Let’s assume you won a large sum in Bitcoin. Congratulations. Now it’s time to utilize it. But what can you do with it? There are several options.
1. Convert to traditional currency
This is the most obvious way to spend your Bitcoins. You can simply convert it to traditional currency, such as dollars or euros, with which you can then do whatever you want. To convert Bitcoins into traditional currency, you can use an exchange or a P2P market.
For many, cryptocurrencies are synonymous with trading. Bitcoin, in turn, is the main cryptocurrency on the market, so it can be easily exchanged for other assets.
Throughout its history, Bitcoin has repeatedly lost a significant portion of its value but invariably climbed to new highs. For this reason, many consider Bitcoin to be a good asset for long-term investments.
In 2010, a cryptocurrency holder exchanged 10,000 Bitcoins for two pizzas. Today, the same amount can buy you 30 million pizzas. Whether Bitcoin will grow at the same rate in the future is unknown, but many believe that cryptocurrency still has significant potential for further appreciation in value.
Although Bitcoin is not such a widely used payment method as credit cards or cash, it is already possible to pay for goods and services with it. Some e-commerce services accept cryptocurrency, for example, Overstock. Gift cards from BestBuy, Walmart, Amazon, and Nike are also available for purchase with Bitcoin.
In addition, Bitcoins can be spent in the real world. There are a number of restaurants that support Bitcoin payments, including one in Prague that only accepts Bitcoin! Moreover, you can easily find travel services that support cryptocurrency and enable payments for hotels and flights.