Bitcoin has been the buzz word in the financial space. As of a matter of fact, Bitcoin has exploded the scene within the last several years and numerous people and many large companies now are jumping on the Bitcoin or cryptocurrency bandwagon wanting a piece of the activity.
Consumers are total a novice to the cryptocurrency space are constantly asking this question; “What is Bitcoin really?”
Well, for starters bitcoin is in fact a digital currency that falls outside the control of any federal government, it is used worldwide, and may be used to buy things like your food, your beverages, real estate, cars, as well as other things.
Why is Bitcoin so important?
Bitcoin isn’t prone to such things 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 first thing they realize is it’s a good deal less expensive to use than trying to send money from bank to bank or even using other services out there that calls for sending and receiving money internationally.
For example, if I wanted to send money to let’s say Japan or China I will 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 can do it effortlessly from the wallet of mine or the cell phone of mine or perhaps a computer instantaneously without any of those fees. If I was looking to send out for instance gold and silver it will require numerous guards it will have a lot of time along with a wide range of cash to move bullion from point to point. Bitcoin is able to do it once more with a touch of a finger.
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Why do people want to make use of Bitcoin?
The principal reason is because Bitcoin will be the answer to these destabilized governments and situations where money is no longer as valuable it used to be. The money that we’ve right now; the paper fiat currency that is in our wallets is worthless and a year from now it will be worth a lot 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 whether they will be keen on 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 is going to utilize the blockchain technology to track and authenticate packages.
Throughout our lifetime we have 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 vehicles, look for homes, now the way banking and money is spent by us. Cryptocurrency will be here to stay. In case you have not already, it is time for anyone to fully study cryptocurrency and find out how you can make best use of this trend that’s going to still thrive throughout time.