If you’ve ever invested in Bitcoin or cryptocurrency in general (or pondered doing so), one thought likely occurs simultaneously: Why use Bitcoin?
The question is understandable. The typical Jersey City person understands next to nothing about electronic cash, money that exists in the virtual environment. Even when held on paper, it’s only a QR code. Why switch hard-earned dollars into something seemingly so abstract?
Many justifications exist – among them, privacy, instantaneous transactions, investment possibility and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (regularly labeled “digital Gold”) is the most common and commonly held. Demand has increased so much that more than 4,000 local Bitcoin ATMs function in the U.S. If you’re in Jersey City , 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 space where you are in full control. Bitcoin is not restricted by any government rules, nor rules of third-party Jersey City financial institutions. It’s a decentralized, worldwide currency used for transactions directly between two parties, with neither knowing whom the other is.
Bitcoin is hugely valuable as a remittance tool. It’s faster and far cheaper than Western Union or MoneyGram for those sending money between countries. A local Bitcoin ATM can turn cash into remittances within minutes.
At one point in 2017, the price of Bitcoin outstripped the value of one troy ounce of Gold. Both are judged as “safe haven” assets for Jersey City 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 grows roughly 1.5 percent each year. In the five years preceding 2020, Gold’s value improved around 67 percent; Bitcoin, however, increased as much as 4,500 percent.
The quantity of Jersey City businesses and organizations taking Bitcoin increases progressively. Popular names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are on the list.
Anyone can buy and use Bitcoin. Given that 25 percent of U.S. households, including those in Jersey City, are unbanked or underbanked, its appeal to those who don’t use banks – whether by choice or other rationale – is natural. Bitcoin security is unmatched, guarded by a global network of complex computers utilizing blockchain technology.
Deals using Bitcoin are instantaneously completed. There’s no hurdles. The virtual cash is stored in an online “crypto wallet,” impenetrable to all but those who hold its private “key.”
In short, Bitcoin is for those who desire a safe, private option to commonplace currency. If you’re interested in trying Bitcoin, perhaps get started with a small amount. Stop by a cheap local Bitcoin ATM near Jersey City and invest some cash. Get a feel for how a virtual wallet operates, and how Bitcoin is used to buy products and services.
You can feel secure 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 globally and in Jersey City .
You could have more questions about Bitcoin … and that’s natural. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered before you know it.