If you’ve ever dabbled in Bitcoin or cryptocurrency in general (or contemplated doing so), one thought probably occurs over and over: Why use Bitcoin?
The question is understandable. The common McDonough County person understands next to nothing about electronic cash, money that exists in the virtual space. Even when printed on paper, it’s only a QR code. Why convert hard-earned dollars into something seemingly so abstract?
A multitude of reasons exist – among them, privacy, instant transactions, investment possibility and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (frequently labeled “digital Gold”) is the most widespread and widely held. Demand has spiked so much that more than 4,000 local Bitcoin ATMs exist in the U.S. If you’re in McDonough 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 arena where you are in full control. Bitcoin is not restricted by any government rules, nor policies of third-party McDonough 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 immensely valuable as a remittance tool. It’s faster and far less expensive than Western Union or MoneyGram for those sending money between countries. A local Bitcoin ATM can turn cash into remittances within minutes.
At one instance in 2017, the value of Bitcoin exceeded the value of one troy ounce of Gold. Both are perceived as “safe haven” holdings for McDonough County investors. The “Bitcoin vs. Gold” discussion has raged for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a finite quantity, while the worldwide stockpile of Gold grows around 1.5 percent each year. In the five years preceding 2020, Gold’s value grew around 67 percent; Bitcoin, though, grew as much as 4,500 percent.
The quantity of McDonough County businesses and organizations taking Bitcoin grows progressively. Well-recognized names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are on the list.
Anyone can buy and use Bitcoin. Given that 25 percent of U.S. households, including those in McDonough County, are unbanked or underbanked, its attractiveness to those who don’t use banks – whether by preference or other reason – is understandable. Bitcoin security is unsurpassed, guarded by a worldwide network of complex computers utilizing blockchain technology.
Dealings using Bitcoin are instantaneously completed. There’s no obstacles. The virtual money is maintained 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 option to traditional currency. If you’re interested in checking out Bitcoin, maybe begin with a small value. Visit a cheap local Bitcoin ATM near McDonough County and use some cash. Understand how a virtual wallet operates, and how Bitcoin is used to acquire 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 trusted Bitcoin ATM companies globally and in McDonough County .
You probably have more questions about Bitcoin … and that’s normal. But the answer to the repeating one – “Why use Bitcoin?” – will likely be answered very soon.