If you’ve ever dabbled in Bitcoin or cryptocurrency in general (or thought of doing so), one query likely occurs simultaneously: Why use Bitcoin?
The question is not unreasonable. The typical Sadorus person knows 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 transform hard-earned dollars into something seemingly so abstract?
Multiple motivations exist – among them, privacy, immediate transactions, investment potential and total financial control. Curious?
Of thousands of cryptocurrencies, Bitcoin (sometimes labeled “digital Gold”) is the most common and widely owned. Demand has increased so much that more than 4,000 local Bitcoin ATMs exist in the U.S. If you’re in Sadorus , 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 complete control. Bitcoin is not restricted by any government policies, nor rules of third-party Sadorus financial institutions. It’s a decentralized, international currency used for transactions directly between two parties, with neither knowing whom the other is.
Bitcoin is extremely valuable as a remittance tool. It’s faster and far less expensive than Western Union or MoneyGram for those sending money between nations. A local Bitcoin ATM can change cash into remittances within minutes.
At one time in 2017, the value of Bitcoin surpassed the value of one troy ounce of Gold. Both are judged as “safe haven” assets for Sadorus investors. The “Bitcoin vs. Gold” debate has occurred for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be applied as currency, unlike Gold. Bitcoin has a predetermined quantity, while the worldwide availability of Gold increases roughly 1.5 percent each year. In the five years preceding 2020, Gold’s value rose around 67 percent; Bitcoin, however, increased as much as 4,500 percent.
The number of Sadorus businesses and organizations accepting Bitcoin expands 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 buy and use Bitcoin. Given that 25 percent of U.S. households, including those in Sadorus, are unbanked or underbanked, its attractiveness to those who don’t use banks – whether by choice or other rationale – is understandable. Bitcoin security is unsurpassed, protected by a global network of complex computers employing blockchain technology.
Deals using Bitcoin are instantaneously completed. There’s no hindrances. The virtual currency is stored 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 trying Bitcoin, maybe start with a small amount. Patronize a cheap local Bitcoin ATM near Sadorus and use some cash. Understand how a virtual wallet functions, 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 degrees of compliance in the industry, secured by more than 30 money transmitter licenses. Coinsource is one of the most validated Bitcoin ATM companies worldwide and in Sadorus .
You might 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 in short order.