If you’ve ever invested in Bitcoin or cryptocurrency in general (or pondered doing so), one thought likely occurs simultaneously: Why use Bitcoin?
The question is understandable. The average Mahomet individual knows next to nothing about electronic cash, currency that exists in the virtual world. Even when held on paper, it’s just a QR code. Why convert hard-earned dollars into something seemingly so abstract?
Many rationales exist – among them, privacy, immediate transactions, investment possibility and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (frequently called “digital Gold”) is the most common and widely held. Demand has grown so much that more than 4,000 local Bitcoin ATMs function in the U.S. If you’re in Mahomet , just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you convert money to Bitcoin, you enter a financial space where you are in full control. Bitcoin is not restricted by any government regulations, nor rules of third-party Mahomet financial institutions. It’s a decentralized, global currency used for dealings 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 between nations. A local Bitcoin ATM can change cash into remittances within minutes.
At one instance in 2017, the price of Bitcoin exceeded the price of one troy ounce of Gold. Both are deemed as “safe haven” assets for Mahomet investors. The “Bitcoin vs. Gold” dispute has gone on for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be utilized as currency, unlike Gold. Bitcoin has a fixed quantity, while the worldwide stockpile of Gold grows around 1.5 percent annually. In the five years before 2020, Gold’s value improved around 67 percent; Bitcoin, however, expanded as much as 4,500 percent.
The number of Mahomet businesses and organizations taking Bitcoin grows progressively. Popular brands 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 Mahomet, are unbanked or underbanked, its allure to those who don’t use banks – whether by choice or other reason – is natural. Bitcoin security is unrivaled, protected by a global network of complex computers operating with 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 checking out Bitcoin, maybe get started with a small sum. Stop by a cheap local Bitcoin ATM near Mahomet and deposit some cash. Understand how a virtual wallet operates, and how Bitcoin is used to purchase 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 trusted Bitcoin ATM companies in the world and in Mahomet .
You probably have more questions about Bitcoin … and that’s to be expected. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered very quickly.