If you’ve ever invested in Bitcoin or cryptocurrency in general (or wondered about doing so), one thought probably occurs simultaneously: Why use Bitcoin?
The question is understandable. The common Union City individual understands next to nothing about electronic cash, money that exists in the virtual space. Even when held on paper, it’s only a QR code. Why transform hard-earned dollars into something seemingly so abstract?
Multiple rationales exist – among them, privacy, instant transactions, investment possibility and total financial control. Curious?
Of thousands of cryptocurrencies, Bitcoin (occasionally called “digital Gold”) is the most prevalent and frequently held. Demand has increased so much that more than 4,000 local Bitcoin ATMs operate in the U.S. If you’re in Union City , 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 world where you are in complete control. Bitcoin is not restricted by any government policies, nor strictures of third-party Union City financial institutions. It’s a decentralized, international currency used for dealings directly between two sides, with neither knowing whom the other is.
Bitcoin is immensely valuable as a remittance tool. It’s faster and far cheaper 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 topped the price of one troy ounce of Gold. Both are deemed as “safe haven” holdings for Union City investors. The “Bitcoin vs. Gold” argument has raged for years, with some observers falling squarely on the Bitcoin side.
Why? Bitcoin can be utilized as currency, unlike Gold. Bitcoin has a fixed amount, while the worldwide stockpile of Gold grows roughly 1.5 percent each year. In the five years before 2020, Gold’s value rose around 67 percent; Bitcoin, though, expanded as much as 4,500 percent.
The amount of Union City businesses and organizations taking Bitcoin grows steadily. Popular brands such as Amazon, Barnes & Noble, Home Depot, AT&T, Microsoft, Expedia, Subway, PayPal, Overstock, Shopify and Dish Network are included.
Anyone can buy and use Bitcoin. Given that 25 percent of U.S. households, including those in Union City, are unbanked or underbanked, its appeal to those who don’t use banks – whether by choice or other reason – is undeniable. Bitcoin security is unparalleled, guarded by a worldwide network of complex computers utilizing blockchain technology.
Transactions using Bitcoin are immediately completed. There’s no paperwork. 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 want a safe, private option to conventional money. If you’re interested in trying Bitcoin, perhaps start with a small value. Visit a cheap local Bitcoin ATM near Union City and deposit some cash. Get a feel for how a virtual wallet works, and how Bitcoin is used to purchase products and services.
You can feel safe 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 trusted Bitcoin ATM companies worldwide and in Union City .
You likely have more questions about Bitcoin … and that’s understandable. But the answer to the repeating one – “Why use Bitcoin?” – will likely be answered before you know it.