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What To Do With Bitcoins?

Published: 14/09/2018
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Up-to-date Blockchain and cryptocurrency news. Be the first to know!

What is it for?

Mine

 

At the dawn of bitcoin, any PC owner could become a miner. However, the number of Bitcoin participants has risen since then, and the complexity of calculations has become higher too. GPU mining became less profitable since much more powerful ASIC chips were introduced. Hence, it is easier to join a mining pool than to mine alone.

 

A mining pool is a server that distributes computational problems among all the participants united into a single network (the pool). The reward for mining is distributed among users in proportion to their hash rate or by another principle, depending on the pool rules.

 

The largest crypto mining pools are based in China. They are BTC.com, AntPool, ViaBTC.

 

Calculation of reward for miners in the mining poolCalculation of reward for miners in the mining pool

 

The largest crypto mining pools are located in China. They are BTC.com, AntPool, ViaBTC.

 

Trade

 

Just like any other trading assets, bitcoin is a financial instrument, and you can make money on it. In order to trade BTC, you can use crypto exchanges. The main difference between crypto exchanges and traditional exchanges is that the latter are usually regulated while the former aren’t. It is worth mentioning that the market capitalization of the cryptocurrency market is still relatively low as compared to that of stock/commodity markets. This is why the bitcoin rate may be influenced by external events (for example, crypto news) a lot.

 

The largest cryptocurrency exchanges in terms of the daily trading volume are Binance, OKEx, Huobi, Bitfinex, Bithumb, HitBTC (September, 2018).

 

Hold

 

If you already own bitcoins but do not intend to mine or trade, you can simply hold the assets. 

 

A reliable wallet is a must-have for bitcoin security. A "cold" storage that excludes the Internet connection (like paper or hardware wallets) is preferable.

 

Invest

 

You can deposit bitcoins into an interest-bearing account or invest them in a project that accepts cryptocurrencies for payment. Bitcoin term deposits are only available on certain exchanges. An example is the Yobit website that offers an InvestBox service providing dynamic interest payments, which depend on the term of the deposit (from 2 to 60 days).

 

Projects that accept crypto investments sometimes run an ICO (initial coin offering). This is a crowdfunding method that allows to collectively finance a project. An investor allocates a certain amount into a project and receives a reward if the startup is successful.

 

There are many examples of projects that could didn’t meet investors’ expectations that is why this method of investment is considered high-risk.

 

Money transfer

 

A transaction in the Bitcoin network is usually faster than, for instance, a traditional wire transfer; it is a reliable way to transfer money anywhere in the world. The main advantages are the absence of intermediaries, censorship resistance, transparency, security, and the possibility to individually set a commission for BTC transaction.

 

Make purchases

 

More and more firms provide their customers with the opportunity to purchase goods for bitcoins. The list of such services is already extensive, and it will expand over time.

 

Popular noteworthy services are:

 

  • Expedia is a well-known website allowing clients to book and buy plane tickets, and pay for hotel reservation.

  • Microsoft. The company's services can be purchased for bitcoins.

  • Wikipedia, the largest online encyclopedia open for receiving crypto donations.

  • Subway. In some countries, a branded franchise sandwich can be bought for bitcoins.

  • KFC Canada. The Canadian KFC branch provides the opportunity to pay for orders with the main cryptocurrency.

  • Reddit and 4chan.org. These popular Internet portals offer premium accounts for access to advanced features. BTC is accepted for payment.

 

Bitcoin accepted here

Bitcoin accepted here 

 

Note: specific businesses mentioned here are not the only options available, and should not be taken as a recommendation.

 

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