If you’ve ever invested in Bitcoin or cryptocurrency in general (or contemplated doing so), one thought probably occurs over and over: Why use Bitcoin?
The question is valid. The typical Champaign County person grasps next to nothing about electronic cash, currency that exists in the virtual arena. Even when printed on paper, it’s just a QR code. Why switch hard-earned dollars into something seemingly so abstract?
A multitude of motivations exist – among them, privacy, instantaneous transactions, investment possibility and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (frequently termed “digital Gold”) is the most widespread and commonly held. Demand has accelerated so much that more than 4,000 local Bitcoin ATMs function 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 transform money to Bitcoin, you enter a financial world where you are in utter control. Bitcoin is not tethered by any government rules, nor rules of third-party Champaign County financial institutions. It’s a decentralized, global currency used for dealings directly between two parties, with neither knowing whom the other is.
Bitcoin is immensely valuable as a remittance tool. It’s faster and far cheaper than Western Union or MoneyGram for those sending money globally. A local Bitcoin ATM can turn cash into remittances within minutes.
At one instance in 2017, the value of Bitcoin surpassed the price of one troy ounce of Gold. Both are viewed as “safe haven” holdings for Champaign County investors. The “Bitcoin vs. Gold” discussion has occurred for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a finite supply, while the worldwide stockpile of Gold grows roughly 1.5 percent every year. In the five years preceding 2020, Gold’s value rose around 67 percent; Bitcoin, on the other hand, increased as much as 4,500 percent.
The total of Champaign County businesses and organizations accepting Bitcoin grows continuously. Popular names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are included.
Anyone can buy and use Bitcoin. Given that 25 percent of U.S. households, including those in Champaign County, are unbanked or underbanked, its allure to those who don’t use banks – whether by preference or other reason – is undeniable. Bitcoin security is unequaled, shielded by a worldwide network of complex computers using blockchain technology.
Dealings using Bitcoin are immediately completed. There’s no paperwork. The virtual money is kept in an online “crypto wallet,” inaccessible to all but those who know its private “key.”
In short, Bitcoin is for those who want a safe, private alternative to traditional money. If you’re interested in examining Bitcoin, perhaps begin with a small value. Patronize a cheap local Bitcoin ATM near Champaign County and deposit some cash. Understand how a virtual wallet works, and how Bitcoin is used to buy products and services.
You can feel secure doing so, too. Coinsource Bitcoin ATMs have one of the highest levels of compliance in the industry, backed by more than 30 money transmitter licenses. Coinsource is one of the most entrusted Bitcoin ATM companies globally and in Champaign County .
You might have more questions about Bitcoin … and that’s normal. But the answer to the incessant one – “Why use Bitcoin?” – will likely be answered before you know it.
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