If you’ve ever invested in Bitcoin or cryptocurrency in general (or considered doing so), one question likely occurs simultaneously: Why use Bitcoin?
The question is legitimate. The everyday Savoy person grasps next to nothing about electronic cash, money that exists in the virtual world. Even when held on paper, it’s just a QR code. Why convert hard-earned dollars into something seemingly so abstract?
Multiple rationales exist – among them, privacy, instant transactions, investment possibility and total financial control. Curious?
Of thousands of cryptocurrencies, Bitcoin (often labeled “digital Gold”) is the most popular and commonly owned. Demand has increased so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Savoy , 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 playing field where you are in utter control. Bitcoin is not restricted by any government regulations, nor strictures of third-party Savoy financial institutions. It’s a decentralized, international currency used for transactions directly between two sides, with neither knowing whom the other is.
Bitcoin is tremendously valuable as a remittance tool. It’s faster and far cheaper than Western Union or MoneyGram for those sending money abroad. A local Bitcoin ATM can turn cash into remittances within minutes.
At one time in 2017, the value of Bitcoin outstripped the price of one troy ounce of Gold. Both are deemed as “safe haven” holdings for Savoy investors. The “Bitcoin vs. Gold” discussion has existed for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a predetermined supply, while the worldwide availability of Gold expands approximately 1.5 percent annually. In the five years prior to 2020, Gold’s value grew around 67 percent; Bitcoin, however, rose as much as 4,500 percent.
The amount of Savoy businesses and organizations taking Bitcoin expands progressively. Popular 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 obtain and use Bitcoin. Given that 25 percent of U.S. households, including those in Savoy, are unbanked or underbanked, its appeal to those who don’t use banks – whether by preference or other rationale – is unmistakable. Bitcoin security is unmatched, shielded by a worldwide network of complex computers utilizing blockchain technology.
Deals using Bitcoin are instantaneously completed. There’s no hurdles. The virtual currency is kept in an online “crypto wallet,” impenetrable to all but those who hold its private “key.”
In short, Bitcoin is for those who want a safe, private option to commonplace currency. If you’re interested in trying Bitcoin, perhaps start with a small amount. Visit a cheap local Bitcoin ATM near Savoy and deposit 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 degrees of compliance in the industry, backed by more than 30 money transmitter licenses. Coinsource is one of the most trusted Bitcoin ATM companies worldwide and in Savoy .
You likely have more questions about Bitcoin … and that’s natural. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered in short order.