Bitcoin is the most popular word in the financial space. In truth, Bitcoin has blown up the scene in the last few years and many people and many large companies are now jumping on board Bitcoin or cryptocurrency wanting a piece of the action.
People who are completely new to the cryptocurrency space constantly ask this question; “What exactly is Bitcoin?”
Well, for starters, Bitcoin is actually a digital currency that is outside the control of any federal government, is used all over the world, and can be used to buy things like 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 backed by the full faith of (you) the individual and is strictly peer-to-peer.
This means that anyone who transacts 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 other services out there 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 fee to get that money there.
If I use bitcoins, 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 security, it would take a lot of time and a lot of money to move bullion from point to point. Bitcoin can do it again with the tap 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 that is in our wallets is worthless and will be worth even less in a year.
We are even seeing large companies showing interest 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 a cryptocurrency if Amazon created one. The results of this showed that many were very interested. Starbucks has even hinted at using a blockchain mobile app. Walmart has even filed for a patent for 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, look for homes, now how we spend money and bank. Cryptocurrency is here to stay. If you haven’t already, it’s time for everyone to fully explore cryptocurrency and learn how to take full advantage of this trend that will continue to thrive throughout time.