Bitcoin, the world’s leading digital currency, has many functional purposes available to its holders which may surprise and interest members of the general public. It is an extremely versatile and flexible currency that has many advantages over traditional paper-based currencies.

Lets take a look at it’s practical uses in 2015:

Hold Bitcoin as a Store of Value
As bitcoin is a digital currency, and is decentralised i.e: held outside of the traditional financial system. It allows it to be used as a hedge against any decline in the traditional currencies of the world in the event of a financial crisis. Also, as its limited in supply, only 21 millions bitcoins will ever exist and cannot be over-mined. It can be seen as the gold of the digital age. See: http://haveninvestor.com/haven-investor-why-bitcoin-is-better-than-gold-as-a-store-of-wealth/

Buy Good and Services with Bitcoin
Over 100,000 marketplaces now accept Bitcoin as a means of payment for goods and services and it is continuing to rise at a staggering rate as the acceptance of digital currencies moves into more into the mainstream. Payments are made instantaneously and the merchant benefits from minimal fees compared to traditional sources of payment. Check out Spend Bitcoins, for the largest directory on where to spend Bitcoin on a day to day basis or for luxury purchases, check out Bit Premier.

Work Globally, Get Paid in Bitcoin
There are a number of sites now offering free lance work with the reward being paid in Bitcoin. This is especially attractive when working on cross border assignments. Also, the fees associated on remittances home for overseas workers in particular to developing countries are extremely high, which can be significantly reduced with the use of Bitcoin as payments are instantaneous and cheap to make.

Trading Bitcoin
By buying and selling bitcoins in relation to your home currency, there is an opportunity to make a capital gain from the movement in its price. However, as the Bitcoin has matured in recent times, the price has been stable reducing the opportunity from any volatility in it’s price. Supporting the value of Bitcoin for the future. Check out Coin Corner for Bitcoin Trading opportunities.

Lend Your Bitcoin for Income
As an asset, your Bitcoin can be lent to any borrower anywhere in the world for a reasonable rate of interest generating a good source of income. Lenders and borrowers can benefit from the interest rate arbitrage between low and high interest rate countries, ie: a lender from a low interest rate country for example Germany, lending to a high interest rate country for example Brazil. Both parties benefit, with a higher rate of return for the lender and a lower borrowing cost for the borrower. Check out our section on Peer to Peer Lending with Bitcoin to get started.

More Secure source of payment than a Credit Card
The security protocol for a credit card has not changed for the last 70 years and was never designed for online use. Hence, the requirement to submit all your personal details (name, address, card number etc) online leaving it heavily exposed for fraudulent use. Whilst Bitcoin requires two keys information, public and private key to sign off the transaction with private key only known to the holder and is secure.

To get started with Bitcoin, the Haven Investor team will guide you step-by-step and get you up and running. Then its up to you.