Discovering Crypto Uses With Bitget
The crypto industry has become an integrated part of the global financial system, especially when more people are seeing Bitcoin as the ‘digital gold’. But there is more to cryptocurrencies than a mere investment option: the first recorded Bitcoin commercial transaction took place on May 22, 2010, unlocking crypto’s potential to be a universal medium of exchange.
The developments of blockchain technology allow for remarkable explorations in terms of new use cases and solutions. According to Insights from CoinGecko's NFT and Crypto Users Survey, we have the eight most popular ways to use crypto.
In this article, let’s see how you can use crypto in your daily lives with Bitget.
Investment is the most popular use for crypto. Traders invest in cryptocurrencies because, historically speaking, it provides a better return on investment than traditional assets. In recent years, crypto trading has seen a surge in market participants, hence better liquidity. That makes investing in crypto significantly less risky than before.
Bitget is proud to be one of the world's largest crypto exchanges with a trusted security system that has attracted 8 million registered users worldwide. We're happy to be the one who accompanies our Bitgetters in their crypto journey.
More people are getting into cryptocurrency because they find a new way to grow their holdings without putting in any effort. Staking is an earning method that helps direct liquidity to where it’s needed; cryptocurrencies holders will deposit their assets into one pool called liquidity pool, and exchanges, be it decentralized or centralized, use the pool for liquidity and pay liquidity providers interest. Staking was first introduced by DEXs, but the thing is, it takes time and knowledge to find reliable DEXs and figure out the whole wallet - signing - transfer - staking process. That’s when centralized exchanges come into play: they now offer staking that is beginner-friendly and 100% secure.
A prime example for that is Bitget Launchpool. It's a fantastic platform where Bitgetters can earn popular or newly listed tokens simply by staking your BGB or a designated token into the pool. It's really that simple! Note that all our pools are designed to be open for no more than two weeks, which reduces the risk of volatile markets. So if you're looking for a way to earn extra tokens without any hassle, check out Bitget Launchpool!
That's not all! BGB staking is the innovative version of staking that exclusively targets BGB holders. Consider it your savings account that comes with the gifts of free withdrawals and more!
Since the first Bitcoin commercial transaction, many businesses have added crypto as a new payment option. According to Buy Bitcoin Worldwide, there are 15,174 businesses in the world that accept crypto payments, 2,300 of which are US-based. The crypto advocate Elon Musk also added Bitcoin to Tesla’s payment options in 2021.
There are 500+ spot pairs available on Bitget Spot Trading, which gives Bitgetters several options and highly liquid markets for crypto purchases. And don’t forget to enjoy a direct 20% fee reduction if you use BGB to pay for your transactions! Read more on the topic here.
It's interesting to note that many cryptocurrency holders have engaged in speculation. Speculators may enter and exit assets several times quickly. This is likely due to the highly volatile nature of the crypto market, which can indeed serve as extremely lucrative earning opportunities- if it’s done right. Besides, let’s not forget the invention of perpetual futures - a specialty of crypto that utilizes the power of leverage with the same earning opportunities as spot trading.
Check out Bitget futures products here:
Participation in Token Sales
The world of token sales has evolved beyond traditional Initial Coin Offerings (ICOs). Alternatives like Initial Exchange Offering (IEO) and Initial DEX Offering (IDO) give founders and investors more limitless options. It's incredible how much capital can be raised in seconds, empowering the 24/7 growth of this industry as a whole.
Bitget Launchpad is the go-to platform for participating in token sales. We carefully review teams, their white papers, roadmaps as well as the idea to bring you only the best investment!
74.7% of crypto users have tried yield farming, meaning it might be less accessible to people than staking. Nonetheless, yield farming was still one of the most popular crypto activities during DeFi Summer in 2020. So, what is Yield Farming, and how do you start it? We have the most detailed guide for you here.
Data shows that 74.5% of holders have voted or participated in projects for which they held the token. It's worth noting that only 2 in 10 holders engaged in their DAOs' governance on a frequent basis, while another 5 in 10 only did so sometimes or rarely. The remaining 25.5% have never participated in governance.
Lending or Borrowing
Lending and borrowing can be considered the backbone of DeFi. However, there seems to be an aversion towards lending and borrowing among crypto holders, which is reflected by the significant 42.4% of holders who have never participated in these activities. This may be due to the perception that lending and borrowing are riskier or too challenging to understand.
While crypto is recently treated as a financial asset, it is by design programmable, which means that it has unlimited possible applications in the near future. Curious to find out more about the future of cryptos? Join us and keep learning with Bitget Academy and Bitget Blog!
Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.
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