How to Use Bitcoin in Everyday Life

If you’ve been paying attention, you’ve probably heard a lot about bitcoin in the last few years. More and more retailers in Australia and everyone else on the planet accept it as a payment for their product or service but many people out there still have no idea what this cryptocurrency is all about. In case you’re one of them, it’s time to start taking bitcoin seriously. And to help you, we’ve come up with a guide for using bitcoin in everyday’s life.

What is Bitcoin?

When talking about bitcoin, we need to start with the basics. So, what exactly is bitcoin? It’s a cryptocurrency you can use to make transactions which is independent of any government or other central authority. One of the features that separate it from fiat currencies is that there’s a limited supply of bitcoin. This means that there’s an algorithm that controls the supply and only a small amount of it trickles out every hour. The process will keep happening until the amount of 21 million has been reached. That is exactly why bitcoin is considered to be a hot commodity at the moment. So, if you’ve ever thought about buying it, now might be the right time to do so.

How to get it?

What many people wonder about bitcoin is how to get it and the answer is pretty simple. There are a few different ways to do this and the most obvious one includes buying bitcoin at Coinbase or Kraken. You can also receive it as a payment for a product or service. Having a friend send you bitcoin is also an option. Another popular way for obtaining bitcoin is mining. In case you’ve heard of it but you don’t know what it means, bitcoin mining includes running software that solves mathematical equations. If the equation is solved, you get a payment in bitcoins. Last but not least, there are people who exchange bitcoin for cash, in person.

Where to spend it?

As we have mentioned earlier, the number of companies that receive bitcoin continues to increase. And given how popular this cryptocurrency is, it’s safe to say we’ll see even more of them jumping the train. This also means the number of things you can do with it keeps increasing. Obviously, you can browse the web for online stores that receive bitcoin and buy products or services from them. It’s worth mentioning that corporations such as Microsoft and Overstock accept it. Now, you can even get bitcoin gift cards for your friends and family. In case you need bitcoin gift cards in Australia, finding a company you can turn to will be a breeze.

Where to keep it?

Just like with real money, you need a place where you can keep your bitcoins. This is exactly what digital wallets are all about and if you plan to use digital currency, having one of these is a must. Not only does a digital wallet serve as a place where you can store all your bitcoins but it also ensures your digital money is absolutely safe. The good news is, as the popularity of digital currencies rises, we keep seeing new bitcoin wallets being released. At this point, there’s a wide variety of digital wallets you can choose from and identifying the one that fits all your needs shouldn’t be tough. Coinbase Wallet and Exodus are currently the most popular bitcoin wallets in Australia.

What is the future of Bitcoin?

If you plan to use bitcoin, it’s also worth thinking what the future holds for bitcoin. As we’ve already explained, the supply of this cryptocurrency will slowly increase until all 21 million bitcoins have been mined. What will happen after that, remains a mystery. While it doesn’t look like bitcoin will ever replace fiat currencies, it’s safe to say it’ll continue to be a popular payment method. So, if you’ve been thinking about starting to use it, it’s a good idea to buy it now. And in case you want to trade with it, we recommend learning more about the factors that could affect its value in the future.

Final thoughts

There’s no doubt bitcoin is huge right now. People in Australia and everywhere else in the world are using it and they will continue to do so. And due to how flexible and easy to use it is, there’s no reason why you shouldn’t think about doing the same. If you decide to so, the best way is to start small and only increase the amounts of bitcoins you buy as you go.