There are more Bitcoin ATMs in Chicago, IL, than there were just a few years ago. And it is likely that over the next couple of years the number of Bitcoin ATMs available for use will increase. This is because people are finally starting to understand how cryptocurrencies store value.
A cryptocurrency, like other currencies on the market, need to hold value if they are going to work as an exchange medium. The question that people have is, what is it that gives cryptocurrency its value? And what proof is there that cryptocurrency will hold on to its value?
Cryptocurrency gets its value from supply and demand. This is why cryptocurrency can be a lucrative investment. But it is also a volatile asset.
There is a finite number of cryptocurrency available. When cryptocurrency, like Bitcoin from a Bitcoin ATM near me Chicago, IL, were created, they were designed to be a way to offset inflation. Inflation happens with fiat money because the government that produces the money simply prints more money when they need it without having anything solid to back its value.
Decades ago, gold was the standard for backing the US dollar. Silver was the standard for backing the British pound. Those days are gone, so governments can print money at their discretion. This can’t be done with cryptocurrency, so it retains value.
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