Bitcoin is a popular word in the financial space. In fact, bitcoin has exploded the scene in the last few years, and many people and many large companies are now jumping on bitcoin or cryptocurrency, wanting some of the action.
People who are completely new to the realm of cryptocurrencies are constantly asking this question; What exactly is bitcoin?
Well, for starters, bitcoin is actually a digital currency that is beyond the control of any federal government, used around the world, and can be used to buy things like your food, drinks, real estate, cars, and more.
Why is bitcoin so important?
Bitcoin is not susceptible to things like government control and fluctuations in foreign currencies. Bitcoin is supported by the full faith of (you) the individual and is strictly equal.
This means that everyone makes 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 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 have a fee from a bank and it would take hours or even days for that money to get there.
If I use bitcoin, I can do it easily from my wallet, mobile phone or computer instantly without any of these fees. 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 bars from point to point. 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 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 wallets is useless and will cost even less in a year.
We even see large companies that are interested in blockchain technology. A few weeks ago, a survey was conducted among a handful of Amazon customers to see if they would be interested in using cryptocurrency if Amazon created one. The results of this showed that they are very interested. Starbucks even hinted at using a blockchain mobile app. Walmart is even applying for a “smart package” patent that will use blockchain technology to track and authenticate packages.
All 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 homes, now how we spend money and banking. The cryptocurrency is here to stay. If you haven’t already, it’s time for everyone to fully explore the cryptocurrency and learn how to take full advantage of this trend, which will continue to thrive over time.