If you’ve ever invested in Bitcoin or cryptocurrency in general (or pondered doing so), one thought likely occurs repeatedly: Why use Bitcoin?
The question is not unreasonable. The common Marion person knows next to nothing about electronic cash, money that exists in the virtual world. Even when held on paper, it’s just a QR code. Why convert hard-earned dollars into something seemingly so abstract?
A multitude of justifications exist – among them, privacy, immediate transactions, investment possibility and total financial control. Interested?
Of thousands of cryptocurrencies, Bitcoin (often labeled “digital Gold”) is the most prevalent 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 Marion , just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you convert money to Bitcoin, you enter a financial world where you are in full control. Bitcoin is not bound by any government policies, nor policies of third-party Marion financial institutions. It’s a decentralized, international currency used for transactions directly between two parties, with neither knowing whom the other is.
Bitcoin is incredibly valuable as a remittance tool. It’s faster and far less costly than Western Union or MoneyGram for those sending money globally. A local Bitcoin ATM can turn cash into remittances within minutes.
At one point in 2017, the price of Bitcoin surpassed the value of one troy ounce of Gold. Both are judged as “safe haven” holdings for Marion investors. The “Bitcoin vs. Gold” argument has gone on for years, with some watchers 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 approximately 1.5 percent every year. In the five years prior to 2020, Gold’s value rose around 67 percent; Bitcoin, though, rose as much as 4,500 percent.
The number of Marion businesses and organizations accepting Bitcoin grows continuously. 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 Marion, are unbanked or underbanked, its allure to those who don’t use banks – whether by choice or other rationale – is reasonable. Bitcoin security is unsurpassed, protected by a globe-spanning network of complex computers operating with blockchain technology.
Dealings using Bitcoin are instantly completed. There’s no obstacles. The virtual cash is stored in an online “crypto wallet,” impenetrable to all but those who know its private “key.”
In short, Bitcoin is for those who desire a safe, private alternative to traditional money. If you’re interested in examining Bitcoin, perhaps start out with a small value. Stop by a cheap local Bitcoin ATM near Marion and deposit some cash. Understand how a virtual wallet operates, and how Bitcoin is used to acquire products and services.
You can feel protected doing so, too. Coinsource Bitcoin ATMs have one of the highest levels 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 Marion .
You could have more questions about Bitcoin … and that’s understandable. But the answer to the recurring one – “Why use Bitcoin?” – will likely be answered very soon.