If you’ve ever dabbled in Bitcoin or cryptocurrency in general (or pondered doing so), one thought likely occurs simultaneously: Why use Bitcoin?
The question is not unreasonable. The average Long Creek person understands next to nothing about electronic cash, money that exists in the virtual space. Even when held on paper, it’s only a QR code. Why change hard-earned dollars into something seemingly so abstract?
A multitude of reasons exist – among them, privacy, immediate transactions, investment possibility and total financial control. Curious?
Of thousands of cryptocurrencies, Bitcoin (frequently labeled “digital Gold”) is the most common and commonly owned. Demand has grown so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Long Creek , just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you change money to Bitcoin, you enter a financial world where you are in complete control. Bitcoin is not restricted by any government rules, nor strictures of third-party Long Creek financial institutions. It’s a decentralized, global currency used for transactions directly between two parties, with neither knowing whom the other is.
Bitcoin is immensely valuable as a remittance tool. It’s faster and far less costly than Western Union or MoneyGram for those sending money between countries. A local Bitcoin ATM can turn cash into remittances within minutes.
At one point in 2017, the value of Bitcoin exceeded the price of one troy ounce of Gold. Both are deemed as “safe haven” holdings for Long Creek investors. The “Bitcoin vs. Gold” argument has gone on for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be utilized as currency, unlike Gold. Bitcoin has a predetermined amount, while the worldwide supply of Gold grows around 1.5 percent every year. In the five years before 2020, Gold’s value increased around 67 percent; Bitcoin, on the other hand, improved as much as 4,500 percent.
The quantity of Long Creek businesses and organizations taking Bitcoin expands progressively. Household brands such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are on the list.
Anyone can obtain and use Bitcoin. Given that 25 percent of U.S. households, including those in Long Creek, are unbanked or underbanked, its allure to those who don’t use banks – whether by preference or other rationale – is understandable. Bitcoin security is unsurpassed, guarded by a global network of complex computers utilizing blockchain technology.
Deals using Bitcoin are instantly completed. There’s no obstacles. The virtual money is stored in an online “crypto wallet,” inaccessible to all but those who hold its private “key.”
In short, Bitcoin is for those who want a safe, private option to traditional money. If you’re interested in exploring Bitcoin, maybe start with a small amount. Stop by a cheap local Bitcoin ATM near Long Creek and use some cash. Understand how a virtual wallet works, and how Bitcoin is used to purchase products and services.
You can feel secure doing so, too. Coinsource Bitcoin ATMs have one of the highest degrees of compliance in the industry, backed by more than 30 money transmitter licenses. Coinsource is one of the most validated Bitcoin ATM companies worldwide and in Long Creek .
You might have more questions about Bitcoin … and that’s understandable. But the answer to the incessant one – “Why use Bitcoin?” – will likely be answered in short order.