Frequently Asked Questions

New to Bitcoin or to Bitcoin ATMs? This page provides some of the most frequently asked questions. If you still can’t find what you’re looking for, please check out our blog for Bitcoin ATM tutorials and more. Also, Growth BTM’s support team is always available by phone, text, and email.

How Do I Buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin?

Step 1: Locate one of our Bitcoin ATMs near you.

Step 2: Touch “Buy Coins” and create an account at our Bitcoin ATM.

Step 3: Choose where you want your cryptocurrency to be sent by scanning a QR code (recommended), printing a paper wallet, or manually entering your wallet address (note that addresses are case sensitive). Our Bitcoin ATM’s work with any wallet and can create a paper wallet for you if you don’t have a cryptocurrency wallet.

Step 4: Insert cash.

Step 5: Touch “Finish” and you’ll own more cryptocurrency than before.

Learn more.

How Do I Sell Cryptocurrency and Withdraw Cash At the BTM?

Step 1: Locate one of our Bitcoin ATMs near you.

Step 2: Touch “Withdraw” and create an account at our Bitcoin ATM

Step 3: Choose the cryptocurrency you want to sell and the amount of cash you would like to withdraw.

Step 4: Using your mobile digital wallet, scan the QR code on the Bitcoin ATM screen and send the exact amount shown on the Bitcoin ATM screen. Ensure that you include a miner’s fee.

Step 5: Receive a receipt with a redemption code.

Step 6: Wait about 10 minutes for your transaction to get confirmed on the network. Once confirmed you will receive an SMS letting you know that your cash is ready for pickup.

Step 7: Go back to the Bitcoin ATM, touch “Redeem” and use you the redemption code to collect your cash.

You can sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Learn more.

What is a Digital Wallet?

A digital wallet is where you store your cryptocurrency. Typically, each cryptocurrency requires its own digital wallet but there are wallets today that can support multiple types of digital currencies. Think of a digital wallet as a traditional wallet that you carry in your pocket. An ordinary wallet stores your cash and credit cards. A digital wallet stores cryptocurrency public and private keys.

Like traditional wallets, a digital wallet is controlled only by its owner. You can keep your digital wallet safe by either setting a strong password or otherwise keeping it out of reach. You should always make a backup of your username and password or your recovery phrases. Just follow the instructions of the wallet provider to create your recovery phrases. Please note that you should save your recovery phrases in a safe place and never share them with anyone because that will put the funds in your wallets at risk.

There are many different digital wallets such as Airbitz, Mycelium, and Breadwallet.

Our Bitcoin ATMs give you the option to also create your own unique paper wallet. We highly recommend that you always transfer your cryptocurrency from your paper wallet to a digital wallet because losing or damaging your paper wallet will result in loss of funds. Also, sharing your paper wallet private key will put your funds at risk of theft.

What is Bitcoin (BTC)?

Bitcoin is a decentralized cryptocurrency and the first of its kind. You can use Bitcoin to pay people and businesses for goods, property, and services, anywhere in the world, online and in-person. Bitcoin is also widely used for price speculation by people and institutions investing in Bitcoin and in other forms decentralized digital currency. Bitcoin, Ethereum, Bitcoin Cash, Litecoin and other cryptocurrencies are changing the way people around the world see money and make international payments. Learn more.

What is Ethereum (ETH)?

Ethereum is the second largest decentralized cryptocurrency in market capitalization, after Bitcoin. It is also the most actively used blockchain platform. Ethereum was first proposed in 2013 by programmer Vitalik Buterin as an open-source blockchain. The Ethereum network went live on July 30, 2015.  What makes Ethereum unique is its  smart contract functionality. The Ethereum network has introduced a host of new upgrades called Ethereum 2.0. These network upgrades include proof of stake and will significantly improve the speed of transactions.

What is Litecoin (LTC)?

Just like Bitcoin, Litecoin is a decentralized cryptocurrency that can be used to purchase goods and services around the world. It was first launched in in 2011, making it the second cryptocurrency after Bitcoin. Litecoin has faster confirmation times and lower transaction volumes than bitcoin. You can send Litecoin faster than you can send bitcoin and for as low as fifteen cents per transaction.

What is Bitcoin Cash (BCH)?

