Bitcoin has been a buzzword in the financial space. In fact, bitcoin has exploded in the last few years and many people and many large companies are now jumping on bitcoin or cryptocurrency band wagons to get a piece of the action.
People are new to cryptocurrency and are constantly asking this question. “What is Bitcoin really?”
Well, for starters, the bitcoin is actually a digital currency that is beyond the control of any federal government, it is used all over the world, and it can be used to buy your food, beverages, real estate, cars and more. Can be used to buy things like
Why is the bitcoin so important?
Bitcoin is not sensitive to things like government control and fluctuations in foreign currencies. The bitcoin is backed by the full confidence of the individual (you) and is a peer.
This means that anyone completes a transaction with a bitcoin, the first thing they realize is to use it to try to send money from bank to bank or to use some other service out there. It is very cheap to do, which requires sending and receiving money internationally.
For example, if I want to say that I want to send money to China or Japan, I have to charge a fee from a bank and this fee can take hours or even days to get there.
If I use a bitcoin, I can do it instantly from my wallet or my cell phone or computer for free. If I want to send gold and silver for example, it will require a lot of guards, it will take a lot of time and a lot of money to move the bullion from one place to another. Wikipedia can repeat with the touch of a finger.
Why do people want to use bitcoin?
The main reason for this is that the bitcoin is a response to unstable governments and situations where money is no longer as valuable as it used to be. The money we have now. The paper fight currency in our wallet is useless and will cost even less a year from now.
We’ve also seen big companies take an interest in blockchain technology. A few weeks ago, a survey of a handful of Amazon users found out whether they would be interested in using a cryptocurrency. The results showed that many are 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.
All our lives we have seen the way we shop, watch movies, the way we listen to music, read books, buy cars, find a home, now how do we spend money and banking This leads to many changes. Cryptocurrency is here to stay. If you don’t already have one, it’s time for someone to take a closer look at cryptocurrency and learn how to take full advantage of a trend that continues to grow all the time.
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