Basics For Investing Or Spending Bitcoin
Blockchain technology is considered to be a decentralized ledger technology used in widespread applications such as real estate, smart contracts, insurance, healthcare, etc. There are six ways explained about investing Bitcoin. They are as follows
1) Create public and private bitcoin address
The public address is used for receiving the bitcoin from the other people and the private address is used for the purpose of sending bitcoin to others. About 30 alphanumeric letters are used in the public address which starts either with 1 or a 3. Whereas private address is found to be longer and it starts with 5 or a 6. These addresses or keys are created by your wallet. They are in the form of QR code and the payment for the products and the services are done by scanning the code.
2) Online purchase by bitcoin
Bitcoin is accepted as a payment by the online retailers such as Microsoft, overstock, and OKCupid. The acceptance of bitcoin as payment by retailers and service provider is increasing day by day.
3) Convert bitcoin into a gift card
Like the website Gyft, many websites are available for accepting bitcoin as the payment for a gift card. It is available online and for retailers such as Amazon, and target. Those are who are buying gift card by using bitcoin is rewarded and also discounts offered.
4) Hold bitcoin for value to increase
Reviews of Cryptocurrencies are found to be volatile and so waiting for its vale to be increased is an almost risky investment. But if you are having well knowledge about the market and you are watching it carefully means more profit can be obtained. Some of the companies or websites are found to be a scam and be aware of that websites and companies they will be claiming a doubling of bitcoin with the high-interest rate. They will help you to invest your bitcoin to great profit. For a few months you may get a good rate but after that, it will be dropped. Like that of stock and commodities, day trading can be done in bitcoin also. But for this, you should have well knowledge and experience to be successful.
5) Charitable donations in bitcoin
Various charities and nonprofit organizations are accepting the cryptocurrencies as a donation. Nearly 15 organizations are found be accepting bitcoin for the donation and the lists are published in the websites.
6) Find local merchants accepting bitcoin
Due to the popularity of the bitcoin, most of the retailers are accepting as payment. Local merchants are accepting bitcoin and in online bitcoin logos along the credit card logos will be found.