If you’ve ever invested in Bitcoin or cryptocurrency in general (or contemplated doing so), one question likely occurs simultaneously: Why use Bitcoin?
The question is understandable. The average Bayonne individual grasps next to nothing about electronic cash, currency that exists in the virtual environment. Even when printed on paper, it’s just a QR code. Why convert hard-earned dollars into something seemingly so abstract?
A multitude of motives exist – among them, privacy, instantaneous transactions, investment possibility and total financial control. Curious?
Of thousands of cryptocurrencies, Bitcoin (occasionally called “digital Gold”) is the most prevalent and frequently held. Demand has grown so much that more than 4,000 local Bitcoin ATMs exist in the U.S. If you’re in Bayonne , 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 arena where you are in full control. Bitcoin is not tethered by any government laws, nor restrictions of third-party Bayonne financial institutions. It’s a decentralized, worldwide currency used for dealings directly between two sides, with neither knowing whom the other is.
Bitcoin is incredibly 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 instance in 2017, the price of Bitcoin exceeded the price of one troy ounce of Gold. Both are considered as “safe haven” holdings for Bayonne investors. The “Bitcoin vs. Gold” discussion has occurred for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a fixed supply, while the worldwide supply of Gold increases roughly 1.5 percent each year. In the five years prior to 2020, Gold’s value improved around 67 percent; Bitcoin, on the other hand, increased as much as 4,500 percent.
The volume of Bayonne businesses and organizations using Bitcoin increases progressively. Household names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are on the roster.
Anyone can acquire and use Bitcoin. Given that 25 percent of U.S. households, including those in Bayonne, are unbanked or underbanked, its appeal to those who don’t use banks – whether by choice or other rationale – is understandable. Bitcoin security is unmatched, protected by a global network of complex computers utilizing blockchain technology.
Transactions using Bitcoin are instantly completed. There’s no red tape. The virtual cash is safeguarded 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 traditional currency. If you’re interested in exploring Bitcoin, perhaps get started with a small value. Visit a cheap local Bitcoin ATM near Bayonne and deposit 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 entrusted Bitcoin ATM companies worldwide and in Bayonne .
You might have more questions about Bitcoin … and that’s logical. But the answer to the incessant one – “Why use Bitcoin?” – will likely be answered before you know it.