Bitcoin was the first cryptocurrency to register its presence in the digital world and has been helping people transact for thirteen years. Since the inception of this electronic currency, the crypto market has experienced the birth of thousands of cryptocurrencies. This digital money has come a long way and survived drastic ups and downs, proving that it is here to stay. This virtual currency started as a peer-to-peer payment system but has evolved and gained more use cases that extend far beyond the original use case of this digital money. People can use this virtual currency for more than merely paying for goods and services. Below are the top four use cases of this virtual currency. 

Asset Tokenization

This virtual asset has made it possible to tokenize physical assets and link them to digital tokens. Real estate, art, stocks, and other commodities can be tokenized and represented as this electronic money. Asset-backed tickets, however, have intrinsic value that directly connects to the underlying physical asset. In addition, to trade efficiently, you can join the community of a reliable trading platform like bitcoin up

On the other hand, asset tokenization increases the market liquidity of real-world assets like real estate. The digitization of assets also allows previously excluded investors to explore the Bitcoin market.

Governance

Governance might not sound like one of this digital currency's most used cases. However, on-voting is a very effective means of ensuring a provable voter network. This digital currency has an underlying technology known as blockchain that helps to record and verify transactions. This blockchain technology provides the transaction is recorded publicly and permanently; hence everyone can view them. 

On the other hand, these virtual currency miners have long engaged in intimidating governance by showing support for protocol changes after signing new blocks. Blockchain governance has gotten more complicated since 2017 when the Bitcoin network hash rate was adding the letters NYA to blocks in support of the New York Agreement. Moreover, there was an introduction of a successful budget voting mechanism that significant scores of projects have emulated. There are now Bitcoin assets whose primary function includes governance. On the contrary, participation in the on-chain government has been low for these digital money projects, showing voter laziness is a universal problem. 

Store of Value

This digital currency is a good store of value as it can transfer and store value over time and space. Moreover, many people refer to this electronic currency as digital gold. This virtual currency draws its value from its limited supply. Because of the scarcity of this electronic currency, demand for Bitcoin increases leading to a rise in value. Eventually, large firms and corporations use this virtual asset to save a share of their funds. 

Unlike fiat currency, this electronic currency is not affected by inflation. Conventional money is subject to inflation due to its unlimited supply. If you use banks to store your cash, certain economic conditions may arise, affecting your money's value. Therefore, many people are using this digital currency to hedge against inflation. 

Online Payments

This virtual money is entirely online; hence it plays a vital role in the digital economy. Bitcoin is decentralized, meaning no intermediaries are involved when conducting transactions. Because of the absence of intermediaries, transactions are fast and less costly. 

Moreover, this virtual currency eases cross-border transactions as people can send and receive this virtual currency using exchanges at any time of the day from anywhere. This virtual asset has zero barriers to entry and is available 24/7. Well-established companies like Starbucks and PayPal have incorporated a Bitcoin payment system. 

The Bottom Line

Generally, this article highlights the most critical use cases of this digital currency, but there are others because Bitcoin platforms and their utilities are vast and still expanding. This digital currency is the most successful innovation that Satoshi Nakamoto did create.