Top uses for bitcoin in everyday life
The appreciation of Bitcoin has led to to the appearance of numerous applications for crypto in day-to-day life, as the wider public is gradually embracing digitalization when it comes to finances. Bitcoin is now a leading financial asset, with a market capitalization above $1.5 trillion. With that in mind, many people would like to know what are some of the top uses for BTC in 2021, to learn how they can take advantage of its growing popularity.
Medium of exchange
Using Bitcoin to make purchases is convenient since it does not require a credit card or a physical wallet. Users only need their phone and a Bitcoin wallet to pay for various products and services, now that various retailers accept BTC. In 2018 KFC introduced the Bitcoin Bucket, a meal that can only be paid for using the largest cryptocurrency in the world.
AT&T is a major company in the US that accepts cryptocurrency payments for its services via BitPay. Overstock is a famous online retailer selling big-ticket items at lower prices and it had also embarked on the Bitcoin trend, now allowing its customers to use crypto as well.
Trading with Bitcoin as base account currency
Due to the rapid rise in valuation, many retail traders started to trade Bitcoin. However, online brokerage easyMarkets has recently taken the trend to a different level, allowing customers to deposit, withdraw, or use Bitcoin as their primary account currency. The µBTC account has been created by easyMarkets to allow users with funds stored in Bitcoin to trade on a broad range of instruments, benefiting from the same security and transparency as any other users.
As more people keep their funds in Bitcoin for more privacy and security, having access to trading accounts denominated in this crypto means traders are no longer needed to exchange into fiat before making a deposit.
Considering it had managed to continue rising over the long run, Bitcoin had reached a point where it is considered an investing alternative. The developments made possible by the financial industry are now facilitating gaining exposure on BTC without having to buy it, via derivatives such as CFDs, options, futures contracts, or Bitcoin trusts.
One of the main challenges when investing long-term in Bitcoin is volatility. Cryptocurrency cycles are more aggressive by their nature and valuations are moving up and down impulsively. Investors need to manage these wild swings by using risk management and a rules-based system, regardless of the market noise and media narratives.
Transfer of funds
Cross-border transfers in fiat currencies continue to be a big issue, mainly due to long processing times and high transfer fees. Cryptocurrencies such as Bitcoin are facilitating faster, cheaper, and secure transfer of funds, regardless of countries or geographical locations.
With the long term future of cash in question due to rapid technological developments, cryptocurrencies like Bitcoin can gain more traction, if conditions are ensured for a smooth transition.
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