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 average Saint Joseph individual understands next to nothing about electronic cash, money that exists in the virtual arena. Even when seen on paper, it’s just a QR code. Why switch hard-earned dollars into something seemingly so abstract?
A multitude of motives exist – among them, privacy, instantaneous transactions, investment possibility and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (regularly labeled “digital Gold”) is the most prevalent and frequently owned. Demand has increased so much that more than 4,000 local Bitcoin ATMs exist in the U.S. If you’re in Saint Joseph , 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 playing field where you are in total control. Bitcoin is not tethered by any government regulations, nor rules of third-party Saint Joseph financial institutions. It’s a decentralized, international currency used for dealings directly between two parties, with neither knowing whom the other is.
Bitcoin is immensely valuable as a remittance tool. It’s faster and far cheaper than Western Union or MoneyGram for those sending money around the world. A local Bitcoin ATM can change cash into remittances within minutes.
At one time in 2017, the price of Bitcoin topped the value of one troy ounce of Gold. Both are perceived as “safe haven” holdings for Saint Joseph investors. The “Bitcoin vs. Gold” argument has carried on for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be applied as currency, unlike Gold. Bitcoin has a predetermined supply, while the worldwide stockpile of Gold grows around 1.5 percent annually. In the five years before 2020, Gold’s value rose around 67 percent; Bitcoin, however, increased as much as 4,500 percent.
The amount of Saint Joseph businesses and organizations accepting Bitcoin expands continuously. 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 Saint Joseph, are unbanked or underbanked, its attractiveness to those who don’t use banks – whether by preference or other reason – is understandable. Bitcoin security is unrivaled, shielded by a global network of complex computers using blockchain technology.
Transactions using Bitcoin are instantaneously completed. There’s no hindrances. The virtual cash 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 alternative to standard money. If you’re interested in examining Bitcoin, perhaps get started with a small value. Visit a cheap local Bitcoin ATM near Saint Joseph and invest some cash. Get a feel for how a virtual wallet operates, 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 levels of compliance in the industry, backed by more than 30 money transmitter licenses. Coinsource is one of the most validated Bitcoin ATM companies globally and in Saint Joseph .
You likely 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 very soon.