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 not unreasonable. The everyday Bergen individual knows next to nothing about electronic cash, currency that exists in the virtual world. Even when printed on paper, it’s just a QR code. Why transform hard-earned dollars into something seemingly so abstract?
Many motivations exist – among them, privacy, immediate transactions, investment potential and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (occasionally termed “digital Gold”) is the most popular and widely owned. Demand has swelled so much that more than 4,000 local Bitcoin ATMs exist in the U.S. If you’re in Bergen , just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you transform money to Bitcoin, you enter a financial arena where you are in full control. Bitcoin is not tethered by any government rules, nor policies of third-party Bergen 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 expensive than Western Union or MoneyGram for those sending money between countries. A local Bitcoin ATM can change cash into remittances within minutes.
At one point in 2017, the value of Bitcoin exceeded the value of one troy ounce of Gold. Both are viewed as “safe haven” assets for Bergen investors. The “Bitcoin vs. Gold” dispute has raged for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be used as currency, unlike Gold. Bitcoin has a predetermined supply, while the worldwide availability of Gold expands roughly 1.5 percent each year. In the five years preceding 2020, Gold’s value increased around 67 percent; Bitcoin, however, rose as much as 4,500 percent.
The total of Bergen businesses and organizations using Bitcoin increases progressively. Well-recognized brands such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are included.
Anyone can buy and use Bitcoin. Given that 25 percent of U.S. households, including those in Bergen, are unbanked or underbanked, its attractiveness to those who don’t use banks – whether by choice or other justification – is obvious. Bitcoin security is unequaled, safeguarded by a global network of complex computers using blockchain technology.
Transactions using Bitcoin are instantly completed. There’s no hindrances. The virtual money is maintained 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 commonplace money. If you’re interested in exploring Bitcoin, perhaps get started with a small value. Stop by a cheap local Bitcoin ATM near Bergen and deposit some cash. Get a feel for how a virtual wallet works, 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 levels of compliance in the industry, secured by more than 30 money transmitter licenses. Coinsource is one of the most trusted Bitcoin ATM companies worldwide and in Bergen .
You perhaps have more questions about Bitcoin … and that’s logical. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered very quickly.