Bitcoin was a popular word in the financial space. In fact, Bitcoin has exploded on the scene in the last few years, so many people and many big companies are now jumping on Bitcoin or cryptocurrency to take action.
People are brand new to the cryptocurrency space, constantly asking this question; “What is Bitcoin really?”
Well, for starters, bitcoin is actually a digital currency that does not belong to any federal government, it is used all over the world and can be used for things like your food, drinks, real estate, cars and more.
Why is Bitcoin so important?
Bitcoin is not sensitive to things like government control and foreign exchange fluctuations. Bitcoin is supported by (you) full faith and is strictly peer-to-peer.
This means that everyone completes transactions with Bitcoin. The first thing they understand is that using it is much cheaper than trying to send money from bank to bank or use other services available there that require you to send and receive money internationally.
For example, if I wanted to send money to, say, China or Japan, I would have to pay a bank fee and it would take hours or even days for that fee to reach that money.
If I use Bitcoin, I can easily do it 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 guards to be able to move the precious cup from point to place, take a lot of time and a lot of money. Bitcoin can do it again with the click 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 in our wallets is worthless and will be worth even less in a year.
We’ve even seen big companies interested in blockchain technology. A few weeks ago, a survey was conducted for a small number of Amazon customers to see if they would be interested in using a cryptocurrency if Amazon created it. The results showed that many were very interested. Starbucks even hinted at using the blockchain mobile app. Walmart has even filed a “smart package” patent that will use blockchain technology to monitor and authenticate packages.
Throughout our lives, we have seen many changes take place in our shopping, watching movies, listening to music, reading books, buying cars, searching for homes, spending money, and banking. The cryptocurrency is here to stay. If you haven’t already done so, it’s time for someone to fully explore cryptocurrency and learn how to take full advantage of this trend, which will continue to thrive all the time.