Bitcoin is the buzz word in the financial space. In fact, Bitcoin has exploded onto the scene in the last few years and many people and many large companies are now jumping on the Bitcoin or cryptocurrency bandwagon wanting a piece of the action.
People who are completely new to the cryptocurrency space are always asking this question; “What exactly is Bitcoin?”
Well, for starters bitcoin is actually a digital currency that is not controlled by any federal government, it is used all over the world, and can be used to buy things like your food, your drinks, real estate, etc. car, and other things.
Why is Bitcoin so important?
Bitcoin is not vulnerable to things like government control and fluctuations in foreign currencies. Bitcoin is backed by the absolute faith of (you) the individual and it is strictly peer-to-peer.
This means that anyone who completes Bitcoin transactions, 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 services out there. which requires sending and receiving money internationally.
For example, if I want to send money to say China or Japan I need a bill from a bank and it takes hours or even days for that bill to get there.
When I use Bitcoin, I can do it easily from my wallet or my cell phone or a computer immediately without any fees. If I want to send for example gold and silver it will require a lot of guards which will take a lot of time and a lot of money to move the bullion from point to point. This can be done again in Bitcoin with a touch of a finger.
Why do people want to use Bitcoin?
The main reason is because 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 today; the paper fiat currency we have in our wallets is worthless and a year from now it will be worth even less.
We are still seeing large companies showing interest in blockchain technology. A few weeks ago, a survey came out among some Amazon customers on whether or not they would be interested in using a cryptocurrency if Amazon created one. The results of that show that many are very interested. Starbucks has even announced the use of a blockchain mobile app. Walmart is even applying 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 take place from the way we shop, the way we watch movies, the way we listen to music, read books, buy cars, find houses, now how we spend money and banking. Cryptocurrency is here to stay. If you haven’t already, it’s time for anyone to fully study cryptocurrency and learn how to take advantage of this trend that will continue to evolve throughout time.