If you’ve ever dabbled in Bitcoin or cryptocurrency in general (or pondered doing so), one question likely occurs simultaneously: Why use Bitcoin?
The question is valid. The typical Montgomery County person grasps next to nothing about electronic cash, currency that exists in the virtual space. Even when held on paper, it’s only a QR code. Why switch hard-earned dollars into something seemingly so abstract?
A multitude of motivations exist – among them, privacy, instantaneous transactions, investment potential and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (often called “digital Gold”) is the most widespread and regularly held. Demand has swelled so much that more than 4,000 local Bitcoin ATMs exist in the U.S. If you’re in Montgomery 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 space where you are in complete control. Bitcoin is not restricted by any government policies, nor restrictions of third-party Montgomery County financial institutions. It’s a decentralized, international currency used for transactions 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 between countries. A local Bitcoin ATM can turn cash into remittances within minutes.
At one time in 2017, the price of Bitcoin outstripped the value of one troy ounce of Gold. Both are perceived as “safe haven” assets for Montgomery County investors. The “Bitcoin vs. Gold” argument 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 fixed quantity, while the worldwide stockpile of Gold increases roughly 1.5 percent each year. In the five years before 2020, Gold’s value grew around 67 percent; Bitcoin, however, increased as much as 4,500 percent.
The volume of Montgomery County businesses and organizations taking Bitcoin grows steadily. Popular 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 obtain and use Bitcoin. Given that 25 percent of U.S. households, including those in Montgomery County, are unbanked or underbanked, its attractiveness to those who don’t use banks – whether by choice or other justification – is undeniable. Bitcoin security is unequaled, safeguarded by a globe-spanning network of complex computers employing blockchain technology.
Deals using Bitcoin are instantly completed. There’s no hurdles. The virtual cash is maintained 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 examining Bitcoin, maybe begin with a small amount. Patronize a cheap local Bitcoin ATM near Montgomery County and deposit some cash. Get a feel for how a virtual wallet operates, and how Bitcoin is used to buy 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 trusted Bitcoin ATM companies in the world and in Montgomery 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 quickly.
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