You’ve made the leap and purchased your very first Bitcoin… now what?
Let’s take a look at the number of ways in which you can use your Bitcoin!
HODL YOUR BITCOIN
If you are new to the world of cryptocurrency, you may have recently encountered this word in some form and are not aware of its meaning. The term was accidentally created when an online forum post back in 2013 went viral after a bitcoiner tried to say — supposedly drunk at the time — that he would be holding on to his coins. HODL quickly became an official term for not selling your crypto and rather holding onto it as an investment, even when the market dips. If you had purchased Bitcoin at the very start and HODLed your coins, your profits would be extraordinary. In the 13 years since its inception, Bitcoin has climbed exponentially from $0.08 USD to a high of over $65,000 USD, now sitting just under $30,000 USD. Luckily, many believe that Bitcoin is still in its infancy and you will still be early if you buy & HODL now!
When choosing this strategy, it is really important to be well-informed and really believe in the cryptocurrency you invest in. Once you do, purchase the Bitcoin and put it to the side in the hopes that it will be worth more in the future. The risk here is that no one can guarantee the future of Bitcoin and its ability to become a full-fledged currency.
TRADE YOUR BITCOIN
Trading is the concept of making investments over shorter time periods in the hopes of making quick profits. Of course, as a financial asset, cryptocurrency can be part of an investment strategy, bought, traded or held in an attempt to make money. Although crypto like Bitcoin or Ethereum can be traded in the short term, you may be more interested in young and new cryptocurrencies with quick growth potential. Unless you are a highly skilled trader, this strategy can end up seeing you lose a lot of money fast, so it’s best to proceed with caution and only invest what you can afford to lose!
BUY WITH BITCOIN
One of the most exciting things about owning Bitcoin is when you get to actually spend it! Unfortunately, the number of merchants who accept cryptocurrency as a form of payment is still quite small, but we have seen a big push towards global adoption over the last few years. From tech giants like Microsoft to travel agencies like Expedia, there is a large list of companies that have embraced cryptocurrency & Bitcoin. According to Coinmap, there are currently more than 15,000 businesses that are accepting Bitcoin as a form of payment.
There are also businesses like Bitrefill, that provide a wide range of gift cards, prepaid mobile credits, and lightning network utilities that can be purchased using Bitcoin and other cryptocurrencies. This means you can shop at your favourite stores or reload your phone credit without needing to use an exchange or bank account! Simply purchase a service from their website using your cryptocurrency, and within minutes you can have your digital gift card or mobile credit emailed to you ready for use.
With cryptocurrency, you can own your hard-earned money rather than leave it to the mercy of a financial institution. And here at Coinstop, we want to help you secure your future! That’s why we stock the very best in digital security. From hardware wallets to recovery seed phrase storage devices, our products will help you to become your own bank. Cryptocurrency is the future, and it’s time to start securing yours!