The crypto-economy has hit a pinnacle this year, and people are emerging en masse to add Bitcoins to their portfolios. Referred to as the “gold standard” of crypto, Bitcoin is one of the most versatile digital currencies While there’s much more to be explored, the cryptocurrency is still making its way to the mainstream market. Brandon Mintz, Founder, President, and CEO of Bitcoin Depot®, offers tips on different ways people can use their cryptocurrency to their benefit.
This year, several finance gurus have claimed that Bitcoin will soon become a hedge and replace gold. While this prediction remains to be seen, there’s more than just that one reason to buy crypto. “We are approaching the limit of mining the last Bitcoin, and prices are projected to inflate for the crypto king. This is good news, as you are eligible to buy many regular items using BTC,” says Mintz.
Trade Crypto Online
Trades are the primary reason why people are investing in Bitcoin. Once you purchase your BTC online, you can buy or sell your coins as you like, depending on market trends. While prices have recently plunged, many investors are buying their stacks of the digital currency now, only to sell it later when the demands rise.
A Thoughtful Gift
Gifting crypto is another trend becoming popular among enthusiasts. Bitcoin Depot offers users a way to give some BTC to your friends and loved ones. “Gifting can easily be done by getting a voucher. These vouchers are great as you can create your own or get one made through a third-party service,” shares Mintz.
Gifting crypto doesn’t just have to be a gift; you can also donate Bitcoin and other cryptos to charity. Both the gifting and donation processes are bound under similar laws and regulations, such as taxation, though specific cases may vary. For example, if you receive a gift, you do not have to report it unless you decide to sell the coins, which will result in some taxes per the regulations.
Some enterprises are also accepting Bitcoin in exchange for gift cards and gift vouchers to buy products online or in-store. In fact, a 2020 survey conducted by HSB concluded that 36% of small-medium businesses in the US accept Bitcoin.
“While we are still waiting for e-commerce giants like Amazon to step in the crypto game, the exponential rise of businesses that accept crypto is a good sign for the digital economy,” Mintz says.
Get Almost Anything You Want
Today we can see some major companies like Microsoft, AT&T, Burger King, Express VPN, Gyft, CheapAir, and many others rolling with the crypto-economy. There’s a long list of stores, vendors, and companies accepting Bitcoins, which makes it more exciting than ever to see how people will buy their morning subs and coffee using crypto’s most popular currency.
“It’s wild to think of something so intangible yet approachable taking over the market. This is why I knew that cash-to-crypto service would be the next game-changer. With our ATMs, we are making cryptocurrency more accessible than ever,” concludes Mintz. “You can buy your crypto using a wallet, take advantage of their cash-to-crypto ATMs, or even opt for the OTC Trading service through Bitcoin Depot.”