If you’ve ever studied about Bitcoin or cryptocurrencies in general, a few queries probably pop up repeatedly: Why are so many Knox County people using Bitcoin? What does it mean to be banking the unbanked or underbanked? And, why is Bitcoin increasing in value so much?
These questions are valid. The typical person grasps next to nothing about electronic cash, money that exists in the virtual world. Bitcoin increases in value because its supply can never be greater than 21 million Bitcoin (it’s in the protocol). As demand grows, adoption rises, investors continue to invest in and hold Bitcoin and - because available supply is limited - it only makes sense that the value continues to rise, and grow, and grow.
Of the thousands of cryptocurrencies, Bitcoin (also known as the “King of Cryptocurrencies”) is the most common and broadly held. Demand has increased so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Knox County, it is easy to find a nearby cheapest-fee, 24-hour customer-service Bitcoin ATM.
These local Bitcoin ATM machines allow consumers globally who don’t have bank accounts (“unbanked”), and consumers who have little access to bank accounts (“underbanked”) to join in the Bitcoin world. When you convert money to Bitcoin, you enter a financial realm where you are in absolute control. Bitcoin is not constrained by any government regulations, nor strictures of Knox County third-party financial institutions. It’s a decentralized, worldwide currency used for transactions directly between two parties, with neither knowing whom the other is. It deletes intermediaries such as banks and other financial gatekeepers.
The amount of businesses and organizations welcoming Bitcoin grows continuously. Household names such as Microsoft, Best Buy and Dish Network are on the roll. Amazon, Barnes & Noble, Home Depot, AT&T, Expedia, Subway, PayPal, Overstock and Shopify are on the listing as well.
Anyone can purchase and use Bitcoin. Given that 25 percent of Knox County and U.S. households are unbanked or underbanked, its attraction to those who don’t use banks – whether by choice or other reason – is natural. Bitcoin security is like no other, safeguarded by a globe-spanning network of complex computers help the unbanked and underbanked. They can access Bitcoin using cash, with no need for a bank account. The unbanked and underbanked can shop with Bitcoin, send it around the world to family and friends, or just hold Bitcoin for investment purposes. All can be achieved with no link to traditional banks.
Transactions using Bitcoin are completed instantly. There’s no paperwork. The virtual currency is kept 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, undisclosed alternative to conventional money. Bitcoin is also for those who want to maintain (“hodl” in the crypto world) it for a long-term investment. Visit a cheap local Bitcoin ATM near Knox County.
You can feel secure doing so too! Knox County COINSOURCE Bitcoin ATMs have one of the highest levels of compliance and security in the industry, backed by more than 30 money transmitter licenses. COINSOURCE is one of the most reliable Bitcoin ATM companies across the globe. It is also one of the rare Bitcoin ATM operators to have a New York Bit-License. With a 24-hour support system and Bitcoin ATMs in over 35 states (and more beginning operation every day), COINSOURCE is a leader in aiding the unbanked and underbanked.
You’ll likely have further questions … and that’s reasonable. But the answer to the recurring one, “Why is the price of Bitcoin rising? And, “Why are the unbanked and underbanked using Bitcoin?” – will both likely be answered in short order.