Bitcoin has a lot of different uses and new industries are taking note of it all the time, now that the use of cryptocurrency has become mainstream. For instance, there are betting establishments based on NFL stats that are done in Bitcoin only, as well as other gambling efforts.
Cryptocurrencies are also used to purchase online services as well as to invest and store funds. All of this is to say that for more and more users Bitcoin is used the same way as the legal fiat currency.
Money Transfers
Bitcoin has proven to be a better and more efficient way to transfer funds than most of the alternatives. The transfer happens instantaneously and there are much fewer fees involved since there are no banks to pay the fees to. Instead, the transfer is made from one wallet to another and you get to send and receive the amount you wanted to.
The fee that the sender needs to cover is less than 50 cents and that’s the amount you’ll have to pay regardless of the amount you’re sending. That was the fee for the largest transfer so far, when BTC in value of $99 million was sent.
Earning Interest
You can use Bitcoin as a savings currency and earn passive interest on it. That can be done by lending in crypto as is the case when you lend money in a traditional fiat currency. Yield farming is another way to accomplish the same goal over time.
The interest rates are much higher than those offered by traditional banks. With Bitcoin, you can earn as much as 10 percent interest over a course of a year. No bank offers those kinds of rates regardless of the amounts you’re saving.
Storing Wealth
Wealth can be stored in cryptocurrencies just as it can be in traditional currencies or by purchasing items of value. You simply purchase Bitcoin and it stores the value you’ve put into it. However, the value of Bitcoin is volatile and it can change over time as is the case with other investments, but rarely with traditional currencies.
Keep in mind that when you decide to store value in Bitcoin you’re not subjected to the rules and regulations that you would have been when using banks. Sometimes your accounts in foreign banks can even be frozen or closed, and there’s no such issue with Bitcoin.
Pay for Services Abroad
Bitcoin can be used to pay for services abroad that are otherwise censored or forbidden in your country. This is most noticeable in the gambling industry. Gambling is illegal in many different parts of the world, including some countries that are otherwise liberal and have a market for it.
That’s why many casinos are offering Bitcoin as a payment method. It bypasses the national financial and gambling institutions and allows you to gamble online as well as get paid regardless of where you’re currently based and what the gambling laws are for you.
Rent You Hardware Out
Mining cryptocurrency is still an option and a way to earn it even though it’s more difficult now than it was just a few years ago. The process now requires more complex hardware and it’s out of the price range of most that used to mine until recently.
One of the ways to get around it is to use cloud mining services where you rent the mining hardware for a fee. Those who can afford the mining farm can also use this as a long-term source of income, as long as they are able to maintain the equipment.
Make Your Transactions Private
One of the most important features Bitcoin has to offer when it’s used as a currency is the fact that the transactions made with it are private regardless of what they are. That’s something that’s becoming increasingly pressing in this day and age.
Since most of our transactions are tracked by both tech businesses and the government, it may be useful to have a transaction method that’s immune to it, at least for a while. At this point, that’s the case with Bitcoin, but no one can say for how long that will be so.
