If you’ve ever dabbled in Bitcoin or cryptocurrency in general (or pondered doing so), one query probably occurs simultaneously: Why use Bitcoin?
The question is valid. The everyday Livingston County individual understands next to nothing about electronic cash, currency that exists in the virtual environment. Even when held on paper, it’s only a QR code. Why switch hard-earned dollars into something seemingly so abstract?
Many motives exist – among them, privacy, instant transactions, investment possibility and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (occasionally called “digital Gold”) is the most prevalent and widely owned. Demand has increased so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Livingston County , 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 space where you are in total control. Bitcoin is not bound by any government laws, nor restrictions of third-party Livingston County financial institutions. It’s a decentralized, global currency used for transactions 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 change cash into remittances within minutes.
At one instance in 2017, the price of Bitcoin outstripped the value of one troy ounce of Gold. Both are perceived as “safe haven” holdings for Livingston County investors. The “Bitcoin vs. Gold” debate has existed for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be utilized as currency, unlike Gold. Bitcoin has a fixed quantity, while the worldwide supply of Gold grows approximately 1.5 percent each year. In the five years prior to 2020, Gold’s value rose around 67 percent; Bitcoin, though, expanded as much as 4,500 percent.
The volume of Livingston County businesses and organizations using Bitcoin grows continuously. Everyday names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are included.
Anyone can acquire and use Bitcoin. Given that 25 percent of U.S. households, including those in Livingston County, are unbanked or underbanked, its allure to those who don’t use banks – whether by choice or other rationale – is understandable. Bitcoin security is unmatched, guarded by a global network of complex computers operating with blockchain technology.
Transactions using Bitcoin are instantaneously completed. There’s no red tape. The virtual currency is held in an online “crypto wallet,” impenetrable to all but those who know its private “key.”
In short, Bitcoin is for those who desire a safe, private alternative to standard money. If you’re interested in trying Bitcoin, maybe start out with a small amount. Stop by a cheap local Bitcoin ATM near Livingston County and use some cash. Understand how a virtual wallet operates, and how Bitcoin is used to buy products and services.
You can feel secure doing so, too. Coinsource Bitcoin ATMs have one of the highest levels of compliance in the industry, backed by more than 30 money transmitter licenses. Coinsource is one of the most entrusted Bitcoin ATM companies in the world and in Livingston County .
You perhaps have more questions about Bitcoin … and that’s logical. But the answer to the incessant one – “Why use Bitcoin?” – will likely be answered in short order.