Bitcoin cash or BCH is another type of decentralized cryptocurrency. It was developed by a community of supporters who wanted to increase bitcoin’s blocksize. It started in 2017 when there was a rejection of the Segwit upgrade that bitcoin adopted. Bitcoin cash has lower transaction fees than bitcoin and can be, for the most part, used the same way Bitcoin, Ethereum, and Litecoin are used.

Like bitcoin, bitcoin cash transactions are made with no middle men – meaning, no banks required! With bitcoin cash, you can buy video games, and shop on major sites like Overstock.com.

Why Haven’t My Bitcoins Shown Up?

1) Ensure your phone is connected to the internet or try restarting your phone.

2) You can see the status of your transaction immediately upon finishing the trade at one of our Bitcoin ATMs.  You can do so by clicking on the link you receive via the text message that you will receive from us after complete your purchase.  You can also check your transaction on the blockchain ledger on sites like:

BlockTrail
TradeBlock
BlockCypher

3) Some wallets and websites require a certain amount of confirmations before your wallet balance updates. Try reaching out to your wallet provider for further troubleshooting. Please note that your wallet provider will never ask you for your backup phrases, so never share them with anyone. To ensure you contact the right people, use the contact options directly from their app or website.

4) If you can’t find your transaction and it has been more than one hour, reach out to us and provide your phone number, cash amount, and the date and time of your trade.

How Do I Transfer Bitcoin Off My Paper Wallet?

Step 1: Open your mobile wallet app.

Step 2: Select “Import Private Key”. This could be called something else on different apps, such as “Sweep”.

Step 3: Scan the bottom private key QR code on the paper wallet with your phone camera.

Step 4: Send the funds.

Ensure the Bitcoin is now in your phone wallet address and no longer on the paper wallet address. We strongly recommend that you immediately send the Bitcoin from your paper address to another address you control. Anyone in possession of your paper wallet private key can claim the Bitcoin from this address.

Click here for a step-by-step paper wallet tutorial.

Why Was My Account Blocked? This Must Be An Error.

If you feel that your account has been blocked in error, or our Bitcoin ATM is wrongly preventing you from access, please reach out to us and we will do our best to resolve your issue.

Additional Tips For Using Our Bitcoin ATM’s:

Where Do I Find Your Bitcoin ATMs?

What You Can Buy With Bitcoin

Bitcoin is a digital or virtual currency that was originally created in 2009 and the first of its kind. Bitcoin has many benefits for its users and investors. It uses peer-to-peer blockchain technology to facilitate payments. Bitcoin’s network is a decentralized network that uses a system that rewards its miners with Bitcoin. Since Bitcoin’s inception, many people have bet on Bitcoin to become a feasible alternative to other centralized methods of payments like Visa, Mastercard, and PayPal. The idea behind its creation was to remove third party intermediaries and create a “trust-less” system that is purely based on mathematics.

For the moment, Bitcoin’s popularity has been growing as a long-term investment like gold or stocks and not so much as a payment method. This is most likely due to the scalability of Bitcoin’s blockchain technology. Currently, the Bitcoin network is only capable of handling a maximum of 7 transactions per second. This means that when the number of transactions on the network increases, it can sometimes slow things down for the people sending and receiving Bitcoin and increase their transaction fees. Another reason is that Bitcoin was able to prove itself as a cryptocurrency asset that can increase in value over time. This attracted many individual and institutional investors and got on the radar of many central banks as a potential replacement for gold.

Moreover, Bitcoin’s blockchain technology continues to improve and its future Lightening Network is very promising and can finally make its scalability a real alternative to the traditional payment methods. There is a variety of ways to purchase and sell Bitcoin and other cryptocurrencies. Growth BTM offers the most convenient way to buy and sell Bitcoin with cash through our Bitcoin ATMs. You might be interested in simply investing in this financial technology or using it to buy goods and services from tens of thousands of online and local businesses while maintaining your privacy. Read on to find out how vastly Bitcoin is becoming accepted by many businesses as a form of payment for their goods and services:

Businesses that accept Bitcoin

Bitcoin and cash

Growth BTM – instantly trade your cash for Bitcoin or your Bitcoin for cash at a Bitcoin ATM near you. Visit these guides on how to buy Bitcoin with cash and how to sell Bitcoin and withdraw cash.

