What Is Bitcoin & Why Is Cryptocurrency So Popular?Jacob
Bitcoin has been the buzzword in the financial space. In fact, Bitcoin has exploded the scene in recent years and many people and many large companies are now getting on the Bitcoin or cryptocurrency train that want a piece of the action.
People are brand new to the cryptocurrency space and constantly ask this question; “What is Bitcoin Really?”
Well, for starters, bitcoin is actually a digital currency that is out of the control of any federal government, is used worldwide, and can be used to buy things like your food, drinks, real estate, cars, and other things.
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 transacts with Bitcoin, the first thing they realize is that it is much cheaper to use than trying to send money from one bank to another or using any other service that requires sending and receiving money internationally.
For example, if you wanted to send money to, say China or Japan, you would have to pay a fee from a bank and it would take hours or even days for that fee 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 of those fees. If you wanted to send, for example, gold and silver, it would require many guards, it would take a long time and a lot of money to move ingots from one point to another. Bitcoin can do it again at the 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 now; the paper fiat currency in our wallets is worthless and within a year it will be worth even less.
We have even seen major companies showing interest in blockchain technology. A few weeks ago, a handful of Amazon customers were surveyed as to whether or not they would be interested in using a cryptocurrency if Amazon created one. The results of that showed that many were very interested. Starbucks even hinted at using a blockchain mobile app. Walmart has even applied 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 in the way we shop, in the way we watch movies, in the way we listen to music, read books, buy cars, search for homes, and now how we spend money and make Bank operations. Cryptocurrency is here to stay. If you haven’t already, it’s time for anyone to fully study cryptocurrency and learn to make the most of this trend that will continue to thrive over time.