What can you do with Bitcoin after buying it?

So, I'm curious - what exactly can one do with Bitcoin after purchasing it? Is it just a matter of holding onto it and waiting for its value to increase? Or can it be used for other purposes? Can I buy goods and services with Bitcoin? What about investments or trading opportunities? Is there a specific way I should manage my Bitcoin holdings, or is it more of a hands-off approach? I'm interested in understanding the full range of options available to me as a Bitcoin owner.