If you’ve ever invested in Bitcoin or cryptocurrency in general (or considered doing so), one thought probably occurs over and over: Why use Bitcoin?
The question is valid. The everyday Ogden person grasps next to nothing about electronic cash, currency that exists in the virtual arena. Even when seen on paper, it’s only a QR code. Why change hard-earned dollars into something seemingly so abstract?
Many reasons exist – among them, privacy, instant transactions, investment possibility and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (occasionally called “digital Gold”) is the most popular 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 Ogden , 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 restricted by any government regulations, nor policies of third-party Ogden financial institutions. It’s a decentralized, global currency used for transactions directly between two sides, with neither knowing whom the other is.
Bitcoin is tremendously 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 point in 2017, the value of Bitcoin surpassed the price of one troy ounce of Gold. Both are viewed as “safe haven” assets for Ogden investors. The “Bitcoin vs. Gold” debate has raged for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be applied as currency, unlike Gold. Bitcoin has a fixed supply, while the worldwide stockpile of Gold increases around 1.5 percent every year. In the five years prior to 2020, Gold’s value grew around 67 percent; Bitcoin, though, rose as much as 4,500 percent.
The quantity of Ogden businesses and organizations using Bitcoin expands steadily. Well-recognized names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are on the list.
Anyone can buy and use Bitcoin. Given that 25 percent of U.S. households, including those in Ogden, are unbanked or underbanked, its attractiveness to those who don’t use banks – whether by choice or other rationale – is unmistakable. Bitcoin security is unequaled, guarded by a globe-spanning network of complex computers using blockchain technology.
Deals using Bitcoin are instantaneously completed. There’s no hindrances. The virtual currency is safeguarded in an online “crypto wallet,” inaccessible to all but those who know its private “key.”
In short, Bitcoin is for those who desire a safe, private option to commonplace money. If you’re interested in exploring Bitcoin, maybe start out with a small amount. Stop by a cheap local Bitcoin ATM near Ogden and use some cash. Understand how a virtual wallet operates, and how Bitcoin is used to purchase products and services.
You can feel protected 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 entrusted Bitcoin ATM companies globally and in Ogden .
You perhaps have more questions about Bitcoin … and that’s normal. But the answer to the incessant one – “Why use Bitcoin?” – will likely be answered very soon.