Bitcoin has been a buzzword in the financial space. In fact, Bitcoin has exploded the scene in the past few years, and many people and many large companies are now jumping on Bitcoin or the cryptocurrency bandwagon to get involved.
People who are completely unfamiliar with the cryptocurrency space are constantly asking this question; “What is Bitcoin Really?”
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 food, drinks, real estate, cars, and other things.
Why is Bitcoin so important?
Bitcoin is not subject to things like government control and fluctuations in foreign currencies. Bitcoin relies on the complete faith of (you) as an individual, and it is strictly peer-to-peer.
This means that anyone completes Bitcoin transactions, the first thing they understand 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 I wanted to send money to, say, China or Japan, I would have to receive a commission from the bank, and that commission would take hours or even days to get there.
If I use Bitcoin, I can do it instantly from my wallet, mobile phone or computer without any of these fees. If I wanted to send, for example, gold and silver, it would take a lot of guards to move the bars from point to point, it would take a lot of time and a lot of money. 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 a response 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 worth nothing, and in a year it will cost even less.
We’ve even seen large companies take an interest in blockchain technology. Several weeks ago, a survey was conducted among several Amazon customers about whether they would be interested in using a cryptocurrency if Amazon created one. The results showed that many were very interested. Starbucks has even hinted at using a mobile app on the blockchain. Walmart has even applied for a patent for a “smart package” that will use blockchain technology to track and authenticate packages.
Throughout our lives, we have seen how many changes have taken place in how we shop, how we watch movies, how we listen to music, read books, buy cars, look for a home, now how we spend money and how we spend money. The cryptocurrency isn’t going anywhere. 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 flourish over time.