If you’ve ever invested in Bitcoin or cryptocurrency in general (or wondered about doing so), one question probably occurs over and over: Why use Bitcoin?
The question is legitimate. The average Bergen County person knows next to nothing about electronic cash, money that exists in the virtual arena. Even when printed on paper, it’s just a QR code. Why change hard-earned dollars into something seemingly so abstract?
Many motives exist – among them, privacy, instant transactions, investment potential and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (often called “digital Gold”) is the most prevalent and commonly held. Demand has accelerated so much that more than 4,000 local Bitcoin ATMs function in the U.S. If you’re in Bergen 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 playing field where you are in full control. Bitcoin is not tethered by any government rules, nor restrictions of third-party Bergen 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 immensely 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 point in 2017, the value of Bitcoin topped the price of one troy ounce of Gold. Both are considered as “safe haven” assets for Bergen County investors. The “Bitcoin vs. Gold” dispute has carried on for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be utilized as currency, unlike Gold. Bitcoin has a predetermined supply, while the worldwide availability of Gold increases roughly 1.5 percent each year. In the five years preceding 2020, Gold’s value improved around 67 percent; Bitcoin, on the other hand, rose as much as 4,500 percent.
The volume of Bergen County businesses and organizations using Bitcoin increases steadily. Household 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 Bergen County, are unbanked or underbanked, its appeal to those who don’t use banks – whether by choice or other reason – is natural. Bitcoin security is unrivaled, shielded by a globe-spanning network of complex computers employing blockchain technology.
Dealings using Bitcoin are instantaneously completed. There’s no red tape. The virtual cash is safeguarded in an online “crypto wallet,” inaccessible to all but those who know its private “key.”
In short, Bitcoin is for those who desire a safe, private alternative to standard currency. If you’re interested in checking out Bitcoin, perhaps start with a small value. Stop by a cheap local Bitcoin ATM near Bergen County and invest some cash. Get a feel for how a virtual wallet works, 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 degrees of compliance in the industry, backed by more than 30 money transmitter licenses. Coinsource is one of the most trusted Bitcoin ATM companies worldwide and in Bergen County .
You perhaps have more questions about Bitcoin … and that’s logical. But the answer to the incessant one – “Why use Bitcoin?” – will likely be answered in short order.
|Carlton Hill||Cliffside Park||Closter|
|Englewood||Englewood Cliffs||Fair Lawn|
|Fairview||Fort Lee||Franklin Lakes|
|Harrington Park||Hasbrouck Heights||Haworth|
|New Bridge||New Milford||North Arlington|
|Palisades Park||Paramus||Park Ridge|
|Ridgefield Park||Ridgewood||Ridgewood Junction|
|River Edge||River Vale||Rochelle Park|
|Saddle River||Saint Josephs Village||Teaneck|
|Upper Saddle River||Waldwick||Wallington|
|Warren Point||West View||Westwood|