If you’ve ever dabbled in Bitcoin or cryptocurrency in general (or contemplated doing so), one query likely occurs repeatedly: Why use Bitcoin?
The question is legitimate. The common Port Johnson individual grasps next to nothing about electronic cash, money that exists in the virtual arena. Even when held on paper, it’s only a QR code. Why transform hard-earned dollars into something seemingly so abstract?
Many rationales exist – among them, privacy, instant transactions, investment potential and total financial control. Intrigued?
Of thousands of cryptocurrencies, Bitcoin (regularly labeled “digital Gold”) is the most popular and regularly held. Demand has increased so much that more than 4,000 local Bitcoin ATMs exist in the U.S. If you’re in Port Johnson , just click here to find a nearby low-fee, 24-hour-customer-service Bitcoin ATM.
When you change money to Bitcoin, you enter a financial arena where you are in total control. Bitcoin is not tethered by any government laws, nor policies of third-party Port Johnson financial institutions. It’s a decentralized, global 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 around the world. A local Bitcoin ATM can turn cash into remittances within minutes.
At one time in 2017, the value of Bitcoin outstripped the price of one troy ounce of Gold. Both are deemed as “safe haven” holdings for Port Johnson investors. The “Bitcoin vs. Gold” debate has carried on for years, with some watchers falling squarely on the Bitcoin side.
Why? Bitcoin can be applied as currency, unlike Gold. Bitcoin has a finite amount, 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, on the other hand, increased as much as 4,500 percent.
The volume of Port Johnson businesses and organizations taking Bitcoin expands steadily. Everyday names such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are on the roster.
Anyone can acquire and use Bitcoin. Given that 25 percent of U.S. households, including those in Port Johnson, are unbanked or underbanked, its allure to those who don’t use banks – whether by preference or other rationale – is reasonable. Bitcoin security is unmatched, shielded by a worldwide network of complex computers using blockchain technology.
Deals using Bitcoin are instantaneously completed. There’s no paperwork. The virtual cash is maintained 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 standard currency. If you’re interested in exploring Bitcoin, maybe start with a small amount. Visit a cheap local Bitcoin ATM near Port Johnson and invest some cash. Get a feel for how a virtual wallet functions, 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 degrees of compliance in the industry, secured by more than 30 money transmitter licenses. Coinsource is one of the most entrusted Bitcoin ATM companies worldwide and in Port Johnson .
You perhaps have more questions about Bitcoin … and that’s logical. But the answer to the repeating one – “Why use Bitcoin?” – will likely be answered very soon.