Back in the day there was little use for Bitcoin apart from sending it to your friends for fun. These days things have changed though. There are numerous places where you can spend your Bitcoin. Is that what Bitcoin is used for most of the time? Lets find out.
The amount of places that accept Bitcoin is increasing all the time. Not just online but in real world establiments as well.
In some countries such as Venezuala, Bitcoin has become the main currency used for everyday transactions. Why? Because Bitcoin has value and is actually worth something! Unlike the Venezuelan Bolivar.
Today in many places around the world you can go into shops and purchase things with you Bitcoin.
But is That Really What Bitcoin is Used For?
A lot of people argue that people don’t spend their Bitcoin. Why would you spend an asset that always seems to be apreciating?
Most folks fail to see the bigger picture though. Now imagine you bought some Bitcoin a few years ago and it has now apreciated by maybe 100 times the price you orginally paid for it.. Suddenly, spending some here and there doesn’t see like a bad option!
HODL is a term Bitcoiners use. There’s a story behind where it came from but basically it’s just a misspelling of the HOLD.
Bitcoin is mostly referred to as a store of value. Something like digital gold. A hedge against failing economies and the ever decreasing spending power of fiat money.
Keeping hold of your bitcoin in a safe place is what the majority of people do. At least until it appreciates by a significant amount.
Bitcoin can be used as a payment method. From paying for a coffee in your local coffee shop to paying someone on the other side of the planet.. For the time being, Bitcoin will mosty be used as a store of value.
At least until it becomes more widespread and easier to use for the average person on the street.
Whatever you decide to do with your Bitcoin. Just make sure you keep it safe!