Bitcoin has been the buzzword in the financial space. In fact, Bitcoin has exploded into the scene in recent years and many people and many large companies are jumping on the Bitcoin or cryptocurrency that want a share of the action.
People are totally new to the cryptocurrency space constantly asking this question; “What is Bitcoin really?”
Well, for starters, bitcoin is actually a digital currency that is out of the control of any federal government, is used around the world and can be used to buy things like your food, your drinks, real estate, cars and other things.
Why is Bitcoin so important?
Bitcoin is not susceptible to things like government control and fluctuations in foreign currencies. Bitcoin is backed by the full faith of (you) of the individual and is strictly equal to equal.
This means that anyone makes transactions 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 that requires sending and receiving money internationally.
For example, if you wanted to send money to say let’s go to China or Japan, you would have to have a commission from a bank and you would have to spend hours or even days for that money to arrive.
If I use Bitcoin, I can easily do so from my wallet, mobile phone or computer instantly without any of these charges. If I wanted to send, for example, gold and silver, it would require a lot of guards, it would take a lot of time and a lot of money to move the ingots from one point to another. Bitcoin can do it again with one finger.
Why do people want to use Bitcoin?
The main reason is that Bitcoin is the answer 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 in our portfolios is worth nothing and in a year it will be worth even less.
We’ve even seen big companies show interest in blockchain technology. A few weeks ago, a survey was conducted of a handful of Amazon customers whether or not they would be interested in using a cryptocurrency if Amazon creates one. The results of this showed that many were very interested. Starbucks even hinted at the use of a blockchain mobile app. Walmart has even applied for a patent on a “smart package” that will use blockchain technology to track and authenticate packages.
Throughout our lives we have seen many changes in the way we shop, the way we watch movies, the way we listen to music, read books, buy cars, look for houses, now how we spend money and banking. . The cryptocurrency is here to stay. If you haven’t already, it’s time for someone to fully study cryptocurrency and learn how to make the most of this trend that will continue to thrive over time.