If you’ve ever invested in Bitcoin or cryptocurrency in general (or considered doing so), one thought likely occurs simultaneously: Why use Bitcoin?
The question is valid. The everyday Rantoul person understands next to nothing about electronic cash, currency that exists in the virtual world. Even when printed on paper, it’s only a QR code. Why change hard-earned dollars into something seemingly so abstract?
Many motivations exist – among them, privacy, immediate transactions, investment possibility and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (sometimes termed “digital Gold”) is the most common and regularly held. Demand has swelled so much that more than 4,000 local Bitcoin ATMs function in the U.S. If you’re in Rantoul , 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 space where you are in total control. Bitcoin is not tethered by any government laws, nor policies of third-party Rantoul financial institutions. It’s a decentralized, global currency used for dealings directly between two parties, with neither knowing whom the other is.
Bitcoin is incredibly 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 turn cash into remittances within minutes.
At one point in 2017, the value of Bitcoin exceeded the price of one troy ounce of Gold. Both are perceived as “safe haven” assets for Rantoul investors. The “Bitcoin vs. Gold” argument has existed for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a predetermined supply, while the worldwide stockpile of Gold grows roughly 1.5 percent each year. In the five years preceding 2020, Gold’s value rose around 67 percent; Bitcoin, though, grew as much as 4,500 percent.
The amount of Rantoul businesses and organizations taking Bitcoin grows progressively. 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 purchase and use Bitcoin. Given that 25 percent of U.S. households, including those in Rantoul, are unbanked or underbanked, its appeal to those who don’t use banks – whether by preference or other reason – is understandable. Bitcoin security is unrivaled, safeguarded by a globe-spanning network of complex computers employing blockchain technology.
Deals using Bitcoin are immediately completed. There’s no hurdles. The virtual currency is held 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 alternative to traditional currency. If you’re interested in trying Bitcoin, perhaps begin with a small sum. Patronize a cheap local Bitcoin ATM near Rantoul and deposit some cash. Get a feel for how a virtual wallet functions, 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 trusted Bitcoin ATM companies in the world and in Rantoul .
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.