Popular uses of Bitcoin

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Updated: August 9, 2015

 

Bitcoin has now moved well beyond its days as a novelty for most and now functions as an important digital asset in its own right, with the market in the cryptocurrency estimated to be worth almost $4 billion. Despite this, many users will feel left in the dark as to the actual potential for using the digital currency, both online and in person. Nowadays, due in part to the hard work of a number of Bitcoin payment providers, there are a huge number of goods and services accessible using Bitcoin, with companies both large and small getting involved. As more and more purchases can be made using Bitcoin, some users may be curious as to what else they can use Bitcoin for.

Pay & get paid for freelance work

Bitcoin provides a fantastic means to pay for the work of talented freelancers around the globe. Due to the nature of Bitcoin, the cryptocurrency can provide businesses with access to highly talented individuals regardless of location. There are communities of hard-working freelancers who actively seek employment with payment in Bitcoin, due to the practical nature of transferring value internationally with the cryptocurrency. In our continually globalising world, flexible working arrangements are set to become more and more important, could Bitcoin provide a simple way to pay staff for remote work?

Support & Invest in Innovation

With more and more platforms appearing, Bitcoin is now extremely useful as an asset for crowdfunding and venture capitalism. In this period of anticipated growth within the tech-sector and particular interest in blockchain start-ups there is huge potential for investors to fund exciting new enterprise and reap the benefits.


Arbitrage & Exchanges

Due to the global nature of Bitcoin, those with access to multiple fiat currency markets can take advantage of price differences between markets to make a healthy profit. Although this can make users a good income, the volatility of the Bitcoin market can also result in losses! There are a huge number of exchanges based almost everywhere in the world so buying and selling Bitcoin can be an exciting profit-making challenge. Until recently, prices seemed relatively stable and have only risen of late!

Pay for services & Donate to Charity
There is a massive list of services which can be accessed with Bitcoin. Users can pay for everything from web hosting to flights with the cryptocurrency and the list continues to grow daily! Bitcoin also provides an incredibly flexible way to donate to charities and individuals. There are a few charitable organisations which already accept donations in Bitcoin; why not encourage others to get set up with a Bitcoin payment provider? Many providers offer their services to charities for free!

Buy other digital currencies
There are vast numbers of different alt-coins now available, from the well received Litecoin to the internet meme parody, Dogecoin. These are alternative digital assets, often similar to Bitcoin in many respects; they can be used in much the same way, although very few, if any, have the kind of level of use and acceptance as Bitcoin.

Speculative Intrigue & Investment
Many users will have a wallet with a small to medium amount of Bitcoin for no reason other than to satisfy their curiosity surrounding the digital currency. There was a great deal of speculative investment when Bitcoin first became talked about in the mainstream media, but many of these investors missed the party and wound up losing a great deal as prices dropped off. A number of such users will still maintain access to their bitcoins, prepared for a time when prices may rise or they find some more interesting use of their ‘failed’ investment. Such users would do well to engage with the wider community to realise the potential of their bitcoins, for purchases and further investment. As Bitcoin adoption continues to rise, the opportunities for using Bitcoin are sure to grow; perhaps we can look forward to paying our rent and bills with Bitcoin in the near future? Get involved today and become an active participant; if you’re a business owner you can set up Bitcoin payments with ease! Consumers need to help persuade businesses to adopt Bitcoin, if there is a retailer you want to pay in Bitcoin, talk to them about getting set up!

Author: George Basiladze
George is a finance guy with an in-depth knowledge of financial systems. Together with Dmitry they designed the concept of Cryptopay in May 2013 and started developing the system.