Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene in the last few years and numerous folks and many large companies now are jumping on the Bitcoin or cryptocurrency bandwagon wanting a piece of the action.
Customers are total new to the cryptocurrency space are constantly asking this question; “What is Bitcoin really?”
Well, for starters bitcoin is actually a digital currency that falls outside the control of any federal government, it’s used worldwide, and can be helpful to purchase things like your food, cars, real estate, your beverages, and other things.
Why is Bitcoin so important?
Bitcoin is not vulnerable to things such as governmental control and fluctuations in the in the international currencies. Bitcoin is backed by the full faith of (you) the individual and it’s strictly peer-to-peer.
This means anyone complete transactions with Bitcoin, the very first thing they realize is that it’s lots cheaper to use than trying to send money from bank to bank or even using some other services available that demands sending and receiving money internationally.
For instance, in case I was looking to send money to let us say China or Japan I would have to have a incur of fee starting from a bank and it would take hours or perhaps even days for that fee that money to get there.
If I use Bitcoin, I does it simply from the wallet of mine or my cellular phone or possibly a computer instantaneously without any of those fees. If I wanted to send for instance gold and silver it will require many guards it will have a great deal of time along with a large amount of cash to move bullion from point to point. Bitcoin can do it just as before with a touch of a finger.
Why do people want to utilize Bitcoin?
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The primary reason is because Bitcoin is the answer to these destabilized governments and situations where money isn’t as valuable it used to be. The money that we have right now; the paper fiat currency that’s in our wallets is worthless and a year from today it will be worth a lot less.
We have even seeing major companies showing interest in the blockchain technology. A few weeks ago, a survey went out to a couple of Amazon customers whether they will be interested in utilizing a cryptocurrency if Amazon creates one. The results from that showed that many were very fascinated. Starbucks even hinted about the use of a blockchain mobile app. Walmart has actually applied for a patent on a “smart package” that is going to utilize the blockchain technology to track and authenticate packages.
Throughout our lifetime we’ve seen changes which are many take place from the way we shop, the way we watch movies, the way we listen to music, read books, buy vehicles, look for homes, now the way in which we spend banking and money. Cryptocurrency will be here to stay. In case you have not already, it is time for anyone to fully study cryptocurrency and learn how you can make best use of this trend that’s going to still thrive throughout time.