If you’ve ever invested in Bitcoin or cryptocurrency in general (or contemplated doing so), one query probably occurs repeatedly: Why use Bitcoin?
The question is valid. The average Essex County person grasps next to nothing about electronic cash, currency that exists in the virtual environment. Even when held on paper, it’s just a QR code. Why convert hard-earned dollars into something seemingly so abstract?
Multiple justifications exist – among them, privacy, instantaneous transactions, investment potential and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (regularly labeled “digital Gold”) is the most widespread and commonly held. Demand has increased so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Essex 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 utter control. Bitcoin is not restricted by any government laws, nor regulations of third-party Essex County financial institutions. It’s a decentralized, global 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 abroad. A local Bitcoin ATM can change cash into remittances within minutes.
At one point in 2017, the value of Bitcoin exceeded the price of one troy ounce of Gold. Both are considered as “safe haven” assets for Essex County investors. The “Bitcoin vs. Gold” discussion has occurred for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a predetermined amount, while the worldwide supply of Gold grows around 1.5 percent each year. In the five years preceding 2020, Gold’s value rose around 67 percent; Bitcoin, however, increased as much as 4,500 percent.
The number of Essex County businesses and organizations accepting Bitcoin expands progressively. 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 purchase and use Bitcoin. Given that 25 percent of U.S. households, including those in Essex 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 unrivaled, guarded by a worldwide network of complex computers operating with blockchain technology.
Transactions using Bitcoin are immediately completed. There’s no obstacles. The virtual currency is stored 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 trying Bitcoin, perhaps get started with a small sum. Patronize a cheap local Bitcoin ATM near Essex County and invest some cash. Get a feel for how a virtual wallet functions, and how Bitcoin is used to purchase products and services.
You can feel protected 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 in the world and in Essex County .
You maybe have more questions about Bitcoin … and that’s understandable. But the answer to the incessant one – “Why use Bitcoin?” – will likely be answered in short order.
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