If you’ve ever dabbled in Bitcoin or cryptocurrency in general (or contemplated doing so), one thought probably occurs repeatedly: Why use Bitcoin?
The question is valid. The average Warren County individual knows next to nothing about electronic cash, currency that exists in the virtual world. Even when seen on paper, it’s only a QR code. Why switch hard-earned dollars into something seemingly so abstract?
Many justifications exist – among them, privacy, instantaneous transactions, investment possibility and total financial control. Curious?
Of thousands of cryptocurrencies, Bitcoin (frequently called “digital Gold”) is the most widespread and regularly owned. Demand has accelerated so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Warren County , 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 total control. Bitcoin is not restricted by any government laws, nor policies of third-party Warren County financial institutions. It’s a decentralized, global currency used for transactions directly between two parties, with neither knowing whom the other is.
Bitcoin is tremendously valuable as a remittance tool. It’s faster and far cheaper than Western Union or MoneyGram for those sending money globally. A local Bitcoin ATM can turn cash into remittances within minutes.
At one time in 2017, the value of Bitcoin outstripped the value of one troy ounce of Gold. Both are considered as “safe haven” assets for Warren 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 used as currency, unlike Gold. Bitcoin has a finite amount, while the worldwide availability of Gold expands around 1.5 percent annually. In the five years preceding 2020, Gold’s value improved around 67 percent; Bitcoin, though, improved as much as 4,500 percent.
The volume of Warren County businesses and organizations using Bitcoin increases continuously. Popular 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 Warren County, are unbanked or underbanked, its appeal to those who don’t use banks – whether by choice or other reason – is understandable. Bitcoin security is unmatched, guarded by a worldwide network of complex computers operating with blockchain technology.
Dealings using Bitcoin are instantly completed. There’s no hindrances. The virtual money is maintained in an online “crypto wallet,” impenetrable to all but those who hold its private “key.”
In short, Bitcoin is for those who want a safe, private alternative to conventional money. If you’re interested in exploring Bitcoin, maybe get started with a small sum. Patronize a cheap local Bitcoin ATM near Warren County and deposit some cash. Understand how a virtual wallet works, and how Bitcoin is used to acquire products and services.
You can feel safe doing so, too. Coinsource Bitcoin ATMs have one of the highest degrees of compliance in the industry, secured by more than 30 money transmitter licenses. Coinsource is one of the most validated Bitcoin ATM companies globally and in Warren County .
You perhaps have more questions about Bitcoin … and that’s to be expected. But the answer to the repeating one – “Why use Bitcoin?” – will likely be answered in short order.
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