Bitcoin Guide 2020
Hi everyone, Our topic is What can we do with Bitcoin? Today.
One of the first questions, I have finally purchased Bitcoin! But what are the things I can do and can’t do with it?
This is one of the most common questions. The user purchases Bitcoin but does not know the reason they bought it. A lot of people just buy it simply because it is popular. This phenomenon is very similar to buying trendy clothing or shoes. For this reason, before purchasing Bitcoin, it is important to learn what we can do, and what we cannot do with it. This will make it much easier to set a goal for ourselves for the future.
You can purchase Bitcoin to use in these 4 areas.
1)For purchasing Goods and Services (firstly)
The number of Businesses which consider Bitcoin as a currency keep rising considerably as we speak. So much so that there are some businesses which accept only Bitcoin and nothing else, as the method of payment.
Among these firms which accept Bitcoin as payment are; Wordpress, Famsa, Reddit, Tesla, Microsoft, Incikitap, Mygroupsigorta, and Expedia.
But what are the fields of activity of these firms?
With Wordpress you can create and customize your very own website as you wish.
Famsa is an online shopping site based on Mexico. We could think of it as Amazon’s Mexican counterpart. You can purchase several types of goods from this website, most notably technological goods.
Reddit is a social media website similar to Facebook. You can share, or follow sub-reddits or other users to browse their posts. Premium reddit accounts can be purchased with Bitcoin.
Elon Musk’s famous Tesla brand cars are now available for purchase with Bitcoin.
Microsoft also accepts payments for its services like Office, 365, Xbox etc. with Bitcoin.
Incikitap is a Turkish online bookshop which offers brand new or used books, now available for purchase with Bitcoin.
Mygroupsigorta is also a Turkish insurance company, which offers health, vehicle, and travelling insurances.
Expedia is an online booking website which lets you book rental cars, cruise tours, and most notably hotel rooms.
Bitcoin can also be accepted as payment for products. This can make your products more available for international trade, without having to worry about other countries’ exchange rates or fees. The only question you might have is “Why should I use Bitcoin while we already have US dollars or Euros?”
US dollar and European Euros are under control of Federal Reserve and European Central Bank respectively. Regulating said currencies is the responsibility of their respective organisations. Especially for US dollars, since it is also under the influence of Trump’s protectionist policies, this makes things a bit difficult for foreign states. On the other hand, Euro is affected by the economic crisis in Italy and Greece. In conclusion, if one wants to be truly independent from these factors, they should use Bitcoin.
3)Money Transfer (thirdly)
Transferring money to a recipient abroad will be an easy process. Furthermore, South Africa has found a system called “payfast co za” to transfer Bitcoin to their own currency. With this system, the incoming Bitcoin will be transferred to the local currency and delivered to the recipient inside an hour.
4)Preserve it! (fourtly)
Another option is preserving your Bitcoins. While some draw a negative image around Bitcoin, some other economists predict that Bitcoin’s market value will exceed 100 thousand dollars by the end of 2021. Therefore, some experts find it reasonable to use it as an investment tool, similar to gold for example.
There is a tremendous increase in Bitcoin’s value since the past years. Especially the value “boomed” in percentage between 2011 and 2018. The difference in percentage is approximately %47600, which carried Bitcoin to the top of the most valuable investment tools. However, during the years 2011, 2012, and 2013 no one expected such a rapid increase in value.