How to spend Bitcoin?

The concept behind the inception of Bitcoin and Block chain was to introduce the world to a network and currency that bring a Distributed network and currency which is transparent and easy to use across multiple platforms. It brought about a radical change to the way we shop and add value as humans. It is a good news for the Bitcoin lovers who use Bitcoin simply as an investment, that the programmability of the coin API actually enables infinite possibilities of uses. Despite that once you earn this crypto, there are multiple options to use this dynamic currency.

People who are novice to the crypto currency concept are a bit aghast on how to earn and spend this digital currency. They get all kinds of doubts, right from acquiring the currency to spending that. Here we are giving few steps to go through the process.

  • Get your cryptocurrency by Mining / Trading / Buying.
  • Create your own Bitcoin wallet.
  • Set up a public Bitcoin address.
  • Transfer some bitcoins to the public address you created within your Bitcoin wallet using the “Send” function in the place you obtained your bitcoin.
  • You are now officially a pro to use Bitcoin and all set to shop, invest, donate, and send Bitcoins to whomsoever you want.

This currency, at the moment, can be spent on a number of activities. From online gambling to retirement investing, the uses are taking a leap by every passing day.

To know how to spend bitcoin here are some tips −

Luxury Travel

You can use the digital currency for your luxury travel if you are interested to go on chartered planes, magnificent yachts and stay in 7 star hotels. You can use bitcoins at such places and get benefitted in terms of their adaptability and privacy.

The key feature of Bitcoin is their ability to facilitate the conversion of Bitcoin across multiple fiat currencies and as well as they can be sent to any part of the planet. This makes it the safest monetary alternative for exuberant travelers. You can book flights and hotels using crypto and relish top-notch experience. However, transportation and destinations are yet to expand.

Share Bitcoins with Family and Friends

Win hearts of your friends and boost intimacy with your relatives by sharing Bitcoins as Diwali gifts instead of purchasing some regular gifts. You can even send a few Satoshis -- The satoshi being the smallest unit of the bitcoin currency, which is a one hundred millionth of a single bitcoin (0.00000001BTC).

Even if they are not Bitcoin enthusiasts, you can buy Bitcoin hardware cold storage wallets like the Ledger Nano S or Trezor, and transfer bitcoins into it for them and teach them how to spend their coins. Besides, you can be a little more creative and send this currency using paper wallet and a bitcoin address, and educate them about redeeming them.

Smart Investment

The fungibility and exceptional ability to literally convert into any currency turn this a highly safe option for investment. The best part is its value, which does not rely on the geographical location and is embraced across the planet.

The moment demand and user adoption go hand-in-hand for bitcoin, the intrinsic value of this currency will touch the sky. Though there is much speculation involved in transacting with this currency, it has proved as an intelligent investment which offers you to safeguard your money from any potential threat to the economy in future. In addition, you can store some alt-coins such as Monero, ETH, and DASH as they also prove to be a good investment option.

Online Gambling

Cheers to Gambler! You will make merry to know that Bitcoin is anonymous and is not liable to any government scrutiny in terms of taxation and regulations. Thus, gamblers find it easier to play with this with full throttle without being worried of getting caught. Interestingly, with the advancement of technologies, Bitcoin gambling is turning more accessible and user-friendly for a wider audience. Now, even we have physical machines that accept Bitcoin and some of them are −

BitCasino, Fortune Jack, Oshi, Bit Games, and Mars Casino

Go for Charity

Surprised! But this is true that with Bitcoin you can endorse charity even more easily. Most of the charity institutes including Wikipedia, Red Cross, Green Peace, etc., accept bitcoins. This way you donate while eliminating any stress of identity fraud. In fact, there are websites which offer the names and wallet addresses of the charities that accept Bitcoin.

In fact, there are altcoins (Crypto currency other than Bitcoin) which are Aidcoin, Biblepay, smARTOFGIVING, pinkcoin, carebit, Help the Homeless coin etc., which are used as digital currency to give contribute you help for the poor and needful.