Do many people ask what is the benefit of investing in Bitcoin? What is the use of Bitcoin? So we created this article which explains some important uses of bitcoin.
Earn Interest on Bitcoin
Earn 4-6% interest in Bitcoin, You can use services like Celsius Network to earn interest on your bitcoin. Through investing in bitcoin, you can earn more than 4 to 6% interest which lasts up to 12%. Investing in bitcoin is safe and risk-free. You can create a mode for earning a passive income and secure your future. You can easily search on google for various platforms to earn interest in bitcoin.
Ticket and Hotels using Bitcoin
You can also book tickets and hotels using Bitcoin, Popular service like Travelbybit is providing this option. After the success of bitcoin and the scope of investing in them, many retailers and merchants have started accepting bitcoin as their payment option. Paying through bitcoin makes the individuals save costs from currency conversion for international travel, ATM withdrawal of money, various types of risks, and more. You can book your flights, hotels, cars, use bitcoin for your shopping, and others.
Cross Border Remittance
Cross border transactions are very costly and slow as well. Using bitcoin you can send money very fast from $1 to Billion$ by paying a very small fee. Bitcoin offer a completely decentralized payment system that allows safe, fast, and low fees cross border money transfers. With bitcoin, you can easily transfer money to your friends, family, and relatives abroad.
Bitcoin is the largest financial service in the world
By Investing in Bitcoin you will become part of the largest financial service in the world, Bitcoin is the only product with no CEO and no Company. Investing in bitcoin is more valuable than Visa, PayPal, and MasterCard. It’s the 21st century’s biggest currency. Bitcoin are also one of the main fiat currencies which acts as a mode of exchange. PayPal has also invested in cryptos recently which allows its users to sell or buy bitcoin.
Very High Return on Investment when compared with Other Investment Schemes – Store of Value
All you know is how much return bitcoin is giving to all investors, more and more people are now involved in bitcoin and which results in a sudden rise of bitcoin price. Bitcoin is a store of value that acts as a medium of exchange. It’s better than various other investment schemes provided by banks and other financial institutions. Bitcoin holds just like the value of gold.
No one can Hack Bitcoin
Hacking Bitcoin Network is almost impossible because it requires millions of computers. Just like it’s easy to hack various bank accounts through cards and pins, hacking bitcoin is not possible because every transaction is done on the digital method which is safe and can be only operated by you.
Trace your Bitcoin Transaction in Blockchain
You can trace Bitcoin transactions in the blockchain, it’s not possible in fiat money like USD, So anyone saying that bitcoin will promote black marketing and money laundering then it’s not possible because every transaction is traced from one transaction. Just like you can trace your bank account transaction through a digital application. Same way, you can also trace and track your bitcoin or cryptos transaction with blockchain technology.
Carry or Transfer Bitcoin from One Country to another Country
You can’t carry Gold from One country to another but you can easily transfer your Bitcoin from one country to another without reducing any value. Because the process of bitcoin is managed digitally which enables you to carry bitcoin from your home country to another without depreciating.
Only 21 Million Total Supply
It’s not possible to print beyond 21 million bitcoin, so the value of bitcoin will keep rising. If an investor of bitcoin has attained this value, the supply of bitcoin to him will be exhausted. But it’s possible to change the protocol of bitcoin to increase its supply.
Easily Cash or Convert Bitcoin in any Currency.
You can easily cash your bitcoin in any country, all you need is to do KYC. After completing the KYC, you can convert it into any currency whether dollar or rupee. The process of converting is also digital, you don’t have to visit any bank or KYC point for converting.
Bitcoin as Collateral
Fidelity Digital Assets allows its institutional customers to pledge Bitcoin as collateral against cash loans in a partnership with blockchain startup BlockFi. By lending your bitcoin, you can avail cash loan for any purpose on your bitcoin wallet only. This service is as for now given by Fidelity.
Donation Using Bitcoin
You can easily donate to anyone using Bitcoin, all you need is the Bitcoin address of that person or NGO who is looking for a donation. Through this, you can also do some social or welfare work towards the growth of the country. You can donate anywhere to any NGO or old age home, they just need to have a bitcoin wallet.