Bitcoin has become a buzzword in the financial space. In fact, Bitcoin has exploded the scene in the last few years and many people and many large corporations are now jumping on the bandwagon or cryptocurrency bandwagon.
People in the cryptocurrency space are asking this completely new question; “What is Bitcoin?”
Well, in the beginning Bitcoin is actually a digital currency that goes beyond the control of any federal government, it is used worldwide and can be used to buy things like your food, your drinks, real estate, cars and other things.
Why is Bitcoin so important?
Bitcoin is not sensitive to issues such as government control and fluctuations in foreign exchange. Bitcoin is backed by the complete trust of (your) person and it is strictly peer-to-peer.
This means that anyone who completes a transaction with Bitcoin, the first thing they realize is that trying to send money from bank to bank or using any other service there is much cheaper than sending and receiving money internationally.
For example, if I wanted to send to China or Japan to tell me that I would have to take a fee from a bank and it would take a few hours or a few days to get this money.
If I use Bitcoin, I can do it instantly from my wallet or my cell phone or any computer without these 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 it. Bitcoin can do this again with the touch of a finger.
Why do people want to use Bitcoin?
The main reason for this is that Bitcoin is the answer to these unstable governments and situations where money was no longer as valuable as before. We have that money now; The paper Fiat coin in our wallet is priceless and a year from now it will be even cheaper.
We’ve even seen big companies interested in blockchain technology. A few weeks ago, a survey revealed to a handful of Amazon customers that they created Amazon but would not be interested in using cryptocurrency. Its results showed that many are very interested. Even Starbucks hints 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 a lot change from the way we shop, the way we watch movies, the way we listen to music, the way we read books, the way we buy cars, the way we search homes, the way we spend money and banks now. Cryptocurrency to stay here. If you haven’t already, the time has come for someone to study cryptocurrency thoroughly and learn how to take full advantage of this trend that is going to prosper all the time.