If you’ve ever invested in Bitcoin or cryptocurrency in general (or pondered doing so), one question probably occurs simultaneously: Why use Bitcoin?
The question is legitimate. The everyday Urbana person understands next to nothing about electronic cash, money that exists in the virtual space. Even when printed on paper, it’s just a QR code. Why transform hard-earned dollars into something seemingly so abstract?
Many motivations exist – among them, privacy, instant transactions, investment potential and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (frequently termed “digital Gold”) is the most prevalent and commonly owned. Demand has spiked so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Urbana , 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 world where you are in full control. Bitcoin is not held back by any government regulations, nor strictures of third-party Urbana financial institutions. It’s a decentralized, global currency used for dealings 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 costly than Western Union or MoneyGram for those sending money globally. A local Bitcoin ATM can turn cash into remittances within minutes.
At one point in 2017, the price of Bitcoin surpassed the price of one troy ounce of Gold. Both are perceived as “safe haven” holdings for Urbana investors. The “Bitcoin vs. Gold” dispute has gone on 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 availability of Gold grows around 1.5 percent annually. In the five years before 2020, Gold’s value improved around 67 percent; Bitcoin, on the other hand, grew as much as 4,500 percent.
The total of Urbana businesses and organizations accepting Bitcoin increases continuously. Household 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 buy and use Bitcoin. Given that 25 percent of U.S. households, including those in Urbana, are unbanked or underbanked, its appeal to those who don’t use banks – whether by choice or other reason – is undeniable. Bitcoin security is unrivaled, shielded by a worldwide network of complex computers operating with blockchain technology.
Deals using Bitcoin are immediately completed. There’s no hindrances. The virtual cash is stored in an online “crypto wallet,” inaccessible to all but those who know its private “key.”
In short, Bitcoin is for those who want a safe, private option to standard currency. If you’re interested in checking out Bitcoin, perhaps start out with a small amount. Patronize a cheap local Bitcoin ATM near Urbana and use some cash. Understand how a virtual wallet operates, 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 entrusted Bitcoin ATM companies worldwide and in Urbana .
You could have more questions about Bitcoin … and that’s normal. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered very soon.