Bitcoin was the financial buzzword. As a matter of fact, Bitcoin has blown the scene in the last few years and many people and many large companies are now jumping on Bitcoin or the cryptocurrency cart that wants a part of the action.
People are completely new to cryptocurrency and they are constantly asking this question; What is Bitcoin Really?
Well, for starters, Bitcoin is actually a digital currency that is outside the control of any federal government, and is used all over the world, and can be used to buy things like your food, drinks, real estate, cars, and other things.
Why is Bitcoin so important?
Bitcoin is not vulnerable to things like government censorship and fluctuations in foreign currencies. Bitcoin is backed by the complete faith (you are) of the individual and is strictly peer-to-peer.
This means that for anyone who completes transactions with Bitcoin, the first thing they realize is that it is much cheaper to use than trying to send money from one bank to another or using any other services that require sending and receiving money internationally.
For example, if I wanted to send money to transport China or Japan, I would have to charge a fee from a bank, and it would take hours or even days to get to those fees.
If I use Bitcoin, I can easily do so from my wallet, cell phone, or computer right away without any of those fees. If I wanted to send gold and silver for example, it would take a lot of guards, it would take a lot of time and a lot of money to move the bars from one point to another. Bitcoin can do this all over again with the touch of a finger.
Why do people want to use Bitcoin?
The main reason is that Bitcoin is the answer to these troubled governments and situations where money is no longer what it used to be. The money we have now; The paper currency in our wallets is worthless and will be less valuable a year from now.
We’ve even seen the big companies showing an interest in blockchain technology. A few weeks ago, a few Amazon customers surveyed whether or not they would be interested in using a cryptocurrency if Amazon created one. The results of this showed that many were very interested. Starbucks even hinted at using a blockchain mobile app. Walmart has filed for a patent on a “smart package” that will use blockchain technology to track and authenticate packages.
Throughout our lives, we’ve seen many changes happen from the way we shop, the way we watch movies, the way we listen to music, read books, buy cars, search for homes, and now how we spend money and banking services. The cryptocurrency is here to stay. If you haven’t already, now is the time for anyone to fully study cryptocurrency and learn how to take full advantage of this trend that will continue to thrive all the time.