If you’ve ever invested in Bitcoin or cryptocurrency in general (or thought of doing so), one query probably occurs over and over: Why use Bitcoin?
The question is valid. The everyday Hoboken individual grasps next to nothing about electronic cash, money that exists in the virtual space. Even when printed on paper, it’s only a QR code. Why switch hard-earned dollars into something seemingly so abstract?
Many reasons exist – among them, privacy, immediate transactions, investment possibility and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (frequently termed “digital Gold”) is the most common and commonly held. Demand has grown so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Hoboken , 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 world where you are in utter control. Bitcoin is not restricted by any government rules, nor restrictions of third-party Hoboken financial institutions. It’s a decentralized, global 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 less expensive than Western Union or MoneyGram for those sending money between nations. A local Bitcoin ATM can turn cash into remittances within minutes.
At one time in 2017, the price of Bitcoin surpassed the price of one troy ounce of Gold. Both are perceived as “safe haven” holdings for Hoboken 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 predetermined supply, while the worldwide supply of Gold grows roughly 1.5 percent every year. In the five years preceding 2020, Gold’s value rose around 67 percent; Bitcoin, on the other hand, rose as much as 4,500 percent.
The quantity of Hoboken businesses and organizations taking Bitcoin increases progressively. Popular brands 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 Hoboken, are unbanked or underbanked, its allure to those who don’t use banks – whether by choice or other reason – is understandable. Bitcoin security is unsurpassed, safeguarded by a global network of complex computers employing blockchain technology.
Transactions using Bitcoin are instantaneously completed. There’s no obstacles. The virtual cash is held in an online “crypto wallet,” inaccessible to all but those who hold its private “key.”
In short, Bitcoin is for those who desire a safe, private alternative to conventional currency. If you’re interested in exploring Bitcoin, perhaps begin with a small amount. Visit a cheap local Bitcoin ATM near Hoboken and use some cash. Get a feel for how a virtual wallet operates, 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 degrees 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 Hoboken .
You likely have more questions about Bitcoin … and that’s understandable. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered before you know it.