If you’ve ever invested in Bitcoin or cryptocurrency in general (or considered doing so), one thought likely occurs repeatedly: Why use Bitcoin?
The question is valid. The typical Longview person grasps next to nothing about electronic cash, currency that exists in the virtual world. Even when printed on paper, it’s just a QR code. Why transform hard-earned dollars into something seemingly so abstract?
A multitude of rationales exist – among them, privacy, instantaneous transactions, investment possibility and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (often labeled “digital Gold”) is the most common and commonly owned. Demand has grown so much that more than 4,000 local Bitcoin ATMs function in the U.S. If you’re in Longview , just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you switch money to Bitcoin, you enter a financial playing field where you are in full control. Bitcoin is not restricted by any government policies, nor policies of third-party Longview financial institutions. It’s a decentralized, international currency used for transactions directly between two parties, with neither knowing whom the other is.
Bitcoin is hugely valuable as a remittance tool. It’s faster and far less costly than Western Union or MoneyGram for those sending money abroad. A local Bitcoin ATM can change cash into remittances within minutes.
At one instance in 2017, the value of Bitcoin exceeded the value of one troy ounce of Gold. Both are deemed as “safe haven” assets for Longview investors. The “Bitcoin vs. Gold” dispute has carried on for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be utilized as currency, unlike Gold. Bitcoin has a fixed supply, while the worldwide stockpile of Gold expands roughly 1.5 percent every year. In the five years before 2020, Gold’s value improved around 67 percent; Bitcoin, though, rose as much as 4,500 percent.
The total of Longview businesses and organizations accepting Bitcoin increases continuously. Well-recognized brands such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are on the list.
Anyone can obtain and use Bitcoin. Given that 25 percent of U.S. households, including those in Longview, are unbanked or underbanked, its attractiveness to those who don’t use banks – whether by choice or other reason – is obvious. Bitcoin security is unparalleled, shielded by a globe-spanning network of complex computers operating with blockchain technology.
Dealings using Bitcoin are immediately completed. There’s no paperwork. The virtual money is stored in an online “crypto wallet,” inaccessible to all but those who hold its private “key.”
In short, Bitcoin is for those who want a safe, private option to traditional money. If you’re interested in checking out Bitcoin, maybe begin with a small amount. Stop by a cheap local Bitcoin ATM near Longview and invest some cash. Understand how a virtual wallet operates, and how Bitcoin is used to buy products and services.
You can feel protected doing so, too. Coinsource Bitcoin ATMs have one of the highest degrees of compliance in the industry, backed by more than 30 money transmitter licenses. Coinsource is one of the most validated Bitcoin ATM companies globally and in Longview .
You could have more questions about Bitcoin … and that’s logical. But the answer to the repeating one – “Why use Bitcoin?” – will likely be answered before you know it.