Greetings everyone! So, we have known about what is Bitcoin or BTC, as we clearly discussed in one of our writing. So, if you read it, you know who created it and why was the need for its creation. So now the question is, is it working? Is there something like virtual currency out there? Who is using it? Are we allowed to use it? And every soul question of this blog, what can we buy using BTC?
Let us stay curious and know all we can and answer all these questions. But the very first thing before buying is where and how will we store our BTC?
Like our physical currency has a wallet, in the same way, we can store our Bitcoin evolution in the digital wallet. Digital wallets can be web or hardware-based. But is it safe? The wallet’s safety relies on the user as they are given the private key to access it and use their BTC. But like every other digital thing, it is prone to be lost through computer crashes, hacking, etc.
The hot wallet is internet-based (online wallet). This wallet is used in devices with an internet connection as it generates private keys online on those devices. This wallet is best for the transaction as it let you transact easily and quickly but is more prone to losing the BTC as it is online. Do you want some advice? Always keep the lowest amount in a hot wallet, i.e., only for the transaction as it should not be and is not used to store your BTC or all your BTC.
Are there any safer ways?
Yes, the safer way to store the BTC is Cold Wallet.
The cold wallet is the safer option to store your BTC as it is not connected to the internet. It is a hardware or offline wallet.
The hardware wallet is a USB Drives storing your private key for accessing your BTC. One can always keep it away from computers or devices with the internet hence making it safe from vulnerabilities.
The best and safest way to store BTC is a paper wallet.
Some people print their private key on paper and stores it physically and safely at their home or bank lockers. The physical way is safest; still, you lose your paper.
What can we buy using BTC?
Since it is a currency accepted globally so of course, we can buy multiple things using BTC.
Yes, now you can invest in gold using BTC. Bitgild and European Mint allow you to buy gold on payment through BTC.
- Bitcoin Watch
Now comes a Bitcoin watch with an engraved QR code and private key for the transactions through BTC.
You can book your hotels and flights through BTC through various websites like Xceltrip, Destinia, etc.
- Luxury Vehicles
One can buy various luxury cars like Porsche, Lamborghini, Tesla, or even private jets using BTC.
- Web services
You can buy your domain name, website hosting, servers, and cloud storage using BTC.
- Paypal services
One can buy things on Paypal using BTC. One can even buy or sell their BTC on Paypal.
You can buy snacks like pizza in Venezuela, whoopers in Burger King in the Netherlands, or even buy from famous brands like Papa Johns, Dunkin’ Donuts, Dominos, etc. Bitrefill.
One can donate for charity to various NGOs using BTC.