If you’ve ever dabbled in Bitcoin or cryptocurrency in general (or contemplated doing so), one thought likely occurs simultaneously: Why use Bitcoin?
The question is legitimate. The average Philo person understands next to nothing about electronic cash, money that exists in the virtual space. Even when printed on paper, it’s just a QR code. Why convert hard-earned dollars into something seemingly so abstract?
Many justifications exist – among them, privacy, immediate transactions, investment possibility and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (frequently termed “digital Gold”) is the most popular and regularly owned. Demand has swelled so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Philo , 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 total control. Bitcoin is not tethered by any government regulations, nor rules of third-party Philo financial institutions. It’s a decentralized, international 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 expensive than Western Union or MoneyGram for those sending money between countries. 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 considered as “safe haven” assets for Philo investors. The “Bitcoin vs. Gold” discussion 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 availability of Gold expands roughly 1.5 percent each year. In the five years before 2020, Gold’s value rose around 67 percent; Bitcoin, however, rose as much as 4,500 percent.
The number of Philo businesses and organizations using Bitcoin grows progressively. Household names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are on the roster.
Anyone can purchase and use Bitcoin. Given that 25 percent of U.S. households, including those in Philo, are unbanked or underbanked, its allure to those who don’t use banks – whether by preference or other justification – is obvious. Bitcoin security is unparalleled, protected by a globe-spanning network of complex computers employing blockchain technology.
Transactions using Bitcoin are immediately completed. There’s no paperwork. The virtual currency is maintained 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 option to traditional currency. If you’re interested in checking out Bitcoin, maybe get started with a small value. Stop by a cheap local Bitcoin ATM near Philo and use some cash. Understand how a virtual wallet works, and how Bitcoin is used to buy 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 globally and in Philo .
You probably have more questions about Bitcoin … and that’s natural. But the answer to the repeating one – “Why use Bitcoin?” – will likely be answered very soon.