Bitcoin was a popular word in the financial space. In fact, Bitcoin has exploded on the scene in recent years and many people and many large companies are now jumping on bitcoin or cryptocurrency wanting part of the action.
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People who are completely new to the cryptocurrency space are constantly asking this question; “What exactly is Bitcoin?”
Well, for starters, bitcoin is actually a digital currency that is beyond the control of any federal government, is used around the world and can be used to buy things like your food, drinks, real estate, cars and other things.
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Why is Bitcoin so important?
Bitcoin is not subject to things like government control and fluctuations in foreign currencies. Bitcoin is supported by the full faith (you) of the individual and is strictly equal.
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This means that everyone makes transactions with Bitcoin, the first thing you realize is that it is much cheaper to use than trying to send money from bank to bank or using any other service that requires sending and receiving money internationally.
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For example, if I wanted to send money to say China or Japan, I would have to have a fee from the bank and it would take hours or even days for that money to get there.
If I use Bitcoin, I can easily do so from my wallet or mobile phone or computer right now without any of these fees. If I wanted to send gold and silver, for example, it would require a lot of guards, it would take a lot of time and a lot of money to move the levers from point to point. Bitcoin can do it again with the touch of a finger.
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Why do people want to use Bitcoin?
The main reason is because 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 fiat currency that is in our wallets is worthless and will be worth even less in a year.
We’ve even seen big companies show interest in blockchain technology. A few weeks ago, a poll came out on a handful of Amazon customers to see if they would be interested in using cryptocurrency if Amazon created it. The results showed that many were very interested. Starbucks has even hinted at using the mobile blockchain app. Walmart has even applied for a patent for a “smart package” that will use blockchain technology to track and authenticate the package.
Throughout our lives we have seen many changes happen from the way we shop, watch movies, listen to music, read books, buy cars, look for homes, now how we spend money and banking. Cryptocurrency is here to stay. If you haven’t already, it’s time for anyone to fully study cryptocurrency and learn how to take full advantage of this trend that will continue to thrive over time.