If you’ve ever wondered about Bitcoin or cryptocurrencies in general, a few uncertainties probably arise over and over: Why are so many McDonough 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 no surprise. The everyday person is knowledgeable of next to nothing about electronic cash, money that exists in the virtual realm. Bitcoin increases in value because its supply can never be beyond 21 million Bitcoin (it’s in the protocol). As demand goes up, adoption rises, investors continue to invest in and hold Bitcoin and - because worldwide supply is contained - it further makes sense that the value continues to rise, and grow, and rise.
Of the thousands of cryptocurrencies, Bitcoin (also known as the “King of Cryptocurrencies”) is the most prevalent and broadly purchased. Demand has grown to a level that more than 4,000 local Bitcoin ATMs are available in the U.S. If you’re in McDonough County, it is easy to find a nearby trusted, 24-hour customer-service Bitcoin ATM.
These local Bitcoin ATM machines allow consumers worldwide who don’t have bank accounts (“unbanked”), and consumers who have reduced access to bank accounts (“underbanked”) to join in the Bitcoin world. When you change currency to Bitcoin, you enter a financial world where you are in complete control. Bitcoin is not constrained by any government regulations, nor strictures of McDonough County third-party financial institutions. It’s a decentralized, global currency used for transactions directly between two parties, with neither knowing whom the other is. It removes middlemen such as banks and other financial gatekeepers.
The number of businesses and organizations welcoming Bitcoin grows continuously. Household labels such as Microsoft, Best Buy and Dish Network are on the roster. Amazon, Barnes & Noble, Home Depot, AT&T, Expedia, Subway, PayPal, Overstock and Shopify are on the listing as well.
Anyone can obtain and use Bitcoin. Given that 25 percent of McDonough County and U.S. households are unbanked or underbanked, its allure to those who don’t use banks – whether by choice or other reason – is reasonable. Bitcoin security is unparalleled, guarded by a global network of complex computers help the unbanked and underbanked. They can access Bitcoin using cash, with no necessity 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 accomplished with no connection to traditional banks.
Transactions using Bitcoin are completed instantly. There’s no paperwork. The virtual currency is kept in an online “crypto wallet,” impenetrable to all but those who know its private “key.”
In short, Bitcoin is for those who want a safe, private alternative to conventional currency. Bitcoin is also for those who want to safeguard (“hodl” in the crypto world) it for a long-term investment. Visit a cheap local Bitcoin ATM near McDonough County.
You can feel safe doing so too! McDonough 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 trusted Bitcoin ATM companies in the world. It is also one of the select 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 popping up every day), COINSOURCE is a leader in aiding the unbanked and underbanked.
You’ll probably have more 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.