Bitcoin has been a key word in the financial space. As a matter of fact, over the last few years bitcoin has exploded on the scene, and many people and many large companies are now jumping on bitcoin or cryptocurrency, wanting to fight back.
People completely new to the cryptocurrency space are constantly asking this question; “What is bitcoin really?”
Well, for starters bitcoin is actually a digital currency that does not fall under the control of any federal government, it is used worldwide and can be used to purchase things like your food, drinks, real estate, cars and other things.
Why is bitcoin so important?
Bitcoin is not susceptible to things like government control and exchange rate fluctuations. Bitcoin is supported by the full faith (you) of the person and it is strictly equal.
This means that anyone makes transactions with bitcoins. The first thing they understand is that it is much cheaper to use than trying to transfer money from bank to bank or using other services that require sending and receiving money internationally.
For example, if I wanted to send money to, say, China or Japan, I would have to take a fee from a bank, and it would take hours or even days for the money to get there.
If I use bitcoin, I can do it easily from my wallet, mobile phone or computer, and instantly without any 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 costs nothing, and in a year it will cost even less.
We’ve even seen big companies show interest in blockchain technology. A few weeks ago, a survey was conducted among several Amazon customers to see 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 filed a patent application for a “smart package” that will use blockchain technology to track and authenticate packages.
Throughout our lives we have seen many changes occur in the way we shop, how we watch movies, how we listen to music, read books, buy cars, look for houses, how we spend money and banks. Cryptocurrency is here to stay. If you haven’t already, it’s time for someone to fully explore cryptocurrency and learn how to take full advantage of this trend, which will continue to evolve over time.