Cryptocurrency has quickly accumulated popularity in recent years. Knox County Investors and consumers have flocked to cryptocurrency as an option to stock markets and standard currencies.
Of thousands of cryptocurrencies available, Bitcoin is typically viewed as the most desirable cryptocurrency to purchase. At one point in 2017, this “King of Cryptocurrencies” was more valuable than Gold.
Still, Bitcoin (and cryptocurrency in general) are a secret to most. What is it? How is it used? How can people acquire Bitcoin? What are its benefits? Where in Knox County can I find it?
These responses to questions about Bitcoin and cryptocurrency hopefully give a better understanding of this relatively new technology.
Bitcoin is a decentralized digital currency, meaning it can be used worldwide and changed from currency of almost any nation. Sometimes called “digital Gold,” its value moves daily, similar to other currencies. Instead of being held in traditional Knox County savings institutions, though, Bitcoin is held in a secured online account – a “crypto wallet” – only used by its owner, and ready for use whenever desired.
Many Bitcoin purchases are made via online exchanges, with credit or debit cards.
Many people access Bitcoin with cash at secure Bitcoin ATMs. The U.S. has more than 4,000. If you’re in Knox County, just click here to find a nearby lowest-fee Bitcoin ATM.
These trusted Bitcoin ATMs process secure transactions using verification codes messaged to a cell phone. The Bitcoin value, equivalent to the deposited cash, is put into an electronic wallet within minutes.
in excess of 12,000 businesses globally accept Bitcoin as payment. The roster includes many well-recognized brands such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network.
Use of Bitcoin is wholly free of government regulations or private spending curbs. Because no third-party Knox County financial institutions are involved, all Bitcoin deals are completely between two parties, hidden in a cloak of anonymity. Bitcoin can be sent instantly for a minor charge.
Coinsource Bitcoin ATMs have one of the greatest levels of compliance in the industry, backed by more than 30 money transmitter licenses. Coinsource is one of the most trusted Bitcoin ATM companies in the world.
Bitcoin is well-suited for those who want to avoid banks, and plan to sidestep the cost of wiring funds between institutions. Investors looking to diversify their portfolios use Bitcoin as a hedge against the stock market.
You could have other questions about Bitcoin. further research is suggested.
Or, if you just need to give Bitcoin a try, visit a local Bitcoin ATM near Knox County and invest some cash from your everyday wallet. Open your new crypto wallet online, see the cryptocurrency within, and go shopping. You might discover it’s the best money you ever spent.