The financial world has made Bitcoin its buzzword. In fact, Bitcoin has taken off in the last few years, and now a lot of people and a lot of big companies are hopping on the cryptocurrency bandwagon to get in on the action.
People are total new to the cryptocurrency space are constantly asking this question; “What exactly is bitcoin?”
Firstly, bitcoin is a digital currency that is used all over the world, is unregulated by any national government, and can be used to pay for goods like food, drinks, real estate, cars, and other items.
Why is Bitcoin so significant?
Bitcoin is immune to factors like governmental regulation and fluctuations in foreign currencies. Bitcoin is entirely peer-to-peer and is backed by your personal good faith.
The first thing anyone who uses Bitcoin for a transaction learns is that it is much more affordable to use than trying to send money from bank to bank or using any other service that involves sending and receiving money internationally.
For instance, a bank would charge me a fee and it might take hours or even days for the money to arrive if I wanted to send money to, say, China or Japan.
If I use Bitcoin, I can do it instantly and easily from my wallet, my phone, or a computer without paying any of those fees. It would take a lot of guards, time, and money to transport bullion from one location to another if I wanted to send, say, gold and silver. With a single tap, Bitcoin can accomplish the task once more.
Why would someone use Bitcoin?
The primary reason is that Bitcoin offers a solution to these unstable governments and environments where money no longer has the same value as it once did. The paper fiat currency we currently carry in our wallets is worthless, and in a year it will be even less valuable.
Even well-known companies have expressed interest in blockchain technology. A survey asking a select group of Amazon customers whether they would be interested in using a cryptocurrency if one were to be created by Amazon was sent out a few weeks ago. The findings indicated that a large number of people were very interested. Starbucks even made a suggestion that a mobile blockchain app might be used. Walmart has even applied for a patent on a “smart package” that will utilize the blockchain technology to track and authenticate packages.
In our lifetimes, a lot has changed—from the way we bank and spend money to the ways we shop, watch movies, listen to music, read books, buy cars, and look for homes. Cryptocurrency is a permanent trend. If you haven’t already, now is the time for everyone to thoroughly research cryptocurrencies and figure out how to profit from this growing trend.