Bitcoin: Much more than a cash cow for savvy investors

For the average Joe, Bitcoin feels almost like a fad. There are countless stories donning the news about how savvy investors have cashed in to the tune of thousands of dollars – and this is usually sufficient to prompt a wave of interest in the currency, and with so many early investors increasing their original bitcoin value from $2 in December 2011 to upwards $16,358 in December 2017 it is no wonder, so many people are starting to take interest in this new digital currency.

Hidden behind all of these stories are actual uses for Bitcoin. Many people don’t actually realize that this isn’t a money-making tool, it’s something that can be used for day-to-day transactions, probably due to the obsession in the media about bitcoin valuations against traditional currencies such as the dollar and pound.

To highlight the point in further detail, let’s take a look at some of the most common uses for the currency, and in doing so hopefully give you added reason to get involved in bitcoin.

It can be used as a gambling currency

This is perhaps one of the more surprising uses, but you only have to look at the bitcoin dice websites that are available to see how it has slowly but surely reached the gambling market.

Once upon a time the payment methods needed for this industry were strict. Now, bitcoin has entered the picture, and is turning the gaming/gambling industry on its head.

Online retailers

Some of the big players might not have adopted the currency yet, but give them time. We’ve already seen some ecommerce platforms accept Bitcoin and this is seemingly going to prompt something of a domino effect. In other words, more interest is going to be ignited in the currency, with the knock-on effect that more stores start to accept it.

There are rumors that Amazon is going to join the trend shortly, so watch this space, as and when big businesses like amazon get involved that will probably see the beginning of the end for traditional currencies.

The travel space

In truth, we may have been able to shoehorn this last use into the previous section. The travel industry seems to be one which is absolutely basking in bitcoin, and it’s not being reserved for the small players either.

For example, Expedia is one of just several big names who allow you to use bitcoin to book holidays and again, expect something of a domino effect to occur with this.

Your gaming console

We’ve talked a lot about big name companies adopting the currency, so let’s now turn to Microsoft. They are arguably the largest brand who have decided to accept it, and have done so via their Xbox console. Now, it’s possible to buy content from their online store for the machine. In fact, it’s been available since 2014; they really were one of the early players in this field.

It’s hitting the high street

For a currency which is seemingly completely digital, it might come as a surprise to read that bitcoin has also hit the high street. Again, relatively speaking uptake is low, but there are some household brands all over the world which have started to accept the currency.

It would be fair to say that REEDS Jewelers is one of the biggest names particularly as they have over 60 locations dotted around the US.

In the UK, one company took things a little further. CeX, a technology exchange retailer, opened a bitcoin ATM which suffice to say, happened to be the first of its kind in the world.

So with all these momentous changes taking place in the world of currency, it may well be the time to start thinking about getting yourself some bitcoins so you can take advantage of the current boom that is taking place in this digital world.

Published by Kidal Delonix (1200 Posts)

Kidal Delonix is a contributor to Mr. Hoffman's blog. The views and opinions are entirely his/her own and may not reflect Mr Hoffman's views.