If you’ve ever invested in Bitcoin or cryptocurrency in general (or thought of doing so), one thought probably occurs repeatedly: Why use Bitcoin?
The question is legitimate. The average Sidney person grasps next to nothing about electronic cash, currency that exists in the virtual arena. Even when held on paper, it’s just a QR code. Why change hard-earned dollars into something seemingly so abstract?
Multiple justifications exist – among them, privacy, instant transactions, investment potential and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (regularly termed “digital Gold”) is the most prevalent and frequently held. Demand has swelled so much that more than 4,000 local Bitcoin ATMs exist in the U.S. If you’re in Sidney , 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 total control. Bitcoin is not tethered by any government policies, nor regulations of third-party Sidney financial institutions. It’s a decentralized, global currency used for dealings directly between two sides, with neither knowing whom the other is.
Bitcoin is tremendously 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 point in 2017, the price of Bitcoin surpassed the value of one troy ounce of Gold. Both are perceived as “safe haven” holdings for Sidney investors. The “Bitcoin vs. Gold” dispute has raged for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be applied as currency, unlike Gold. Bitcoin has a predetermined amount, while the worldwide supply of Gold increases around 1.5 percent every year. In the five years prior to 2020, Gold’s value grew around 67 percent; Bitcoin, though, rose as much as 4,500 percent.
The amount of Sidney businesses and organizations accepting Bitcoin increases steadily. Well-recognized brands such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are included.
Anyone can obtain and use Bitcoin. Given that 25 percent of U.S. households, including those in Sidney, are unbanked or underbanked, its allure to those who don’t use banks – whether by choice or other rationale – is undeniable. Bitcoin security is unrivaled, protected by a global network of complex computers using blockchain technology.
Transactions using Bitcoin are instantly completed. There’s no hurdles. The virtual cash is stored 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 conventional money. If you’re interested in trying Bitcoin, maybe start with a small sum. Stop by a cheap local Bitcoin ATM near Sidney and invest some cash. Get a feel for how a virtual wallet works, and how Bitcoin is used to purchase products and services.
You can feel protected 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 trusted Bitcoin ATM companies worldwide and in Sidney .
You likely have more questions about Bitcoin … and that’s natural. But the answer to the incessant one – “Why use Bitcoin?” – will likely be answered very soon.