Major retailors

Microsoft – they allow their users to add money to their accounts using Bitcoin.

Newegg – one of the largest electronic online retail stores that accepts Bitcoin.

Overstock – the first large online retailer to accept and support Bitcoin. They offer a long list of home products and more.

Home Depot – the largest hardware store chain in the United States. You can ultimately build an entire house with your Bitcoins.

Shopify – a platform that accepts Bitcoin and is similar to eBay that allows entrepreneurs to start their own eCommerce businesses.

Services

Visa – you can connect your Bitcoin wallet with a BitPay Bitcoin debit card and purchase goods and services wherever Visa is accepted.

WordPress – a worldwide platform for developing and owning websites and blogs.

Dish Network – they accept Bitcoin in return for their satellite broadcast network services.

Reddit – a social platform, also known as the front page of the internet, that allows you to purchase premium features with Bitcoin.

Bloomberg – they accept Bitcoin for their financial newspaper subscription.

PlayStation Network and Xbox – you can purchase games and subscriptions with Bitcoin.

ExpressVPN – a popular and secure VPN service that accepts Bitcoin for VPN subscriptions.

King’s College – a New York City college that accepts Bitcoin for your education tuition fees.

Food and beverages

Starbucks – the most popular coffeehouse chain partnered up with Bakkt to develop applications for Starbucks customers to convert their cryptocurrencies into US dollars to buy their products. It is most likely a matter of time before they accept Bitcoin directly at their registers.

Whole Foods – a large grocery store owned by the giant online retailer, Amazon that partnered with the app “Spedn” to accept Bitcoin payments.

Subway Sandwiches – one of the largest submarine sandwich franchise that accepts Bitcoin.

Purse.io – you can buy from everyday online retailers, like Amazon, and get 5-15% off the advertised price when you pay with Bitcoin.

Cellular networks

AT&T – the first cellular company to accept online phone payments with Bitcoin.

Virgin Mobile – allows you to pay you phone bill with Bitcoin.

Gift cards

CoinCards – you can use your Bitcoin to buy gift cards for hundreds of businesses like Amazon, Applebee’s, Kohl’s, Burger King, Bass Pro Shop, and Bed Bath and Beyond at no additional fees. It’s a great way to stay private while shopping online or in person.

Bitrefill – Very similar to CoinCards with close to a thousand gift card options that you can purchase with Bitcoin.

Travel

Expedia – one of the largest travel booking companies that accepts Bitcoin for certain types of bookings.

Cheapair – accepts Bitcoin for booking hotels, flights, and more.

Bitcoin Travel – an online travel booking agency with a list of businesses that accept Bitcoin as a form of payment.

Sports

Miami Dolphins – a professional American football team where patrons can purchase tickets and food with Bitcoin.

Dallas Mavericks – a Mark Cuban owned Basketball team that allows you to buy tickets and goods at their stadium using Bitcoin.

Big ticket items

AutoCoinCars –you to buy and sell cars, trucks, and SUV’s with Bitcoin.

Bitcoin-Realestate.com – you can buy, sell, and rent real estate worldwide with Bitcoin.

Assets

Money Metals – You can buy gold and other precious metals with Bitcoin.

GoldSilver – They allow you to buy traditional assets like metal bars, coins and jewelry with Bitcoin.

APMEX – You can buy any of their precious metals with Bitcoin using their payment processor BitPay.

JM Bullion – You can buy gold, silver, platinum, copper and palladium bullion with Bitcoin and get free shipping.

Non-Profit organizations

United Way – a non-profit organization that focuses its efforts on education, income and health around the world. They accept Bitcoin donations.

Red Cross – they accept Bitcoin donations to help with their various local and global humanitarian efforts.

Wikimedia Foundation – a non-profit organization that owns many charitable organizations like the largest free online encyclopedia, Wikipedia. They accept Bitcoin donations.

Conclusion

Bitcoin is transforming the world of finance in a variety of ways and is also becoming one of the most popular ways to donate to non-profit organizations. It is becoming easier to spend your Bitcoin online and in-person. You can spend your Bitcoin almost anywhere, either directly or through a Bitcoin Visa debit card or gift cards. Bitcoin adaption is increasing and it is paving the way for the future of Bitcoin as an alternative secure, private, and cheap payment method. Please let us know what you think below and if you would like to see other merchants on this list.

