Since Bitcoin’s creation, close to 2,000 more cryptocurrencies have hit the market. Cryptocurrencies, or cryptos, are digital forms of money. Many people prefer cryptocurrencies over fiat currency, U.S. dollars, the Chinese yuan, etc., because it’s decentralized.
It’s also immutable, meaning nobody can change or mutate cryptos. Bitcoin is the most popular cryptocurrency. Other cryptocurrencies, like Ethereum and Dogecoin, are gaining in popularity.
Not all cryptocurrencies have the same function. Bitcoin is used as a currency the way we use dollars. Ethereum’s designers created it as a digital currency and to store computer code that decentralized and protected financial contracts.
This blog will discuss five things you can do with bitcoin (BTC). Bitcoin remains the most popular while Ethereum’s applications are continuing to evolve.
You can use cryptos for these five things
Start a crypto accepting e-commerce store
You can create an e-commerce store, including through Shopify that accepts BTC. Bitcoin has become that popular.
Most e-commerce store platforms allow sellers to accept BTC. Understand, though, that if you create an e-commerce organization that accepts bitcoin, or any other cryptocurrency, you must set up a digital wallet through a company like Coinbase.
Doing so means you will have a couple of platforms. The first is your regular transaction platform. The second is your cryptocurrency transaction platform.
Start a PPH sportsbook
The U.S. Supreme Court struck down a law that gave Nevada a monopoly to legalize sports betting. Since then, multiple states have passed laws allowing online sports betting.
Although major companies have jumped at the chance to provide sports betting services, they aren’t the only ones who could benefit. Individuals can run privately owned sportsbook companies as well. All a person must do is sign-up with a reputable pay per head bookie software organization.
The per head company provides digital platforms, a sportsbook, racebook, and casino. The bookmakers, called agents, create player accounts. Players fund their accounts and bet on sports games, horse races, or casino games.
Most people who bet on sports prefer anonymity. Because cryptocurrencies are peer-to-peer, many players prefer to fund their wagering accounts with cryptos.
Make peer-to-peer private transactions
Peer-to-peer cryptocurrency transactions are why PayPal has now allowed their customers to buy and sell cryptos. PayPal competitor Square’s Cash App has connected traditional fiat currency bank accounts with BTC accounts for years.
Peer-to-peer transactions via bitcoin are becoming more and more popular. Many people prefer to get paid via BTC. Not only that, but some companies prefer to pay freelance employees via bitcoin.
Some companies prefer to pay in bitcoin or another cryptocurrency because it compensates employees who don’t live in the same geographical location much more manageable. A company based in Mexico, as an example, could hire independent contractors based in Canada, the U.S., or any other nation.
When the company pays their employees who don’t live in Mexico, they can pay in bitcoin without worrying about the peso and the dollar exchange rate. All the contractor does is send an invoice in his currency of choice. The company translates that through BTC via PayPal, Square, or another organization, and sends the bitcoin to the independent contractor.
Purchase a luxury vehicle like a Lamborghini or Tesla
Elon Musk recently announced that Tesla had purchased $1.5 billion in bitcoin. Musk will soon allow consumers to buy a Tesla with BTC.
For years, Lamborghini has allowed customers to buy a vehicle with bitcoin. All luxury carmakers will eventually open their stores to bitcoin purchases. Who knows? Soon, we may have the ability to buy yachts, RVs, and even homes with bitcoin.
Invest in cryptocurrencies
Many people have invested in cryptocurrencies. More are investing in 2021 than ever before. Any time a person like Elon Musk tweets about crypto, Musk recently talked up Dogecoin, the price of that specific crypto has skyrocketed relative to the U.S. dollar.
Investing in cryptocurrencies could be a great way to diversify an existing portfolio. But if you invest in cryptocurrencies, make sure to have a game plan.
The five things listed here prove that cryptos have become flexible digital currencies. We can use them to make peer-to-peer financial transactions, purchase items, or even start a business.