If you have a few million satoshis lying around in your crypto wallet, or if you are just lucky enough to own multiple whole bitcoins, you might have more use for them than you know.
Go through the following pointers and find out whether your bitcoins are better where they are right now, or if you can do a lot more with them.
Get Some Cash in Exchange for Bitcoin from an ATM
Unknown to many, it’s possible to exchange bitcoins for cash at a local ATM. To do that, you will just have to find the nearest bitcoin coin ATM that allows bi-directional transactions.
Normally, bitcoin ATMs only allow people to buy the cryptocurrency with cash, but a bi-directional machine will also allow them to exchange bitcoin for cash.
Trading in Bitcoin Can be Very Profitable
Similar to Forex and the stock market, major cryptocurrencies such as bitcoin also have a huge trading industry built around it.
However, due to the highly volatile nature of bitcoin, trading can either be very profitable, or it can also lead to heavy, but often temporary losses.
If you are thinking about buying or selling bitcoins, we highly recommend that you first go through Bitcoin trading guides such as this from easyMarkets to maximise your investment and minimise any chances of suffering a loss.
Rest assured though, if you only take the time to learn and gain some experience first, trading is likely going to be the best use for your bitcoins.
Pay with Bitcoin
The number of online and offline vendors who accept bitcoin payments are increasing constantly, especially considering our recent dependence on eCommerce and online payment methods.
By the time you get around to reading this, chances are that the list will be much longer, but even now, a lot of big and an even larger number of smaller establishments do accept bitcoin payments for goods.
Well-known vendors that accept bitcoin in Australia include, but are certainly not limited to Microsoft, Wikipedia, Subway, NewEgg, Overstock, Travelbybit and more.
Buy Gift Cards
A huge number of online stores, including Amazon, Steam, Spotify, App Store, iTunes, and the like do not accept bitcoins, or any other cryptocurrency for that matter.
Fortunately, they all have redeemable gift cards that you can easily buy with your bitcoin stash. The gift cards can be bought from websites such as Gift Off for example, but there are plenty of other options.
You should always compare the exchange rates which each eGift card shop is offering, and the fee that they are charging, before deciding from whom to buy your gift cards from.
Aside from these, the most surprising thing about Australian offline shops is that they outdo their online counterparts when it comes to accepting bitcoins.
A large number of small cafes, diners, pubs, nightclubs and restaurants in main Australian cities such as Melbourne and Sydney will happily accept your bitcoin payments. So, what will you spend yours on?