Lots of us have heard the stories about those who got into Bitcoin early, or even the people who famously allowed a customer to pay for a pizza using Bitcoin and have done rather well out of it, financially. 

For a long time, people were of the opinion that saving and holding onto Bitcoin was really the only thing to do with it, and there weren’t too many options for using it until the likes of Elon Musk hugely promoted the currency (and even let people buy a car with it). 

Bitcoin today is a different proposition, walk through a big city and there is a high chance that you’ll come across multiple places where Bitcoin is usable either directly or through a third-party processor. Online, it is a similar story, with loads of ways for people to buy items and services using modern cryptocurrencies. 

Industries Promoting Bitcoin and its Use

It is thought that more than 50% of all Bitcoin transactions now involve gambling, making the gambling industry one of the driving factors behind cryptocurrency’s growth and Bitcoin becoming mainstream. Studies predict that this will continue to be a link for many years to come.

Bitcoin makes an ideal ally for those who want to use online casinos, and bitcoin poker is one use case that makes a lot of sense. Playing poker with the coin provides a lot of different potential benefits, including the fact that the transactions are often faster and have fewer fees involved for players. 

Anonymity is another reason why there are so many people who are using Bitcoin for their poker transactions, as it can provide them with a way to move money without having to share too much information and private details. Ultimately, Bitcoin’s borderless nature and the potential for provably fair gaming systems have made it an attractive option for poker enthusiasts worldwide.

Bitcoin’s gambling links go even further with the benefits provided by the cryptocurrency, for example, they can provide very fast payments meaning that money can be deposited into gambling and casino sites virtually instantly.

Online gaming is embracing Bitcoin in general, besides the casino industry, and there are many ways that people can pay for games and expansions using Bitcoin. Steam is one of the places where people can buy games using a middleman, Bitpay. 

These take the payment in Bitcoin but can transfer it to whatever currency (within reason) the merchant wants to receive. Steam used to take cryptocurrency as one of its direct payment methods, but it is now using this intermediate payment processor.

Uses of Bitcoin In-Person

Using Bitcoin in person is something that is part of everyday life for some people, meaning that it is entirely possible to use it to buy meals or goods. A lot of retailers have started to allow people to buy high-ticket-price goods such as designer fashion. Ralph Lauren’s flagship stores offer the chance for people to buy everything from bags to shirts using cryptocurrencies. 

Bitcoin’s use is more mainstream in some countries than others, and in certain areas, it is embraced a lot more than others, for instance, if you spend time in some of the bigger US cities it is more likely that there will be places you can pay with Bitcoin and even some other cryptocurrencies.

Holding Bitcoin

Some people’s choice to hold on to Bitcoin is based on their future plans and the fact that they might think Bitcoin is a good long-term holding. Another reason for holding Bitcoin for longer is the fact that there are a lot of different incentives for keeping it in an account, and this is changing all the time, too.

Earning interest from cryptocurrency is something that is becoming more mainstream, and even if you can’t earn from the money, some digital wallets are providing other incentives such as rewards for people who hold their cryptocurrencies through them.

People have different options and as of 2024, some estimates say there are over 46 million Bitcoin wallets holding at least $1 of value, but most people don’t just hold Bitcoin, as well as use Bitcoin in their daily lives, they are likely to have numerous different financial interests and this might include other types of crypto, as well as stocks and shares. Financial options have changed, and people no longer just have to rely on putting their money into a bank account or using flat currencies. 

Conclusion

The early days of Bitcoin (for those of us who can remember these times) made it tougher to actually use the currencies, as it didn’t have the traction and household popularity that it has now. 

Now, people can buy a meal, some new clothes, or a car using the currency. People don’t have to choose between one or the other option, they can store most of their money in a digital wallet or use it as needed on a day-to-day basis. People can also transfer it into flat currencies pretty simply if needed, meaning the world of Bitcoin has become a lot more flexible.