If you’ve ever invested in Bitcoin or cryptocurrency in general (or considered doing so), one query likely occurs over and over: Why use Bitcoin?
The question is legitimate. The common Hudson County individual knows next to nothing about electronic cash, currency that exists in the virtual space. Even when printed on paper, it’s just a QR code. Why transform hard-earned dollars into something seemingly so abstract?
Many rationales exist – among them, privacy, instantaneous transactions, investment potential and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (regularly called “digital Gold”) is the most prevalent and widely owned. Demand has grown 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 switch money to Bitcoin, you enter a financial arena where you are in full control. Bitcoin is not held back by any government regulations, nor regulations 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 incredibly valuable as a remittance tool. It’s faster and far less expensive than Western Union or MoneyGram for those sending money globally. A local Bitcoin ATM can turn cash into remittances within minutes.
At one instance in 2017, the value of Bitcoin topped the price of one troy ounce of Gold. Both are judged as “safe haven” holdings for Hudson County investors. The “Bitcoin vs. Gold” argument has occurred for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be utilized as currency, unlike Gold. Bitcoin has a predetermined quantity, while the worldwide stockpile of Gold increases approximately 1.5 percent every year. In the five years prior to 2020, Gold’s value rose around 67 percent; Bitcoin, though, rose as much as 4,500 percent.
The volume of Hudson County businesses and organizations taking Bitcoin grows continuously. Everyday names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are included.
Anyone can obtain and use Bitcoin. Given that 25 percent of U.S. households, including those in Hudson County, are unbanked or underbanked, its allure to those who don’t use banks – whether by choice or other rationale – is understandable. Bitcoin security is unequaled, protected by a globe-spanning network of complex computers operating with blockchain technology.
Dealings using Bitcoin are immediately completed. There’s no paperwork. The virtual cash is safeguarded in an online “crypto wallet,” impenetrable to all but those who know its private “key.”
In short, Bitcoin is for those who want a safe, private option to traditional currency. If you’re interested in trying Bitcoin, maybe start out with a small value. Visit a cheap local Bitcoin ATM near Hudson County and use some cash. Understand how a virtual wallet operates, and how Bitcoin is used to acquire products and services.
You can feel protected doing so, too. Coinsource Bitcoin ATMs have one of the highest levels of compliance in the industry, secured by more than 30 money transmitter licenses. Coinsource is one of the most entrusted Bitcoin ATM companies worldwide and in Hudson County .
You could have more questions about Bitcoin … and that’s understandable. But the answer to the repeating one – “Why use Bitcoin?” – will likely be answered before you know it.
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