The crypto world has risen drastically in the past couple of years. Due to the fact that they are superior to regular payment methods and provide people with the chance to make a profit, millions of users have registered to their network.
Research shows that there are around 7 million crypto users globally, 5 million of which are using Bitcoin. Bitcoin is by far the most popular cryptocurrency on the market, and the best part about it is that it has massive future potential. With that being said, we wanted to take a closer look into the things that you can use Bitcoin for.
Earning Bitcoin
Before you can use Bitcoin, it is important to know how you can earn it. There are two ways to do that. The first one is to purchase it via trading sites or Bitcoin ATMs, while the second one is to mine it. Considering the fact that mining Bitcoin has been presented as a freeway of earning it, but in reality, comes with tons of behind-the-scenes expenses, most of the traders resort to buying Bitcoin. Not to mention the fact that mining Bitcoin requires a lot of time to learn the process and to perform it.
Using Bitcoin to Make a Profit
The first use of Bitcoin is as a means to make money. This is actually the main reason why millions of people are looking to invest in it. Bitcoin reached an all-time record back in April after it peaked at over $63,000. Not only that, but its future potential is great as it hit again a price of over $60,000 in November 2021, and many experts predict that it will continue to rise.
That being said, according to the new projections regarding Bitcoin’s future value state that it will climb to $100,000 by the end of 2021. For this reason, many new traders are registering at reputable sites such as the Quantum AI trading platform and are buying Bitcoins and other cryptocurrencies, just so they can sell it later on and make a handsome profit.
Bitcoin is by far the most valuable cryptocurrency on the market. Considering the fact that the aforementioned trading site is secure, you will have the best trading experience.
Using Bitcoin as a Payment Method
Because Bitcoin is the most popular cryptocurrency on the market, many countries have become a bit lenient towards it. EU countries do not deem it as illegal, neither does the USA or Canada. What’s even more interesting is that El Salvador recently became the first county in the world to legalize it in its entirety.
Hence, many companies that are based in these countries can accept crypto payments with this cryptocurrency. The best part about it is that a lot of these companies are actually global brands that deal with BTC as well. The list includes notable names such as Expedia, Microsoft, Starbucks, Shopify, Whole Foods, and Overstock.
As for the reason why El Salvador legalized Bitcoin, it is due to the fact that this nation does not have an official currency. Adults here will even receive free $30 to trade with Bitcoin if they want to do so.
Are There are other Cryptocurrencies?
Bitcoin is the most popular and the most reliable cryptocurrency, but it is not the only choice on the market. There are around 2,000 cryptocurrencies on the market, with some of the best-ranked being Ethereum. Litecoin, Dogecoin, Tether, Monero, and USD Coin. All of these virtual currencies have their own strengths and can be used for either making a profit, as a payment method, or both.