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A Quick Guide for Using Bitcoin

The internet has many stories about Bitcoin. Maybe you’ve read or heard that Laszlo Hanyecz was the first person who paid for two pizzas with Bitcoin in 2010. Since then, Bitcoin’s popularity has increased, making this virtual currency the most prominent in the current world. But people have also used Bitcoin as a speculative investment tool.

Also, Bitcoin’s popularity led to the creation of other virtual currencies. Ethereum is the second-largest virtual currency after Bitcoin. Like Bitcoin, people trade this digital coin on crypto exchanges like¬†bitlq. However, Bitcoin remains the most prominent digital coin in the world.

Today, people use Bitcoin differently. Considering the recent rapid increase in Bitcoin’s value, some people have compared it to physical gold. Thus, some see it as a value storage asset. What’s more, several stores take Bitcoin payments alongside conventional currencies like the dollar, yen, and pound. Here’s how you can use Bitcoins today.

Get a Bitcoin Wallet

You already know that you require a crypto wallet to transfer or receive Bitcoins. Therefore, install a Bitcoin wallet first on your desktop computer, laptop, or smartphone. Once you’ve set up your crypto wallet, you can use it as a bank account to receive, store, and pay with Bitcoin. The internet has several free crypto wallets from which you can choose the one to install on your device. However, understand the pros and cons of each to pick a digital wallet that suits your needs.

Get Bitcoins

You can’t use Bitcoins if you don’t have them in your crypto wallet. Therefore, start by accumulating some tokens in your digital wallet. For instance, you can purchase Bitcoins with fiat money at a crypto exchange. Once you have the coins in your crypto exchange account, transfer them to your digital wallet.

Alternatively, you can offer services or sell products and receive Bitcoin payments. For instance, you can offer freelance writing services and receive Bitcoin payments. That way, you will have Bitcoins in your crypto wallet and use them to pay for goods and services.

Use Your Bitcoins

Thanks to consumers who push for this cryptocurrency’s adoption, the number of merchants and companies that take Bitcoin payments is increasing by the day. Apart from publicly-traded companies, many small businesses around the world accept Bitcoin. Here’s how you can use your Bitcoins.

  • Trade Bitcoin: You can trade Bitcoins in your wallet for other virtual currencies like Ethereum. Bitcoin trading is ideal for anybody looking to diversify their crypto holdings.
  • Complete online purchases: Several online service providers and retailers, including Newegg, Microsoft, and Overstock, accept Bitcoin payments. Thus, you can use Bitcoin to shop on their sites.
  • Convert Bitcoin into gift cards: Several gift card websites, like Gyft, accept Bitcoin payments for gift cards. Giants like Starbucks, Target, and Amazon allow customers to pay with Bitcoin.
  • Pay for subscriptions or services: Online service providers like internet service providers, domain name registers, and VPN networks take Bitcoin payments. Thus, you can use Bitcoin to purchase premium services or subscriptions from such companies.
  • Use Bitcoin as an investment tool: You don’t have to spend your Bitcoins to use them. Also, you can hold your tokens in your crypto wallet and wait for the cryptocurrency’s value to increase. Despite the wild price swings, Bitcoin’s price has risen over the years since its inception. Therefore, holding Bitcoins in your wallet means you could sell them at a higher price in the future.

Other ways to use Bitcoins include donating them to charity organizations or paying a local merchant for products or services. Bitcoin is a relatively new means of payment. Therefore, not every merchant will allow you to pay with it. Therefore, research the market to determine whether you can find a local store to spend your Bitcoins.