Bitcoin (BTC) is one of the most valuable cryptocurrencies on the market and some BTC holders can call themselves BTC millionaires or billionaires (as measured in U.S. Dollars).
But what can you do with it? What are the benefits of holding Bitcoin?
In this article we’ll explore the benefits of bitcoin. Let’s dive in and see how Bitcoin can help you learn passive interest income to increase your wealth, get loans against bitcoin to preserve your assets, spend bitcoin to keep the effects of inflation at bay.
Generate Passive Interest Income — Get Richer
The path to financial independence is one of generating passive income on assets you own. (Like getting rental income on a property you’ve bought.) Abra Boost pays daily compounded interest on many cryptocurrencies and USD stablecoin deposits.
As of this writing, these include Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Ethereum (ETH), Litecoin (LTC), Paxos (PAX), Stellar Lumens (XLM), Tether (USDT), TrueUSD (TUSD), and USD Coin (USDC).
Get Loans Against Bitcoin — Preserve Assets
When your expenditures exceed your income you could liquidate some assets to raise some spending money. A better way, that preserves your precious cryptocurrencies, is to borrow against them. The [Abra Borrow](https://www.abra.com/borrow/) program provides loans using your Bitcoin or Ethereum holdings as collateral. The interest rate on the loan is calculated based on the loan-to-value ratio (the more collateral, the lower the interest rate) and on the loan term (the shorter the loan, the lower the interest rate).
Spend Bitcoin — Keep Inflation at Bay
Because the total quantity of Bitcoin has been fixed from the beginning, it has great potential to be a store of value. This hedge against inflation — where a money supply is not limited — is a powerful selling point of Bitcoin. Rather than selling Bitcoin for a local fiat currency and then spending it, the following retailers accept Bitcoin. (Some accept it directly, others are available through a middle service. Some also generate loyalty rewards.)
| Retailer | Method | Products |
| Baskin Robbins | Spedn | ice cream |
| CVS | Lolli | drug store |
| Gamestop | Spedn | video games |
| Godaddy | Lolli | domain name registrar |
| Home Depot | Flexa’s in-store checkout systems | hardware |
| Jamba Juice | Spedn | smoothies |
| Jet | Lolli | consumer goods |
| Macy’s | Lolli | consumer goods |
| Microsoft | directly | online Xbox store |
| Namecheap | directly | domain name registrar |
| NewEgg | directly | computer hardware |
| Overstock | directly | household goods & services |
| Regal Cinemas | Spedn | movie house |
| Starbucks | Bakkt at the register | coffee, tea |
| Walmart | Lolli | drug store |
| Whole Foods | Spedn | groceries |
Conclusion
Bitcoin’s advantage is how widely it’s accepted as an alternate currency, and it how it can help your financial future by generating passive interest, use as collateral for loans, and be spent directly for many goods and services.
We offer resources such as videos and crypto investing guides to help you conquer crypto. Join our community and find more people achieving their financial goals through crypto. Download the Abra app and start trading today!
Download AppAbout Abra
Established in 2014, Abra is on a mission to create a simple and honest platform that enables millions of cryptocurrency holders to maximize the potential of their assets. Abra enables both individuals and businesses to safely and securely buy, trade, and borrow against cryptocurrencies – all in one place. Abra’s vision is an open, global financial system that is easily accessible to everyone.
Why Abra
Based in the United States, Abra is available in over 150 countries and makes it easy to convert between crypto and a wide variety of local fiat currencies. With over 2MM customers, $7B in transactions processed, and $1.5B in assets under management, Abra continues to grow rapidly. Abra is widely loved and trusted – in April 2022, pymnts.com reviewed and rated Abra amongst the top 5 most popular crypto wallets in the market. Abra is backed by top-tier investors such as American Express Ventures and First Round Capital.
How Abra Protects Your Funds
Abra places clients’ financial objectives and security first. Abra practices a culture of risk management across all levels and functions within the organization.
Abra employs a state-of-the-art enterprise risk management framework that comprises a comprehensive set of policies, procedures, and practices detailing all applicable risk-related objectives and constraints for the entirety of the business. Abra has instituted a complete set of requisite systems and controls that continuously enforce these policies, procedures, and practices to manage all operations, including credit and lending. Abra’s independent Risk Committee comprises experienced compliance, risk, securities, and fraud operations professionals with backgrounds in industries ranging from traditional and digital assets banking, payments, remittance, to fintech.
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