Life After I Bought Bitcoin…What Comes Next?
You’ve bought some Bitcoin…now what comes next after buying Bitcoin? Many first-time cryptocurrency buyers will spend long hours researching how and when to purchase Bitcoin, but what about life after you’ve finalised the transaction? Now that you have Bitcoin, what are you supposed to do with it? what can you do with Bitcoins? Should you sell it? Spend it? Leave it sitting in a digital wallet and hope that someday in the future it’s worth more than what you paid for it?
WHAT’S NEXT AFTER BUYING BITCOIN?
Have a question about what to do with Bitcoin after buying? When compared with traditional hard currency, your options are more limited with Bitcoin. But this doesn’t mean you can’t still use your Bitcoin in a way that will maximise its value. What’s next after buying Bitcoin? Essentially, you have three options available to you now that you own Bitcoin. These include:
- Spending Bitcoin: A growing number of businesses are starting to accept cryptocurrency as payment for products or services.
- Trading Bitcoin: Bitcoin can be traded, either for alternate cryptocurrencies or a government-issued currency (such as USD, AUD, Euro, etc.).
- Investing Bitcoin: Rather than just looking for ways to spend your Bitcoin, you can put it to work earning interest for you as a long-term investment.
WHERE CAN I SPEND BITCOIN?
You’ll probably be surprised at the number of businesses that will now accept cryptocurrency as a form of payment. Global brands such as Microsoft, iTunes, PayPal, Xbox, Twitch, BMW and even the Red Cross are all now accepting Bitcoin as a form of payment. There are also a growing number of smaller businesses around the world that will accept payment via Bitcoin. And this isn’t just in major cities such as London and New York – Brisbane currently has almost 50 local vendors who will allow payment by Bitcoin. Alternatively, you can pay your BPAY bills using Bitcoin through your online trading account.
HOW CAN I TRADE BITCOIN?
Finding for the best options for trading Bitcoin? There are several options available if you decide you want to trade your Bitcoin, such as:
- An OTC trade: OTC stands for ‘over the counter’ and in the context of cryptocurrency trading it refers to a trade that is organised directly between two individuals. In other words, you advertise that you have Bitcoin available, a buyer sends you money and then you send the purchaser the address of your crypto wallet. Most OTC trades are completed by people wanting to avoid paying any fees, but they come with a high level of risk for both parties.
- A crypto exchange: A crypto exchange will buy your Bitcoin in return for government-issued currency or for a different form of cryptocurrency. They’re much like a traditional currency exchange (such as Travelex or Travel Money Oz), in that they will exchange one form of currency for another in return for a fee.
- A crypto broker platform: A crypto platform like Coinstash is the ideal place to buy and sell Bitcoin in Australia because it allows you to connect with interested third party buyers in a manner that is simple, verified and safe. When you decide to trade through Coinstash, you know that you’re working with a team that is backed by the Australian Government.
HOW CAN I USE BITCOIN AS A LONG-TERM INVESTMENT AFTER BUYING?
It may be tempting to spend or trade your Bitcoin as soon as you see a slight rise in value, but it can be far more valuable to view your Bitcoin as a long-term investment opportunity. Bitcoin has consistently been increasing in value since it was first launched. Whereas 1 Bitcoin was worth US$1,124 in 2013, that value had increased to over US$12,000 by mid-2019, before catapulting to over US$37,000 in early February 2021. That’s a substantial return for just 8 years of investment!
But investing your Bitcoin doesn’t just mean you need to leave it sitting in your digital wallet. Rather, you can put your crypto to work, so you’re earning interest on your Bitcoin while it gradually increases in value. Coinstash is currently getting busy to deliver more cryptocurrency investment options to users, so stay tuned for further updates through the year!