Growth BTM is always here to support you and answer all of your questions. Feel free to contact us by phone, text message, or email.

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The Different Types of Cryptocurrency Wallets

What is a cryptocurrency wallet?

First, let us start by explaining what a cryptocurrency wallet is. There are many different types of cryptocurrency wallets. They can be software based, hardware based, or paper based. Cryptocurrency wallets are categorized as “hot wallets” or “cold wallets”. Although they have different levels of security, they all essentially work in the same way. Cryptocurrency wallets interact with the blockchain to store, receive, and send/spend your cryptocurrency.

How do cryptocurrency wallets work?

Cryptocurrency wallets contain two unique alphanumeric identifiers (public keys and private keys). Your public key is used to receive funds so it is acceptable to share with others. You can share it with others to send you cryptocurrency or use it to send yourself cryptocurrency to that particular wallet. Your wallet’s private key is used to spend or send cryptocurrency out of your wallet. Therefore, your private key should be kept secret and safe. If you lose your private key, you will lose access to the cryptocurrency in that wallet.

Hot and cold wallets:

Hot wallets connect to the internet. They are convenient because they give you immediate access to your cryptocurrency. For instance, if you have a wallet app and scan or enter your public key at one of our Bitcoin ATMs, you are sending the cryptocurrency to your hot wallet.
Cold wallets do not connect to the internet.  Cold wallets store keys offline, either on paper or on a hardware device. This feature makes them immune to hacks. They are great if you just want to buy cryptocurrency and HODL for long-term cryptocurrency investment purposes. You can still use your cold wallet’s address to buy cryptocurrency directly from our Bitcoin ATMs in New Jersey and Philadelphia.

Types of cryptocurrency wallets

Now that we’ve covered the basics of cryptocurrency wallets, let’s go over the different types. Keep in mind that they are all fundamentally the same. They all have public and private keys and they are all used to store, receive, and send cryptocurrency:

Mobile wallets

These wallets are the most convenient and most used cryptocurrency hot wallets because they give you instant access. Mobile wallets are apps that allow you to receive and send cryptocurrency right from your smartphone. For instance, when you sell Bitcoin through one of our Bitcoin ATMs, you will be able to send Bitcoin directly from your mobile wallet and receive cash from our Bitcoin ATM.

You should always backup your mobile wallet by following the backup instructions on your wallet app. There are many different cryptocurrency wallet apps for Android, Apple iOS, and Windows smartphones, such as Mycelium Bitcoin Wallet.

Paper wallets

Paper wallets are cold wallets that are simply a printed piece of paper that has your public key and your private key. They are secure because they keep your private key offline. However, if you lose it or damage it without knowing your private key, you will not be able to access the funds on it. Our Bitcoin ATMs allow you to create a new paper wallet and send the cryptocurrency you buy directly to it. Some mobile wallets allow you to transfer the cryptocurrency from your paper wallet to your mobile wallet. The process of transferring cryptocurrency from a paper wallet to a mobile wallet is fast and easy.

Hardware wallets

Hardware wallets are arguably the safest and best way to store your cryptocurrency. These wallets do not require batteries. You can always connect them to your computer or smartphone to manage your wallets. They are a secure option because they keep your private keys offline. You can purchase a good hardware wallet for around $100. The most common and reliable hardware wallets are the Ledger hardware wallets and the Trezor hardware wallets.

Desktop wallets

Desktop wallets are installed directly on your desktop and connect to the internet (hot wallets). They allow you to store your cryptocurrency private keys directly on your desktop, giving you full control of your assets. They also allow you to send and receive cryptocurrency directly from your desktop. There are different desktop wallets and they are available for most operating systems like macOS, Windows, and Linux. Some well-known desktop wallets are Electrum, Armory, and Atomic Wallet.

You should always practice safe security measures on your desktop or laptop. Have reliable antivirus, anti-malware, and firewall software installed and running at all times.

Web wallets

Web wallets are hot wallets because they connect to the internet. Most of them store your private keys in your web browsers and are either hosted or non-hosted. The hosted ones control your private keys and the non-hosted web wallets give you control of your private keys. You should practice the same security measures you would practice if you were to use a desktop wallet.

