Bitcoin has been a buzzword in the financial space. In fact, over the past few years bitcoin has exploded on the scene, and many people and many large companies are now switching to bitcoin or cryptocurrency, wanting to participate in the action.
People who are completely new to the cryptocurrency space are constantly asking this question; “What is Bitcoin really?”
Well, for starters bitcoin is a digital currency that is not under the control of any federal government, it 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 amenable to things like government control and fluctuations in foreign currencies. Bitcoin is backed by the full faith of (you) man, and it is strictly equal to a peer.
This means that anyone completes transactions with bitcoins, the first thing they realize is that using it is much cheaper than trying to send money from bank to bank or using any other services that require sending and receiving money internationally.
For example, if I wanted to send money, say, to China or Japan, I would have to take a fee from the bank, and it would take hours or even days for that money to go there.
If I use bitcoin, I can do it easily from my wallet, cell phone or computer instantly without any of these fees. If I wanted to send, for example, gold and silver, it would take a lot of guards to move the ingots from point to point, it would take a lot of time and a lot of money. Bitcoin can do it again with the touch of a finger.
Why do people want to use Bitcoin?
The main reason is that bitcoin is a response to these destabilized governments and situations where money is no longer as valuable as it used to be. The money we have now; the paper currency that is in our wallets is worthless, and in a year it will cost even less.
We even see large companies showing interest in blockchain technology. A few weeks ago, several Amazon customers were asked if they would be interested in using cryptocurrency if Amazon created it. The results of this showed that many were very interested. Starbucks even hinted at using a blockchain mobile app. Walmart has even applied for a patent for a “smart package” that will use blockchain technology to track and authenticate packages.
Throughout our lives we have seen many changes in how we shop, how we watch movies, how we listen to music, read books, buy cars, look for houses, now how we spend money and banking. Cryptocurrency is here to stay. If you haven’t already done so, it’s time for everyone to fully explore cryptocurrency and learn to take full advantage of this trend, which will continue to thrive over time.