If you’ve ever invested in Bitcoin or cryptocurrency in general (or wondered about doing so), one query likely occurs repeatedly: Why use Bitcoin?
The question is understandable. The average Vermilion County individual knows next to nothing about electronic cash, currency that exists in the virtual arena. Even when held on paper, it’s just a QR code. Why switch hard-earned dollars into something seemingly so abstract?
Multiple reasons exist – among them, privacy, immediate transactions, investment potential and total financial control. Curious?
Of thousands of cryptocurrencies, Bitcoin (frequently called “digital Gold”) is the most widespread and regularly held. Demand has swelled so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Vermilion 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 playing field where you are in complete control. Bitcoin is not tethered by any government laws, nor policies of third-party Vermilion 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 tremendously valuable as a remittance tool. It’s faster and far less costly than Western Union or MoneyGram for those sending money abroad. A local Bitcoin ATM can turn cash into remittances within minutes.
At one point in 2017, the value of Bitcoin outstripped the value of one troy ounce of Gold. Both are viewed as “safe haven” assets for Vermilion County investors. The “Bitcoin vs. Gold” dispute has gone on for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be applied as currency, unlike Gold. Bitcoin has a fixed amount, while the worldwide stockpile of Gold grows roughly 1.5 percent each year. 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 amount of Vermilion County businesses and organizations using Bitcoin expands steadily. Household brands 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 Vermilion County, are unbanked or underbanked, its attractiveness to those who don’t use banks – whether by choice or other justification – is understandable. Bitcoin security is unmatched, shielded by a worldwide network of complex computers operating with blockchain technology.
Transactions using Bitcoin are instantly completed. There’s no obstacles. 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 desire a safe, private alternative to traditional money. If you’re interested in exploring Bitcoin, perhaps get started with a small value. Stop by a cheap local Bitcoin ATM near Vermilion County and use some cash. Understand how a virtual wallet operates, and how Bitcoin is used to purchase products and services.
You can feel safe 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 validated Bitcoin ATM companies globally and in Vermilion County .
You likely 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.