We hope you found this article about the different types of cryptocurrency wallets to be useful. Please visit our blog for more cryptocurrency tutorials and articles.

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7 Reasons to Use Our Bitcoin ATMs

In this article, we will describe the benefits of using our Bitcoin ATMs as an alternative to other buying and selling methods. The use of Bitcoin ATMs is becoming more popular every day and we continue to grow to meet our customers’ demands.

We are in the business of Bitcoin ATMs because we are true believers in the technology and its future and we want to bring it to our communities in New Jersey and Philadelphia, in the most convenient way possible. We want to make Bitcoin readily available to our local communities without all the unnecessary red tape that some banks and industries have been trying to impose on people.

In a previous article, we explained the key reasons to buy Bitcoin. We understand the benefits of it and also understand how difficult it can be for some people to buy and sell cryptocurrency from online exchanges and banks. When you buy online, you simply don’t have the privacy that you deserve, so we saw an opportunity in allowing our communities to buy Bitcoin and sell Bitcoin with cash directly from our New Jersey and Philadelphia Bitcoin ATMs. You can now buy a variety of goods and services with Bitcoin and our Bitcoin ATMs are becoming more popular for very good reasons that we will explain in more details.

1. You can turn cash into Bitcoin in a few very simple steps.

Buying Bitcoin from our Bitcoin ATMs is as simple as can be. In just a few seconds and with cash, you can buy Bitcoin and other cryptocurrencies in a few simple steps. You can also sell Bitcoin and other cryptocurrencies and withdraw cash right from our Bitcoin ATMs. Think of our Bitcoin ATMs as currency converters. Because our Bitcoin ATMs offer two-way operations, you can turn U.S. dollars into cryptocurrency when you buy with cash and turn cryptocurrency into U.S. dollars when you sell. It’s a very fast, convenient, safe and reliable crypto trading method.

All of our Bitcoin ATMs are conveniently located around north New Jersey and Philadelphia and they allow you to create an account with us in seconds and on the spot. Visit our tutorials to learn all of the steps for buying and selling cryptocurrency. All you really need to bring to our Bitcoin ATM is your cell phone to verify your phone number and if prompted by our system, you may need to scan your ID or driver license. Your daily limit on our Bitcoin ATMs is $3,500 and if you need more, you can always contact us to discuss your options. We have an industry-leading 24-hour customer service team that can answer all of your questions and help you with any technical difficulties.

2. You do not require a bank account and unlike online exchanges, you will be verified and can own Bitcoin in seconds, not days or weeks.

Some online cryptocurrency exchanges just take too long to verify customers. When they are busy with new signups, this can take up to two weeks or more to get you verified and allow you to use their exchange. In 2017, many major cryptocurrency exchanges could not handle the influx of new customers and simply stopped accepting new accounts. Furthermore, when their network is busy, their websites and apps go down and customers can’t buy or sell or even access their cryptocurrency wallets that are hosted by that exchange. This happened hundreds of times in 2017 on all of the major exchanges. With our Bitcoin ATMs, you can be verified, buy and sell with cash, in less than a minute.

3. If you don’t have a Bitcoin wallet, our Bitcoin ATM will print you a paper wallet and send the Bitcoins directly to that wallet.

Digital wallets on phone applications have a QR code that you can scan on our Bitcoin ATM to send the cryptocurrency to that wallet. You can also have your cryptocurrency wallet somewhere other than your phone, and manually type your wallet’s public address on our Bitcoin ATM. If you don’t have a wallet, our Bitcoin ATM will create one for you with a unique public and private keys and print it for you.

Just like any cryptocurrency wallet, your public address can be shared with anyone and is used to receive cryptocurrency. Your private address on the other hand, should not be shared with anyone. You have to keep that in a safe place because that’s the address you use to spend your cryptocurrency and transfer them to other wallets. See our tutorial on how to transfer your Bitcoin from a paper wallet to a digital wallet on your phone.

4. We offer the most competitive rates nationwide.

We like to compete and add value to our customers. Just like any business, we have expenses and need to stay profitable, so we charge a fee. Sometimes, we have promotions and offer our customers zero fees and sometimes we go as far as selling Bitcoin lower than market price. That means, you can buy Bitcoin from our Bitcoin ATMs at a lower rate than anywhere else (ATMs, exchanges…etc.). The only way to find out about these promotions is to subscribe and follow us on social media. Sometimes we announce our promotions by email and sometimes we announce them on our social media accounts.

