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5 things you can do with Bitcoin

Sophie Nicolas

By Sophie Nicolas

So, you’ve finally bought some Bitcoin and you're wondering: What now? Well, there are actually a few options. So whether you’re a seasoned investor or a complete newbie, here are some things you can do with your Bitcoin. Read on to find out five options for how you can use your Bitcoin.

1. Hodl your Bitcoin

No, that’s not a typo. Hodling is slang in the Bitcoin community which basically means to do absolutely nothing - keep hold of your dear assets and don’t sell for anything. The term “HODL” originated in 2013 from a post in the Bitcoin talk forum, where a user drunkenly (hence the misspelling) rants "I AM HODLING".

Holding (hodling) Bitcoin is a part of a long-term strategy to wait out the volatility of the market and wait for the price to go back up. So far, this strategy already worked quite well for many people.

2. Buy stuff with Bitcoin

Bitcoin isn’t available as a payment method everywhere yet, but that doesn’t mean that there aren’t some companies that aren’t making the jump to accepting crypto payments! For example, Lieferando, a popular Germany-based food delivery service, accepts Bitcoin as payment. Pizza, anyone?

3. Donate Bitcoin to a good cause

You could also donate some of your Bitcoin to a good cause such as SOS Kinderdorf. Other donations will be used for school fees, school material and raising awareness of the importance of education.

4. Send Bitcoin to friends across the globe

Why not share the love and send some Bitcoin to a friend? All you need is their Bitcoin address. Bitcoin is pretty much like cash for the internet, so for example, say your friend has paid for your half of the meal at a restaurant, you could pay them back your half with Bitcoin. Only, of course, if that person wants Bitcoin as repayment and has an online wallet with a broker.

5. Swap Bitcoin on Bitpanda (for something else)

Don’t fancy holding on to your Bitcoin anymore? Found something else that’s caught your eye? You can actually swap your Bitcoin for any other digital asset (at least, on Bitpanda you can). In as little as three steps, you can swap your Bitcoin for, say, Ethereum, and even define the amount that you want to swap so you can have a bit of both. This is called diversifying your assets!

Head over to Bitpanda to start trading Bitcoin and over 50 other digital assets!

Sophie Nicolas

Sophie Nicolas