What is Bitcoin and why is cryptocurrency so popular?

Bitcoin has been the buzzword in the financial space. In fact, Bitcoin has exploded into the scene in recent years and many people and many large companies are now getting into the Bitcoin or cryptocurrency cart wanting a share of the action.

People are totally new to the cryptocurrency space this question is constantly being asked; “What is Bitcoin really?”

Well, for starters, bitcoin is actually a digital currency that is out of the control of any federal government, it is used all over the world and it can be used to buy things like your food, your drinks, real estate, cars and other things.

Why is Bitcoin so important?

Bitcoin is not susceptible to things like government control and foreign currency fluctuations. Bitcoin is backed by the full faith of (you) the individual and is strictly peer-to-peer.

This means that anyone makes transactions with Bitcoin, the first thing you realize is that it is much cheaper to use than trying to send money from one bank to another or using any other service that requires sending and receiving money internationally.

For example, if I wanted to send money to China or Japan, I would have to pay a commission from a bank and it would take hours or even days for that commission to get that money.

If I use Bitcoin, I can easily do so from my wallet or my mobile phone or computer instantly without any of these fees. If I wanted to send, for example, gold and silver, I would need a lot of guards, it would take a lot of time and a lot of money to move the bullion from one point to another. Bitcoin can do it again with the touch of a finger.

Why do people want to use Bitcoin?

The main reason is because Bitcoin is the answer 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 portfolios is worth nothing and in a year’s time it will be worth even less.

We’ve even seen big companies show interest in blockchain technology. A few weeks ago, a survey was conducted on a handful of Amazon customers whether or not they would be interested in using a cryptocurrency if Amazon creates one. The results of this showed that many were very interested. Starbucks even hinted at the use of 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.

Throughout our lives we have seen many changes in the way we shop, the way we watch movies, the way we listen to music, read books, buy cars, look for housing, now how we spend. money and banking. The cryptocurrency has come to stay. If you haven’t already, it’s time for anyone to fully study cryptocurrency and learn how to get the most out of this trend that will continue to thrive over time.