Bitcoin Usecases – Use It for These Unique Purposes!
Bitcoin is one of the most rapidly growing and valuable currencies in the market. It is used as a common medium of exchange but is a lot different from the fiat currency that we use in our daily lives. Bitcoin is a virtual currency that was introduced in the year 2009 and can be used for different purposes. The primary difference between the traditional currencies and bitcoin is that you can touch and see fiat currency, but bitcoin can neither be seen nor touched.
It is a computer file that you can store in a virtual locker and use it for making transactions without revealing your identity. Bitcoin runs on blockchain technology, and all transactions are stored in blockchain public ledger. You can make a bitcoin transaction anytime, as it works 24×7 without any downtime.
Bitcoin value is increasing day-by-day in the market, which gained the attention of investors towards it. You can use any trusted platform like https://bitcoinscycle.com to invest in bitcoin and make money.
Bitcoin is not only a profitable investment but can also be used for day to day purposes. You have some bitcoins in your wallet and are confused about what you should do with them; then, you can read the powerful use-cases of bitcoin mentioned below.
Affordable direct transfers
There are several ways to make payments, such as credit card, debit card, bank transfer, etc. but most of them charge a certain amount of the transaction as transaction fees, which adds up to the cost of businesses which need to make transactions on a daily basis. If you want to eliminate the cost of sending and receiving payments, bitcoin is the perfect option.
You can make big transactions with bitcoin by paying a minimal amount as transaction fees. Adding to it, bitcoin transactions are instant, so you need not wait for days to get the transaction completed. The low cost makes bitcoin an excellent option for making money transfers.
Earn a good amount of interest
Bitcoin trading is not an easy task as you need to do a lot of analysis and hold the currency for an extended period to make some profits. So, there are some uses through which you can earn some money while holding bitcoins, and one of them is Yield Farming. There are numerous platforms online which offer interest on bitcoins at varying rates.
Lending your bitcoins to others and getting some interest in it is an excellent use of bitcoin but is also full of risks. Bitcoin is not governed by any authority, so there is a lot of risk in Yield farming as it is entirely based on trust.
Make private transactions
If you make any transactions with a bank, they will keep a record of it, and authorities can also question you if they have any doubts regarding it. There are no such issues with bitcoin, which brings us to the most fantastic use of it; anonymous transactions. If you want to make a big transaction by revealing your identity, then bitcoin can help you with it.
Bitcoin transactions involved no checking or verification, which makes them fast-paced and safe. You can make direct money transfers from your wallet to any other wallet with a single click.
Buy a luxury sports car
Owning a luxury sports car is a dream of every person, and you will be surprised to know that you can also buy a sports car with bitcoins. There are some bitcoin marketplaces that allow you to buy a top-notch sports car such as Lamborghini using bitcoins. Now you can ride a Lambo with bitcoins and increase your status in society.
There are several other goods and services that you can buy with bitcoin through these marketplaces and such as precious paintings, old wines, property, etc.
Keeping your assets hidden
With the increasing strictness of taxation policies, it has become a challenging task to keep your assets hidden from the government. You can use bitcoin to hide your assets as bitcoin transactions are untraceable, and no one can find out what you bought with your bitcoins.
So, if you want to stay hidden from the radar of authorities and make big transactions, then you must use bitcoin as it enables anonymous transactions throughout the world.
Source: Read Full Article