What is Bitcoin & Why Is Cryptocurrency So Popular?
Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last several years and numerous folks and many big companies now are jumping on the Bitcoin or even cryptocurrency bandwagon wanting a piece of the activity.
People are total a newcomer to the cryptocurrency space are constantly asking this question; “What is Bitcoin really?”
Well, for starters bitcoin is in fact a digital currency that falls outside the control of any federal government, it is used around the world, and may be employed to purchase things like your food, your beverages, real estate, cars, as well as other things.
Why is Bitcoin so important?
Bitcoin isn’t vulnerable to things such as governmental control and fluctuations in the in the foreign currencies. Bitcoin is backed by the full faith of (you) the individual and it’s strictly peer-to-peer.
This means anyone complete transactions with Bitcoin, the initial thing they realize is it’s lots less expensive to use than trying to send money from bank to bank or even using any other services on the market that calls for sending and receiving money internationally.
For instance, in case I wanted to send money to let’s say Japan or China I will have to have a incur of fee starting from a bank and it’d take hours or even days for that fee that money to get there.
If I use Bitcoin, I can do it effortlessly from the wallet of mine or the cellular phone of mine or perhaps a computer instantaneously without any of those fees. If I needed to send for example gold and silver it would require many guards it would have a lot of time and a lot of capital to move bullion from point to point. Bitcoin is able to do it just as before with a touch of a finger.
Why do folks want to pick Bitcoin?
The big reason is because Bitcoin is the solution to these destabilized governments and situations where money isn’t as valuable it used to be. The money that we’ve now; the paper fiat currency that is in our wallets is worthless and a year from now it’ll be worth even less.
We have even seeing major companies showing interest in the blockchain technology. A couple of weeks ago, a survey went out to a couple of Amazon customers whether they would be thinking about using a cryptocurrency if Amazon creates one. The results from that showed that many were very interested. Starbucks even hinted about the use of a blockchain mobile app. Walmart has even applied for a patent on a “smart package” that will utilize the blockchain technology to track and authenticate packages.
Throughout the lifetime of ours we’ve seen changes that are many take place from the way we shop, the way we watch movies, the way we listen to music, read books, buy cars, look for homes, now how banking and money is spent by us. Cryptocurrency will be here to stay. If you haven’t already, it’s time for anyone to fully study cryptocurrency and find out tips on how to make use of this trend that is going to continue to thrive throughout time.
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