Bitcoin is a buzz word in the financial field. Indeed, Bitcoin has exploded the scene over the past few years and many people and many large companies are now jumping on Bitcoin or cryptocurrency bandwagon to take a step back.
People in the cryptocurrency space are brand new, constantly asking this question; “What is Bitcoin?”
Well, in the beginning Bitcoin is actually a digital currency that falls outside the control of any federal government, it is used worldwide and it can be used to buy 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 foreign exchange fluctuations. Bitcoin is backed by the full trust of the person (yours) and it is strictly peer-to-peer.
This means that anyone who deals entirely with Bitcoin, the first thing they realize is that it is much cheaper to use than trying to send money from bank to bank or using any other service there that requires sending and receiving money internationally.
For example, if I want to send money to China or Japan, I have to take a fee from a bank and it will take hours or even days for that money to get there.
If I use Bitcoin, I can do it instantly from my wallet or my cell phone or computer without this fee. If I want to send gold and silver for example, it will require a lot of guards, a lot of time and a lot of money. Bitcoin can do this again at the touch of a finger.
Why do people want to use Bitcoin?
The main reason for this is that Bitcoin is the answer to this unstable government and situation where money is no longer as valuable as before. We have that money now; The paper Fiat coins in our wallets are worthless and will be even cheaper a year from now.
We have even seen big companies show interest in blockchain technology. A few weeks ago, a survey went to a handful of Amazon customers to see if they would be interested in using a cryptocurrency if Amazon created it. The results from there 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.
In our lifetimes we have seen a lot change from the way we shop, watch movies, listen to music, read books, buy cars, look at houses, now how we spend money and do banking. Cryptocurrency to stay here. If you haven’t already, now is the time for someone to study cryptocurrency thoroughly and learn how to take full advantage of this trend that is going to prosper all the time.