Cryptocurrencies are often considered to be something of an economic fad. Many economic experts shake their heads when brands announce their own cryptocurrencies to compete with the top dog, Bitcoin, or suggest that Bitcoin and currencies like it will never truly become stable or trusted currencies for the majority of the population.
However, over the last few months, more people have been buying Bitcoin than before. It turns out that there are some good reasons for this.
Bitcoin Demonstrates Remarkable Resiliency
The COVID-19 pandemic has crashed the majority of currencies circulating throughout the global economy. While Bitcoin has also decreased in value like the U.S. dollar and most other major currencies, it rebounded much more quickly and took longer to dip in the first place.
This general trend of resilience and steady value is of great interest to investors and cryptocurrency speculators alike. Furthermore, it’s thought by many that the crash in Bitcoin’s value was because it was correlated with traditional assets, rather than a result of people losing faith in the actual cryptocurrency.
All this is to say that Bitcoin may indeed be slightly more resilient than traditional world currencies, making it valuable to have in the event of the proverbial rainy day.
The Third Bitcoin Halving
Bitcoin’s apparent economic stability isn’t the only reason people are flocking to the coin. Bitcoin recently halved for the third time, which has resulted in a serious price surge and attracted a new collection of investors and Bitcoin traders from across the world.
In short, Bitcoin is now more valuable than ever before and has proven over the course of the COVID-19 pandemic that it has staying power and resiliency that other currencies may not be able to match.
Buying Bitcoin Made Easy
Fortunately, buying Bitcoin has never been easier. The basic process for buying Bitcoin has always been a bit murky for newcomers. First, you have to get a Bitcoin wallet, produce some ID, then finally locate a reputable Bitcoin exchange website. If you don’t know what to look for, this could be tricky and even risky. While setting up a digital wallet and browsing the Internet for safe exchange websites is still an option, many people are turning to an alternative purchasing method: Bitcoin ATMs.
Bitcoin ATMs allow individuals to pay for Bitcoin with cash, then send any resulting coin to the digital wallet of their choice. They offer safe, flexible, and almost instantaneous Bitcoin purchasing and transferring for anyone with ID. These revolutionary machines are cropping up all over America and other countries, again proving that Bitcoin’s reach is farther than many naysayers would like to think.
While Bitcoin ATMs can be found in major capitals and trade hubs, even relatively inland cities have started seeing the ATMs crop up like cryptocurrency beacons. There are already four Nashville Bitcoin ATM, for example, and both Nashville and other populated American cities will likely see more of these ATMs appear in the near future.
These days, there are more cryptocurrencies than ever, ranging from Bitcoin to hobby-exclusive coins for a select few. Time will tell whether they ultimately take a place as a staple currency to be used for common goods and services, but with more people buying than ever before, the future for Bitcoin looks bright.