Bitcoin has become a huge global force over the past few years – especially in the UK and the US.
What originally started out as a niche, unknown cryptocurrency has suddenly developed into one of the biggest phenomena the world has ever seen. Now, it seems as if everyone, from your work colleagues to friends, knows about Bitcoin.
You might be surprised to learn that Bitcoin is simpler than you think. Fortunately, anyone can invest and use it how they like – and this guide is going to explain how.
Here’s how to use Bitcoin in the UK.
This guide is for both beginners and experts.
Try Online Gambling
Since the start of the 2020s, thousands of people have started to gamble online using Bitcoin.
The way it works is exactly the same as when you use normal currency: you deposit your desired amount of Bitcoin and play to your heart’s content. It’s easy.
When it comes to individual platforms, you can use Bitcoin to gamble through online sports betting websites or casino sites. Typically, online casinos are a lot more fun and engaging, so it’s recommended that you try them first. If you like to play online casinos in the UK, there are a few options available to you that accept bitcoin and crypto as deposits – you can check them all out on the list of Top Casinos as named by Not on Gamstop as a way of trying this out for yourself.
With online casinos, you can usually play a variety of different games, from poker to roulette. If you’re a beginner, make sure to try beginner-friendly games, such as online slot machines. If you don’t want to use bitcoin, you can always use more traditional money methods. That list of casinos also recommends casinos that handle money currency.
But Wait – I Don’t Know Where to Store My Bitcoin?
If you’re a newbie to the world of Bitcoin and don’t know how to store it, here’s what to do.
In your pocket, you probably keep your wallet, right? Inside your wallet, they’ll no doubt be cash. Well, it’s the exact same concept with Bitcoin, only you store it digitally online (remember, Bitcoin isn’t a physical currency!).
The digital wallet you use can be hardware or software-based – it’s entirely down to personal preference.
Here’s the good news: your wallet can be stored on a smartphone, computer, laptop, or tablet.
For mobile users, it’s recommended you use Mycelium, which is a very beginner-friendly app that you can download from the app store.
If you would prefer to use a hardware-based wallet, try Ledger Nano X.
Save Your Bitcoin
Many professionals – such as Elon Musk – recommend saving your Bitcoin for the long term. The reason behind this is that there’s the possibility that Bitcoin will continue to grow in value over the coming years and even decades.
If this turns out to be true, people will be able to make a profit off the Bitcoin they have saved if the value skyrockets in the future.
Alternatively, Spend Your Bitcoin
If you don’t want to save your Bitcoin and would rather directly invest it into something, here are a few ideas to try:
- Home Depot
- Airline Travel (yes, you can travel the world using Bitcoin)
Remember, Bitcoin is similar to traditional currency in the sense that you shouldn’t spend it recklessly. Instead, be responsible and treat it the same way you would your native currency.
