If you’ve ever invested in Bitcoin or cryptocurrency in general (or wondered about doing so), one thought likely occurs simultaneously: Why use Bitcoin?
The question is valid. The common Champaign County individual knows next to nothing about electronic cash, currency that exists in the virtual space. Even when held on paper, it’s just a QR code. Why convert hard-earned dollars into something seemingly so abstract?
Multiple motives exist – among them, privacy, instantaneous transactions, investment potential and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (frequently termed “digital Gold”) is the most common and regularly held. Demand has accelerated so much that more than 4,000 local Bitcoin ATMs exist in the U.S. If you’re in Champaign County , just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you change money to Bitcoin, you enter a financial arena where you are in total control. Bitcoin is not tethered by any government regulations, nor policies of third-party Champaign County financial institutions. It’s a decentralized, worldwide currency used for transactions directly between two sides, with neither knowing whom the other is.
Bitcoin is immensely valuable as a remittance tool. It’s faster and far less expensive than Western Union or MoneyGram for those sending money between nations. A local Bitcoin ATM can change cash into remittances within minutes.
At one time in 2017, the price of Bitcoin topped the price of one troy ounce of Gold. Both are viewed as “safe haven” holdings for Champaign County investors. The “Bitcoin vs. Gold” argument has raged for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a finite amount, while the worldwide availability of Gold expands roughly 1.5 percent each year. In the five years prior to 2020, Gold’s value rose around 67 percent; Bitcoin, however, expanded as much as 4,500 percent.
The number of Champaign County businesses and organizations using Bitcoin expands steadily. Everyday names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are included.
Anyone can purchase and use Bitcoin. Given that 25 percent of U.S. households, including those in Champaign County, are unbanked or underbanked, its attractiveness to those who don’t use banks – whether by preference or other rationale – is natural. Bitcoin security is unparalleled, shielded by a global network of complex computers operating with blockchain technology.
Transactions using Bitcoin are instantly completed. There’s no hindrances. The virtual currency is kept in an online “crypto wallet,” inaccessible to all but those who hold its private “key.”
In short, Bitcoin is for those who desire a safe, private option to conventional money. If you’re interested in trying Bitcoin, perhaps begin with a small sum. Visit a cheap local Bitcoin ATM near Champaign County and deposit some cash. Get a feel for how a virtual wallet works, and how Bitcoin is used to buy products and services.
You can feel safe doing so, too. Coinsource Bitcoin ATMs have one of the highest levels of compliance in the industry, secured by more than 30 money transmitter licenses. Coinsource is one of the most validated Bitcoin ATM companies globally and in Champaign County .
You likely have more questions about Bitcoin … and that’s logical. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered very soon.
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