On non-promotion days we always scan the Bitcoin ATM market and try to offer the lowest fee possible. Our philosophy is simple. Like your customers and treat them right and they will like you back and use your services. We are cryptocurrency investors ourselves, so we know how we feel about fees and strive to treat our customers the way we like to be treated.

5. We offer top-tier 24/7 customer service.

We’ve helped customers with general questions, technical difficulties, transferring their cryptocurrency from paper wallets to other personal digital wallets and more. Everyone that’s in our customer service team is a well-trained subject matter expert that loves to help our customers. Before we got into this business we used buy and sell Bitcoin on Bitcoin ATMs and whenever we encountered unprofessional behavior from an ATM operator, we just moved on to the next one. As previous consumers ourselves, we understand that if you don’t create a happy customer-base, our customers will do what we did, go somewhere else.

For our customers’ convenience, we offer several customer service avenues. We can be reached by phone, text message, and email. We are available 24-hours and we are continuously improving our customer service.

6. We only use the best Bitcoin ATM brand.

All of our Bitcoin ATMs are state-of-the-art Satoshi Genesis Bitcoin ATMs. They are the best in the industry and allow you to buy and sell with cash.

7. Cash is king.

Nothing is more private than cash. Buying and selling cryptocurrency online lets the exchanges and your bank know that you own cryptocurrency. Buying and selling cryptocurrency from our Bitcoin ATMs with your own cash is private.

I hope this article answers some of your questions about the benefits of using our Bitcoin ATMs to buy and sell cryptocurrency. If you have more questions, check out our frequently asked questions page, tutorials page, or contact us directly by phone, text message and email.

Growth BTM is always here to support you and answer all of your questions. Feel free to contact us by phone, text message, or email.

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Key Reasons To Buy Bitcoin

In this article, I will describe some of the key reasons behind buying Bitcoin. In a different article, we describe the benefits of using our Bitcoin ATMs as an alternative to other buying and selling methods. People around the world continue to speculate about the future of Bitcoin and so we want to share our thoughts on the subject.

Just like the traditional US dollar, Bitcoin holds value relative to  goods and services you can purchase with it. Bitcoin can be used around the world and its growing in popularity and demand every day. Bitcoin is a cryptocurrency that uses algorithms to process transactions and prevent unauthorized creations of itself. It’s impossible for anyone to break into its source code and manipulate its supply.

There are many cryptocurrencies, such as Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). However, Bitcoin (BTC) is the first modern cryptocurrency of its kind. Bitcoin was invented in 2008 by an unknown person or group of people under the alias Satoshi Nakamoto. Then it was released to the public as an open-source software in 2009. Even though, the technology behind Bitcoin is complex, owning and using Bitcoin is fairly simple. We like to tell people: you do not need to be an economist to use the US dollar, and therefore, you do not need to be a software engineer to use Bitcoin.

Why You Should Buy Bitcoin

1. Mainstream Investment

Bitcoin and other cryptocurrencies are accepted by many investors as legitimate investments. Renowned analysts and experts around the world predict the price of one Bitcoin to jump to one million dollars. The popularity of Bitcoin as a mainstream investment and as an alternative to national currencies for payments, is on the rise. The owners of the New York Stock Exchange, in partnership with Microsoft and Starbucks, introduced a federally regulated Bitcoin exchange market. This venture made investing in Bitcoin even more mainstream and globally trusted. Millions of people can potentially continue to add cryptocurrency to their 401(k) portfolios.

Customers and businesses also realize the benefits of using Bitcoin as an alternative to credit cards. There are now millions of goods and services that you can purchase with Bitcoin. The security and utility of this digital currency can save both time and money. Payments and transfers are sent directly from one party to the other and without the need to go through a third-party financial institution. Companies are working on making credit cards that only use cryptocurrency and many merchants are on-board because they get to save on credit card fees.

