How can I read words (instead of lines) from a file?

Question

I\'ve read this question about how to read n characters from a text file using bash. I would like to know how to read a word at a time from a file that looks like:

Answer 1

I came across this question and the proposed answers, but I don't see listed this simple possibile solution:

for word in `cat inputfile`
do
  echo $word
done