When you've got a nice stack of bitcoin sitting comfortably, the temptation is often to simply let it grow. Unfortunately, the value of your cryptocurrency can very quickly go down, and that means you've wasted your potential to spend it. The challenge then is knowing when and where to spend the bitcoins that you've accumulated. While knowing when to spend will depend on current value, knowing where to spend will depend on your goals, Some want to trade their crypto for lifestyle changes or experiences, while others are going to want to invest their earnings. If your bitcoins are burning a hole in your crypto wallet, here are some spending options you might not have considered.
1. Buying Gift Cards
Not many people know that you can buy gift cards for some of the most popular services in the world with your bitcoins. Sites like Bitrefill let you exchange your Bitcoins so that you can more easily spend them at:
- The Apple Store
That means you can exchange your bitcoins for tangible goods, or even gift them to family and friends.
2. Seeing The World
Bitcoins are very easy to convert into foreign currencies and can be sent and accessed from anywhere. That makes them very useful for travelers. Certainly, buying plane tickets and hotels with bitcoin can limit your destination options, but some sites will break down where you can go to get the maximum value from your cryptocurrency.
Want to turn your bitcoins into real money in the bank? Then it might be time to start looking at forex trading. But what is forex trading, and why is it the ideal investment option for your Bitcoins? Bitcoin is a floating exchange that you can trade in the way that others trade standardized foreign currency. That means that you can use your bitcoins to buy foreign currency when the price is low and then sell it on at a profit when the price rises. Forex brokers are essential, and the better ones will now make use of bitcoins and advise you how best to use them.
4. Giving Back
If you'd like to do some good with your cryptocurrency, then you might be wondering how easy it is to donate some of it to charities. The good news is that it's never been easier, and the transparency that is one of the main positive features of crypto ensures that you can follow exactly where your donation is being spent. Many charities allow you to directly donate bitcoins, including:
- The Red Cross
- Save the Children
The anonymity of bitcoin means that your donations will be anonymous as well, which is always more satisfying than doing it for fame!
There are many advantages to buying and selling cryptocurrency, but knowing what to do with your earnings can be very confusing. However, bitcoin continues to grow in popularity, and that means more businesses than ever are looking at ways to make it easier to make crypto payments. If you're struggling to spend what's in your digital wallet, it might be time to start looking at your spending options.