If you’ve ever invested in Bitcoin or cryptocurrency in general (or pondered doing so), one thought likely occurs repeatedly: Why use Bitcoin?
The question is not unreasonable. The typical Coles County individual knows next to nothing about electronic cash, currency that exists in the virtual space. Even when seen on paper, it’s just a QR code. Why convert hard-earned dollars into something seemingly so abstract?
Many justifications exist – among them, privacy, instantaneous transactions, investment potential and total financial control. Curious?
Of thousands of cryptocurrencies, Bitcoin (occasionally called “digital Gold”) is the most common and commonly held. Demand has grown so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Coles County , 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 space where you are in utter control. Bitcoin is not restricted by any government rules, nor rules of third-party Coles County 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 costly than Western Union or MoneyGram for those sending money abroad. A local Bitcoin ATM can change cash into remittances within minutes.
At one point in 2017, the price of Bitcoin exceeded the price of one troy ounce of Gold. Both are viewed as “safe haven” assets for Coles County investors. The “Bitcoin vs. Gold” argument 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 fixed quantity, while the worldwide supply of Gold expands approximately 1.5 percent each year. In the five years before 2020, Gold’s value grew around 67 percent; Bitcoin, however, rose as much as 4,500 percent.
The total of Coles County businesses and organizations accepting Bitcoin increases steadily. 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 obtain and use Bitcoin. Given that 25 percent of U.S. households, including those in Coles County, are unbanked or underbanked, its appeal to those who don’t use banks – whether by preference or other reason – is natural. Bitcoin security is unmatched, guarded by a globe-spanning network of complex computers using blockchain technology.
Transactions using Bitcoin are immediately completed. There’s no hindrances. The virtual cash is safeguarded in an online “crypto wallet,” impenetrable to all but those who hold its private “key.”
In short, Bitcoin is for those who desire a safe, private alternative to conventional money. If you’re interested in examining Bitcoin, maybe begin with a small value. Visit a cheap local Bitcoin ATM near Coles County and use some cash. Understand how a virtual wallet works, 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 Coles County .
You perhaps have more questions about Bitcoin … and that’s logical. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered before you know it.