What is Bitcoin & Why Is Cryptocurrency So Popular?

Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene during the last few years and numerous folks and many large companies are now jumping on the Bitcoin or even 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?”

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Well, for starters bitcoin is really a digital currency that falls outside the control of any federal government, it is used worldwide, and may be utilized to buy things like the food of yours, your beverages, real estate, cars, as well as other things.

Why is Bitcoin so important?

Bitcoin isn’t prone to things like governmental control and fluctuations in the in the foreign 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 initial thing they realize is that it’s a great deal cheaper to use than trying to send money from bank to bank or using other services available that demands sending and receiving money internationally.

For example, if I was looking to send money to let’s say China or Japan I would have to have a incur of fee starting from a bank and it would take hours or even even days for that fee that money to get there.

If Bitcoin is used by me, I does it easily from my wallet or my cellular phone or possibly a computer instantaneously without any of those fees. If I wanted to send out for instance gold and silver it will require many guards it will have a great deal of time along with a massive amount of capital to move bullion from point to point. Bitcoin is able to do it again with a touch of a finger.

Why do folks want to use Bitcoin?

The principal reason is because Bitcoin will be the answer to these destabilized governments and situations where money isn’t as valuable it used to be. The money that we’ve now; the paper fiat currency that is in our wallets is worthless and a year from now it will be worth even less.

We’ve even seeing major companies showing interest in the blockchain technology. A couple of weeks ago, a survey went out to a handful of Amazon customers if they will be interested in making use of a cryptocurrency if Amazon creates one. The results from that showed that many were very curious. Starbucks even hinted about the use of a blockchain mobile app. Walmart has even applied for a patent on a “smart package” that will utilize the blockchain technology to track and authenticate packages.

Throughout the lifetime of ours we’ve seen changes that are many take place from the way we shop, the way we watch movies, the way we listen to music, read books, buy cars, look for homes, now the way we spend money and banking. Cryptocurrency will be here to stay. In case you haven’t already, it’s time for anyone to fully study cryptocurrency and learn the best way to take full advantage of this trend that’s going to continue to thrive throughout time.

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