin Good For? The 4 Ways To Use It

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These days just about everybody knows that Bitcoin value has reached some crazy heights. But, that is sort of where the knowledge ends for many everyday people. Because of this, Bitcoin really hasn’t reached its true potential.

There is a lot to love about Bitcoin besides just trading it so it pays to understand what the details are surrounding it. In this article, we will go over some of the things that Bitcoin is actually good for.

1. Bitcoin For payments

Bitcoin is a cryptocurrency that is the same as any other currency in many ways. Although it only exists on the blockchain, it has a value and can be used to buy goods and services.

There is such a movement towards online payments and even cashless apps on smartphones that people are getting used to not using cash. With that in mind, it is an easy transition to using cryptocurrency as you can send Bitcoin to anyone as long as you both have a wallet.

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Using Bitcoin is actually better than using a cash app since it is much cheaper and can even be done faster than with a debit card. It usually only takes a few minutes to send money to somebody and the fees are very low since there is no bank working as a middle man.

From online stores, to brick and mortar stores to your friends, it is easier than ever to use bitcoin as an actual currency.

2. Invest in Bitcoin

You might think that it’s too late to invest in bitcoin since the value is so high. The key to investing is to buy low and sell high after all. That may be true if you are looking for some quick wins, but when it comes to long term strategies then you should still be looking into investing.

Of course nobody really knows for sure, but the consensus seems to be that bitcoin is not going anywhere anytime soon and will continue to build value over the long term. There will be crashes, but over the long haul you should see some nice gains.

3. Accept payments Through Bitcoin

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If you work as a freelancer or get paid by some form of direct deposit then you could start asking to be paid in Bitcoin instead of your local currency. You are then free to pay for things with your currency as you normally would, but if you let it sit you may even make some extra money.

Putting money in a savings or checking account will do absolutely nothing for you as there is usually no interest paid on your balance. But when the value of bitcoin rises, it will be like making extra money in your sleep.

4. Lend it

Peer to peer lending is becoming a very popular way to make money as an investor or borrow money if you would rather not deal with a bank. As a lender you can join a P2P lending platform and then choose the right terms for your needs.

You will not only make any interest charged for the loan when you are paid back, but also if the bitcoin has gained in value then you will make even more money.

*This article has been contributed on behalf of Paxful. However, the information provided herein is not and is not intended to be, investment, financial, or other advice.

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