If you’ve ever invested in Bitcoin or cryptocurrency in general (or contemplated doing so), one thought probably occurs simultaneously: Why use Bitcoin?
The question is legitimate. The common Blue Mound individual knows next to nothing about electronic cash, currency that exists in the virtual environment. Even when printed on paper, it’s just a QR code. Why transform hard-earned dollars into something seemingly so abstract?
Multiple motivations exist – among them, privacy, instant transactions, investment potential and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (sometimes labeled “digital Gold”) is the most prevalent and widely owned. Demand has increased so much that more than 4,000 local Bitcoin ATMs function in the U.S. If you’re in Blue Mound , just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you transform money to Bitcoin, you enter a financial space where you are in total control. Bitcoin is not held back by any government rules, nor regulations of third-party Blue Mound financial institutions. It’s a decentralized, worldwide currency used for dealings directly between two sides, with neither knowing whom the other is.
Bitcoin is extremely valuable as a remittance tool. It’s faster and far less expensive than Western Union or MoneyGram for those sending money abroad. A local Bitcoin ATM can change cash into remittances within minutes.
At one instance in 2017, the price of Bitcoin exceeded the value of one troy ounce of Gold. Both are viewed as “safe haven” assets for Blue Mound investors. The “Bitcoin vs. Gold” debate has existed for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a predetermined supply, while the worldwide stockpile of Gold increases approximately 1.5 percent annually. In the five years before 2020, Gold’s value increased around 67 percent; Bitcoin, on the other hand, rose as much as 4,500 percent.
The total of Blue Mound businesses and organizations using Bitcoin expands progressively. Everyday names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are included.
Anyone can purchase and use Bitcoin. Given that 25 percent of U.S. households, including those in Blue Mound, are unbanked or underbanked, its allure to those who don’t use banks – whether by preference or other rationale – is undeniable. Bitcoin security is unequaled, protected by a globe-spanning network of complex computers operating with blockchain technology.
Deals using Bitcoin are immediately completed. There’s no hindrances. The virtual money is safeguarded 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, private alternative to traditional currency. If you’re interested in exploring Bitcoin, perhaps start out with a small amount. Visit a cheap local Bitcoin ATM near Blue Mound and invest some cash. Get a feel for how a virtual wallet works, 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 degrees of compliance in the industry, secured by more than 30 money transmitter licenses. Coinsource is one of the most validated Bitcoin ATM companies in the world and in Blue Mound .
You likely have more questions about Bitcoin … and that’s understandable. But the answer to the repeating one – “Why use Bitcoin?” – will likely be answered very soon.