Bitcoin Cryptocurrency – Understanding the basics


For more than a decade, cryptocurrency has begun to fascinate people through social media and especially the Internet. Bitcoin has been able to rank among the top cryptocurrencies today, no one knows the exact origin of the currency but it was associated with a Japanese pseudonym “Satoshi Nakamoto” in mid-2008.

So, what exactly is this bitcoin currency and why has it been able to hold its position in the financial markets. Well, the factors listed below can give you an idea of ​​its popularity and some evidence of its secure future existence.

  • Bitcoin is the first decentralized digital currency.

  • Bitcoin is an independent free-floating currency that is not owned by any government or associated with any other currency for which the value is affected by economic indicators that control the value of the traditional currency.

  • With its growing popularity among the public, it now enjoys an increased level of acceptance at all levels, for example, you can now buy things directly with Bitcoin cryptocurrency and trade it on various platforms such as CoinBase, Bitfinex, Bitstamp, Kraken and many more.

  • All you need to create a peer-to-peer for bitcoin transfer is a wallet and an internet connection.

  • In most cases the transfer is instantaneous.

  • The convenience of transacting on the Internet or on your mobile phone with a few clicks.

  • Your privacy is secure compared to other payment methods on the Internet where your important information can be leaked and misused.

  • You will have to pay a fee depending on the amount of your transaction when transferring money in the conventional way and subsequently, these transfers are subject to your specific regional and state regulations. You do not need to be bound by any state regulations when transacting in Bitcoin cryptocurrency and in addition, you will not be charged a hefty fee on the transaction.

  • Since you only have access to an electronic wallet, your coins are always safe with you and no one can steal your money. Due to shared public ledger the process and transactions are transparent and anyone using the internet can verify transactions from anywhere in the world at any time.

  • Another advantage of having a Bitcoin cryptocurrency wallet is that your account cannot be frozen.

Given the growing popularity and acceptance of Bitcoin cryptocurrency, we can safely assume that the future of Bitcoin is not only secure but also quite bright and this fancy payment method is here to stay.