If you’ve ever invested in Bitcoin or cryptocurrency in general (or thought of doing so), one question likely occurs repeatedly: Why use Bitcoin?
The question is legitimate. The common Hudson County individual understands next to nothing about electronic cash, currency that exists in the virtual arena. Even when seen on paper, it’s only a QR code. Why convert hard-earned dollars into something seemingly so abstract?
A multitude of motivations exist – among them, privacy, immediate transactions, investment potential and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (regularly termed “digital Gold”) is the most prevalent and commonly owned. Demand has accelerated so much that more than 4,000 local Bitcoin ATMs exist in the U.S. If you’re in Hudson 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 world where you are in utter control. Bitcoin is not restricted by any government rules, nor rules of third-party Hudson County financial institutions. It’s a decentralized, worldwide 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 less costly 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 price of Bitcoin outstripped the value of one troy ounce of Gold. Both are judged as “safe haven” assets for Hudson County investors. The “Bitcoin vs. Gold” discussion has carried 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 quantity, while the worldwide stockpile of Gold increases around 1.5 percent each year. In the five years prior to 2020, Gold’s value increased around 67 percent; Bitcoin, though, rose as much as 4,500 percent.
The amount of Hudson County businesses and organizations accepting Bitcoin expands continuously. Everyday 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 acquire and use Bitcoin. Given that 25 percent of U.S. households, including those in Hudson County, are unbanked or underbanked, its appeal to those who don’t use banks – whether by preference or other reason – is unmistakable. Bitcoin security is unmatched, shielded by a global network of complex computers utilizing blockchain technology.
Deals using Bitcoin are instantly completed. There’s no hindrances. 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 desire a safe, private alternative to traditional money. If you’re interested in checking out Bitcoin, maybe begin with a small sum. Visit a cheap local Bitcoin ATM near Hudson County and use some cash. Understand how a virtual wallet works, and how Bitcoin is used to buy products and services.
You can feel protected 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 in the world and in Hudson County .
You could have more questions about Bitcoin … and that’s natural. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered in short order.
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