“I think the fact that within the Bitcoin universe an algorithm replaces the function of the government …[that] is actually pretty cool.” – Al Gore, Former Vice President of the US

2. Limited Supply, High Demand

Bitcoins are constantly being created by miners. This additional Bitcoin supply is decreasing overtime at a calculated and predictable rate. The number of Bitcoins created daily is halved every four years until it reaches the maximum number of Bitcoins that can ever be created, a total 21 million Bitcoins. This means that since there are far less than 21 million millionaires around the world, in the future not all millionaires can own an entire Bitcoin on their own. This scarcity in supply and the increasing demand to use and invest in Bitcoin could continue to drive up the price, especially if central banks buy Bitcoin as a currency reserve.

To drive up demand for almost anything, it needs to have value. Bitcoin’s value is being realized more and more as a useful form of money. It has the characteristics of fiat money, without the need to rely on physical properties like gold and silver or the authorities like central banks and governments. Bitcoin only relies on mathematics, and math works. Math is not corrupt and you don’t need to trust it the way you need to trust people and financial institutions. Because of this and the many other reasons mentioned in this article, we think that Bitcoin will continue to be adopted and its demand will continue to skyrocket.

“[Bitcoin] is a remarkable cryptographic achievement… The ability to create something which is not duplicable in the digital world has enormous value.” – Eric Schmidt, Executive Chairman of Google

3. Bitcoin Is The New Gold

When a country is at war or prints too much money, the value of Bitcoin and gold remain unaffected, while the value of that country’s currency plummets. No federal reserve can devalue Bitcoin. Some analysts predict that more people and businesses will buy Bitcoin instead of gold. Gold is inconvenient because it requires space. Just like physical fiat money, transferring gold is timely and costly.

Gold requires storage space, guards, and a ton of fees attached to its logistics. Even Co-founder of Microsoft Bill Gates said “Bitcoin is better than currency in that you don’t have to be physically in the same place and, of course, for large transactions, currency can get pretty inconvenient.” He also said “Bitcoin is exciting because it shows how cheap it can be,” referring of course to Bitcoin’s cheap transaction fees.

You can literally store 100 million dollars worth of Bitcoin in a single Bitcoin wallet. Imagine how inconvenient it can be to store or transfer 100 million dollars worth of gold! Central banks around the world are realizing this and they are considering to buy Bitcoin as a currency reserve, instead of gold. That can potentially increase the demand of Bitcoin, and as I already mentioned, with its limited supply, that can bring the price of Bitcoin into new unimaginable territory.

“Better than currency in that you don’t have to be physically in the same place, for large transactions, currency can get pretty inconvenient.” – Bill Gates, Co-Founder of Microsoft

4. No Banks Required

Bitcoin and other cryptocurrencies are decentralized and borderless. Payments and transfers are cheap and fast. You do not require a third-party to use Bitcoin because it is not owned by private or government banks. Bitcoin can potentially protect customers from market inflation and bank failures. For instance, in 2018 Argentina’s national fiat currency lost 50 percent of its value against the U.S. dollar.

This economic crisis in South America made cryptocurrency in places like Argentina more popular, and as a result, it prompted private companies to increase the number of Bitcoin ATMs. The number of businesses and consumers that use cryptocurrency in Argentina is growing. This shows how when large institutions fail to protect and back their fiat currencies, people will rely on Bitcoin because it is purely backed by mathematics.

“As people move into Bitcoin for payments and receipts they stop using US Dollars, Euros and Chinese Yuan which in the long-term devalues these currencies.” – John McAfee, Founder of McAfee

5. Many Believe in Bitcoin’s Future

Growth BTM members and millions of people and business owners around the world invest in Bitcoin and other cryptocurrencies. We truly believe that it’s the future of money! We fully understand and want you to also understand that no investment is free of risk nor can it guarantee returns. It’s just preposterous to think that. On the other hand, one thing we do know for sure is that no one can ever stop Bitcoin.

The fact that it is decentralized makes it impossible to shut down. To end Bitcoin, someone will have to shut down the entire internet around the world, and that’s just not going to happen. That is another reason that makes Bitcoin even more special.

We hope you found this article to be educational and useful. If you live in New Jersey and Philadelphia and would like to buy and sell Bitcoin, please visit one of our Bitcoin ATM locations.

Growth BTM is always here to support you and answer all of your questions. Feel free to contact us by phone, text message, or email.

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