In 2024, Bitcoin continues to solidify its place in global finance, becoming an ever more versatile tool for transactions, saving, and investing. This guide will walk you through the various ways to use Bitcoin in 2024, from spending it with merchants to earning interest and storing it securely.
Bitcoin’s use cases have expanded significantly over the years, and in 2024, it’s no longer just a speculative asset. Today, Bitcoin can be used for a variety of purposes:
One exciting development in 2024 is the growing number of merchants accepting Bitcoin. As more businesses recognise the benefits of digital currencies, paying with Bitcoin is easier than ever before.
- Online Retailers: Major e-commerce platforms have integrated Bitcoin payment options, allowing users to buy everything from electronics to clothing.
- Brick-and-Mortar Stores: More physical stores now accept Bitcoin through payment processors or Bitcoin debit cards.
- Travel: Airlines, hotels, and travel agencies have embraced Bitcoin payments, making it possible to plan and pay for trips with cryptocurrency.
Platforms like BitPay and Coinbase Commerce are helping businesses adopt Bitcoin payments more seamlessly, while services like Crypto.com and Wirex offer Bitcoin debit cards that make spending your Bitcoin as easy as using traditional currency.
In addition to spending, one of the most appealing ways to use Bitcoin in 2024 is to earn interest on your holdings. Instead of letting your Bitcoin sit idle, platforms like Ledn allow you to put your Bitcoin to work and earn passive income.
With Ledn Growth Accounts, you can earn interest on your Bitcoin. These accounts are particularly useful if your focus is on preserving and growing wealth through passive income. Ledn Growth Accounts offer industry-leading APY rates, allowing users to generate returns even when market prices are stagnant or declining.
Ledn’s Dual Cryptocurrency Notes (DCNs) allow you to take advantage of market volatility by offering higher, fixed-term interest rates with the option to buy or sell Bitcoin at a target price in the future. This product is ideal if you have a long-term view of Bitcoin, as you can either purchase BTC at a predetermined low price or sell BTC at a predetermined high price, while earning interest in the meantime.
Read more: How to Use Ledn to Grow Digital Wealth
- Security: Ledn prioritizes security, with over collateralized lending practices that ensure the safety of your assets. It processed $1.16 billion in BTC and ETH loans in the first half of 2024.
- Transparency: Ledn is fully transparent in its operations, providing regular Proof of Reserves reports so users can verify their holdings.
- Earn While You Hold: Ledn allows users to earn interest on their Bitcoin, giving you a return on your holdings.
Bitcoin is a valuable asset for long-term holders. To hold effectively, here are a few strategies to consider:
This involves regularly purchasing Bitcoin regardless of price fluctuations, which can help mitigate the risks of market volatility.
Including Bitcoin in a diversified investment portfolio can balance risk, as Bitcoin often behaves differently from traditional assets like stocks or bonds.
2024 has seen an increase in institutional interest in Bitcoin, and new financial products, such as Bitcoin ETFs, offer more ways to gain exposure. The recent halving may present both opportunities and considerations.
Read more: What Happens When Bitcoin Halves? The Complete Guide
Here’s what to consider In light of that, says Ledn co-founder Mauricio Di Bartolomeo:
The halving has reduced the supply of new Bitcoin, which historically has led to higher prices due to scarcity. However, the price may take time to react, especially given the recent approval of Bitcoin Spot ETFs. Stay patient, as the reduced supply, combined with increasing institutional interest through ETFs, could push prices higher in the longer term.
The approval of Bitcoin Spot ETFs in the U.S. may have pulled some demand forward, impacting immediate price action. Keep an eye on this trend, as the full effects of both the halving and ETF market entry may not be fully realized yet. If demand continues to grow, Bitcoin's price could benefit over time.
Read more: 10 Best Spot Bitcoin ETFs in 2024
The halving has reduced mining rewards, which may cause smaller mining operations to shut down or consolidate. This could reduce overall network power consumption and bring positive environmental news, but it could also tighten the Bitcoin supply further, influencing price movements.
If central banks lower interest rates to stimulate the economy, Bitcoin may experience a more favorable environment. Be prepared for potential price movements as economic conditions shift.
Read more: Is it too late to buy Bitcoin? Ledn Experts review
In addition to offering interest-earning accounts, some platforms (like Ledn) offer Bitcoin-backed loans that allow you to access liquidity while still maintaining ownership of your Bitcoin.
Read more: How to Get a Bitcoin Loan in 12 Simple Steps
The main borrowing options are:
Standard Dollar Loans: Ledn’s Standard Dollar Loans let you borrow against your Bitcoin or Ethereum, providing instant liquidity. You can use the funds for any purpose, including personal expenses or purchasing more digital assets. The loan process is quick, typically approved within 24 hours.
Custodied Dollar Loans: These loans offer an additional layer of security for clients who prioritize safeguarding their digital assets. Unlike Standard Loans, collateral for Custodied Loans is not rehypothecated, meaning it is securely held by a third-party custodian and cannot be lent out to other parties.
B2X Loans: If you’re those looking to increase your exposure to Bitcoin during favorable market conditions, Ledn offers B2X loans. This allows you to double your Bitcoin holdings by automatically using the loan to purchase more BTC. As Bitcoin’s price rises, you can repay the loan and gain additional Bitcoin as part of their portfolio.
Read more: The Ultimate Guide to Crypto Lending - Everything You Need To Know
Low Interest Rates: Ledn offers competitive interest rates on their Bitcoin-backed loans, making borrowing more affordable.
No Credit Checks: Bitcoin loans are secured by your assets, so you don’t need to go through traditional credit checks to qualify.
Quick Access to Funds: Loans are usually paid out within 24 hours.
Before spending, earning, or investing in Bitcoin, ensuring the security of your holdings is essential. In 2024, there are multiple ways to store Bitcoin, each with varying levels of security, convenience, and control.
Bitcoin has grown far beyond a speculative asset, and understanding how to use it effectively can help you maximize your returns. Whether you're spending Bitcoin at your favorite retailer, earning interest with Ledn, or holding for the long term, the opportunities are vast.
Ledn offers a reliable, transparent, and profitable way to manage your Bitcoin holdings. Ready to make the most of Bitcoin in 2024? Open a Ledn account today and start earning while keeping your Bitcoin secure.
Disclaimer
This article is sponsored by 21 Technologies Inc. and/or its subsidiaries (“Ledn”) and is for general information, discussion, or educational purposes only and is not to be construed or relied upon as constituting legal, financial, investment, accounting, tax, estate-planning, or other professional advice or recommendation. Please read Ledn’s full Risk Disclosure Statement and Disclaimers.