Bitcoin has become the buzz word in the financial space. As a factor, Bitcoin has exploded on the scene over the past few years and many people and many large companies are now jumping on the Bitcoin or cryptocurrency bandwagon wanting an action.
People totally new to the cryptocurrency space keep asking this question; “What exactly is Bitcoin?”
Thus, for beginners bitcoin is actually a digital currency that falls outside the control of any federal government, it is used all over the world, and can be used to buy things like your food, your drinks, land. and house, car, and so on.
Why is Bitcoin so important?
Bitcoin is not easily caught up in things like government control and exchange of foreign currencies. Bitcoin is backed by complete reliance on (you) the individual and it is strictly peer-to-peer.
This means any complete Bitcoin transactions, the first thing they know is that it is much more used than trying to send money from bank to bank or using any other services out there that require sending and receive money internationally.
For example, if I want to send money to say China or Japan I have to have a payment from a bank and it will take hours or even days for that money to get there.
If I use Bitcoin, I can easily do it from my wallet or my cell phone or a computer instantly without any fees. If I want to send for example gold and silver it will take a lot of guards it will take a lot of time and a lot of money to move the bullion from one point to another. It can be converted to Bitcoin with the touch of a finger.
Why do people want to use Bitcoin?
The main reason is because Bitcoin is the response to hopeless governments and situations where money is no longer as valuable as it once was. The money we have now; the paper fiat currency that is in our wallets is useless and a year from now it could be worth less.
We’ve even seen major companies show interest in blockchain technology. A few weeks ago, a survey came out of some Amazon customers as to whether they would be interested in using a cryptocurrency if Amazon would. The results from that show that many are very interested. Starbucks also demonstrated the feature of using a blockchain mobile app. Walmart is still applying for a patent on a “smart package” that uses blockchain technology to track and validate packages.
Throughout our lives we have seen many changes made from the way we shop, the way we watch a movie, the way we listen to music, read books, buy a car, search in houses, now how we spend money and bank. Cryptocurrency is here to stay. If you haven’t already, it’s time for anyone to fully study cryptocurrency and find out how to take full advantage of this trend that will continue to evolve throughout time.