If you’ve ever invested in Bitcoin or cryptocurrency in general (or contemplated doing so), one question probably occurs over and over: Why use Bitcoin?
The question is legitimate. The common Penfield individual knows 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 switch hard-earned dollars into something seemingly so abstract?
A multitude of rationales exist – among them, privacy, instant transactions, investment potential and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (sometimes called “digital Gold”) is the most common and frequently owned. Demand has accelerated so much that more than 4,000 local Bitcoin ATMs function in the U.S. If you’re in Penfield , 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 world where you are in full control. Bitcoin is not bound by any government policies, nor policies of third-party Penfield financial institutions. It’s a decentralized, international currency used for transactions directly between two sides, with neither knowing whom the other is.
Bitcoin is incredibly 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 change cash into remittances within minutes.
At one point in 2017, the price of Bitcoin exceeded the value of one troy ounce of Gold. Both are perceived as “safe haven” holdings for Penfield investors. The “Bitcoin vs. Gold” dispute has gone on for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a fixed quantity, while the worldwide supply of Gold expands roughly 1.5 percent every year. In the five years prior to 2020, Gold’s value increased around 67 percent; Bitcoin, though, grew as much as 4,500 percent.
The number of Penfield businesses and organizations accepting Bitcoin increases continuously. Everyday 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 Penfield, are unbanked or underbanked, its appeal to those who don’t use banks – whether by preference or other rationale – is unmistakable. Bitcoin security is unparalleled, safeguarded by a worldwide network of complex computers using blockchain technology.
Transactions using Bitcoin are immediately completed. There’s no hurdles. The virtual cash is held in an online “crypto wallet,” impenetrable to all but those who know its private “key.”
In short, Bitcoin is for those who want a safe, private alternative to conventional currency. If you’re interested in exploring Bitcoin, maybe begin with a small sum. Visit a cheap local Bitcoin ATM near Penfield and deposit some cash. Get a feel for how a virtual wallet operates, and how Bitcoin is used to acquire 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 trusted Bitcoin ATM companies worldwide and in Penfield .
You maybe have more questions about Bitcoin … and that’s to be expected. But the answer to the repeating one – “Why use Bitcoin?” – will likely be answered before you know it.