When it comes to cryptocurrencies, they may be treated as a serious investment or as a mild curiosity, depending on who you discuss them with. The one question that remains constant among those new to the world of Bitcoin, however, is what exactly can you do with virtual currency once you purchase it. While only you can decide how you’ll treat the contents of your digital wallet, it’s always wise to fully explore all the options available to you—especially if you regularly do business with certain companies.
Investing in Bitcoin
Because Bitcoin’s value is always potentially on the move, the number one rule of investing still holds true: buy low and sell high. That said, cryptocurrencies and Wall Street-traded stocks, bonds and mutual funds are very different types of investment vehicles.
You may be wondering why you would put your hard-earned dollars into Bitcoin when you could just as easily stick to the stocks and mutual funds you’re more familiar with. After all, that’s the investment strategy our parents always told us worked for them.
Then again, when was the last time your parents were able to use their brokerage account to shop for consumer goods?
Bitcoin’s Not-So-Hidden Feature
The ability to make purchases directly from the digital wallet holding your Bitcoin is perhaps the most underrecognized benefit of putting your money into cryptocurrencies. While the earliest adopters may have had few options beyond buy, sell and hold, today’s Bitcoin enthusiasts have an entire world of possibilities opening up to them.
In fact, more than 160 different companies have reported that they accept Bitcoin payments just in the first half of 2020 alone.
Bitcoin for Entrepreneurs
If the chaos of 2020 has made it clear to you that you’re tired of working for someone else, you may be pleasantly surprised to learn that you can use the Bitcoin in your digital wallet to purchase much of what your home-based startup will need. For instance, you can buy things like:
- Computer hardware from Newegg
- Domain registration from Namecheap
- Office furniture from Overstock
- Software licenses from Microsoft
- Web hosting from Hosterbox
Depending on the exact nature of your business, you may also find that your Bitcoin account can be invaluable for other things, like paying for a more secure virtual private network(VPN) or even simply paying your AT&T cellphone or internet plan.
Fun with Bitcoin
While using Bitcoin to start a business is the right financial move for some, we know that not every cryptocurrency enthusiast is ready or willing to tackle everything that comes along with being their own boss. Don’t worry, fun seekers, because you can use Bitcoin to make purchases at:
- BMW (yes, you can in fact buy a car with Bitcoin)
- Dish Network
- Etsy
- Lamborghini Newport Beach
In addition, you’ll find a wide variety of travel and tourism companies that accept Bitcoin for payment. And if your travels happen to take you to our neighbors to the North, you’ll even be able to use Bitcoin to buy the family dinner at KFC locations in Canada.
As you can see, it’s truly never been a better time to get started with Bitcoin! Be sure to set up your account before you go and stop by your nearest Bitcoin ATM to add funds to your digital wallet before you hit those virtual shops.