If you’ve ever dabbled in Bitcoin or cryptocurrency in general (or considered doing so), one thought likely occurs over and over: Why use Bitcoin?
The question is valid. The typical Croxton individual grasps next to nothing about electronic cash, money that exists in the virtual world. Even when held on paper, it’s only a QR code. Why change hard-earned dollars into something seemingly so abstract?
A multitude of rationales exist – among them, privacy, immediate transactions, investment potential and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (regularly labeled “digital Gold”) is the most common and widely held. Demand has swelled so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Croxton , 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 complete control. Bitcoin is not tethered by any government regulations, nor policies of third-party Croxton financial institutions. It’s a decentralized, worldwide currency used for transactions directly between two sides, 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 around the world. A local Bitcoin ATM can turn cash into remittances within minutes.
At one point in 2017, the price of Bitcoin surpassed the price of one troy ounce of Gold. Both are perceived as “safe haven” assets for Croxton investors. The “Bitcoin vs. Gold” argument has occurred for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be applied as currency, unlike Gold. Bitcoin has a finite quantity, while the worldwide stockpile of Gold increases around 1.5 percent every year. In the five years preceding 2020, Gold’s value improved around 67 percent; Bitcoin, though, rose as much as 4,500 percent.
The volume of Croxton businesses and organizations using Bitcoin expands steadily. Well-recognized brands such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are on the roster.
Anyone can purchase and use Bitcoin. Given that 25 percent of U.S. households, including those in Croxton, are unbanked or underbanked, its attractiveness to those who don’t use banks – whether by preference or other rationale – is unmistakable. Bitcoin security is unsurpassed, safeguarded by a globe-spanning network of complex computers using blockchain technology.
Transactions using Bitcoin are instantaneously completed. There’s no red tape. The virtual currency is held 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 alternative to conventional currency. If you’re interested in exploring Bitcoin, maybe begin with a small value. Patronize a cheap local Bitcoin ATM near Croxton and invest some cash. Understand how a virtual wallet works, and how Bitcoin is used to acquire products and services.
You can feel secure 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 in the world and in Croxton .
You probably have more questions about Bitcoin … and that’s normal. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered before you know it.