If you’ve ever invested in Bitcoin or cryptocurrency in general (or contemplated doing so), one thought likely occurs over and over: Why use Bitcoin?
The question is legitimate. The common Knox County person grasps next to nothing about electronic cash, money that exists in the virtual arena. Even when held on paper, it’s just a QR code. Why switch hard-earned dollars into something seemingly so abstract?
Multiple motives exist – among them, privacy, instant transactions, investment potential and total financial control. Curious?
Of thousands of cryptocurrencies, Bitcoin (often labeled “digital Gold”) is the most widespread and frequently held. Demand has grown so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Knox 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 full control. Bitcoin is not restricted by any government policies, nor regulations of third-party Knox County financial institutions. It’s a decentralized, global currency used for dealings directly between two parties, 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 between nations. A local Bitcoin ATM can turn cash into remittances within minutes.
At one instance in 2017, the price of Bitcoin outstripped the price of one troy ounce of Gold. Both are judged as “safe haven” assets for Knox County investors. The “Bitcoin vs. Gold” debate has carried on for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a fixed amount, while the worldwide supply of Gold increases approximately 1.5 percent annually. In the five years preceding 2020, Gold’s value increased around 67 percent; Bitcoin, however, grew as much as 4,500 percent.
The quantity of Knox County businesses and organizations accepting Bitcoin increases progressively. Everyday names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are on the roster.
Anyone can buy and use Bitcoin. Given that 25 percent of U.S. households, including those in Knox County, are unbanked or underbanked, its appeal to those who don’t use banks – whether by preference or other justification – is obvious. Bitcoin security is unsurpassed, protected by a globe-spanning network of complex computers utilizing blockchain technology.
Deals using Bitcoin are instantly completed. There’s no hindrances. 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 desire a safe, private alternative to traditional currency. If you’re interested in checking out Bitcoin, perhaps begin with a small value. Visit a cheap local Bitcoin ATM near Knox County and deposit some cash. Get a feel for how a virtual wallet functions, and how Bitcoin is used to acquire products and services.
You can feel protected doing so, too. Coinsource Bitcoin ATMs have one of the highest levels of compliance in the industry, secured by more than 30 money transmitter licenses. Coinsource is one of the most trusted Bitcoin ATM companies globally and in Knox County .
You maybe 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.