When you first introduce someone to bitcoin, one of the first questions they typically ask is "what can you do with it", "what are the practical bitcoin uses?" Many people think Bitcoin is just a way to store value or an investment vehicle similar to gold or silver. And while yes, bitcoin is great for storing value, there are countless practical Bitcoin uses that tend to get overlooked. You can actually live your entire life on crypto.
In no particular order, here are our top 10 practical bitcoin use cases in 2020:
1. Bitcoin Debit Cards
There are many people who live their entire lives using Bitcoin debit cards. Services, like BitPay as one of the largest providers, will quickly allow you to fund your debit card in bitcoin and at the time of transaction behind the scenes will convert your BTC to USD allowing you to pay for anything and everything using bitcoin.
2. Convert Bitcoin to Gift Cards
There are countless services that allow you to convert your BTC to gift cards for thousands of stores including the App Store, Lowes, Target, Uber, Walmart, Dominoes, and several others. Bitrefill.com (who also supports lightning network transactions) is one of the leading companies enabling people in 170 countries to live off crypto, thanks to their gift card services. Another popular option is Egifter.com. Both are great places to buy gift cards with Bitcoin and other cryptocurrencies like Ether. These companies make for very practical bitcoin use cases.
3. Donate to Charity
Donating to charity is always a great idea and a very practical bitcoin use case, plus it can even lower your taxes 😉. TheGivingBlock.com is a valuable resource that lists dozens of charities that accept bitcoin donations. Through The Giving Block, users can donate anonymously, receive your tax receipt, and they have no limits on amounts.
Gambling is another practical bitcoin use case. While it may not be for everyone, the billion-dollar industry sees millions of online gamblers every year and this figure is only expected to climb. Websites like betonline.ag/, https://www.betcoin.ag/, and sportsbet.io are of the most popular sites allowing users to gamble with bitcoin. These websites UI all vary and it's important that you find one that not only you enjoy, but also one that is trusted in the industry.
5. Shop at Major Companies
As Bitcoin continues to grow, many major companies are starting to accept bitcoin payments and we only expect this list to grow. A few of the notable companies accepting bitcoin are:
- Wikipedia (donations)
Generally at checkout users pay through a service like BitPay, which is integrated with AT&T and others.
6. Quickly Convert to Cash at Bitcoin ATMs
Bitcoin ATMs are a great way to quickly convert Bitcoin to cash quickly. You can find a list of Bitcoin ATMs near you within the BRD App under Menu > Crypto ATM Map.
7. Cross Border Payments
Sending funds across borders has become a big business for centralized banks. With bitcoin, you can send funds anywhere in the world for pennies on the dollar. Unlike traditional banks, Bitcoin is cheap to send. Depending on network congestion and the amount of the transaction, Bitcoin fees can be as low as pennies on the dollar.
8. Paying Back Friends / Peer to Peer transactions
Just as Venmo and Cash App are used for peer to peer transactions, bitcoin is great as well. Using a simple and secure wallet like BRD is a great way to send peer to peer transactions and pay back your friends.
9. Tipping / Introducing Friends
There is no better way to introduce newbies to bitcoin than tipping them with it. Next time you are out to eat, consider tipping your waitress in bitcoin. When you tip your server $10 in USD that $10 will be, you guessed it - $10, however, if you tip in Bitcoin it's possible that $10 could be worth much more.
Finally, the grandfather of them all - HODL. HODL is slang in the cryptocurrency community which stands for "hold on for dear life," made famous from an old bitcoin forum post that went viral.
As you can see, there are plenty of practical bitcoin uses available today. Oh, and of course, if you are looking for the simple and secure Bitcoin wallet, look no further than BRD.
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