What is Bitcoin and why is cryptocurrency so popular?

Bitcoin has been a buzzword in the financial space. Basically, Bitcoin has blown up the scene in the last few years and many people and many big companies are now jumping on the Bitcoin or cryptocurrency bandwagon wanting to get in on the action.

People who are completely new to cryptocurrency ask this question all the time; “What is Bitcoin Really?”

Well, for starters, Bitcoin is a digital currency that is outside the control of any federal government, is used worldwide and can be used to buy food, drinks, real estate, cars, and more.

Why is Bitcoin so important?

Bitcoin is not subject to things like government control and fluctuations in foreign exchange rates. Bitcoin relies on the complete trust of a person (you) and it is purely peer-to-peer.

This means that anyone who transacts with Bitcoin, the first thing they realize is that using it is much cheaper than trying to send money from bank to bank or using any other service that requires sending and receiving money internationally. levels.

For example, if I wanted to send money to, say, China or Japan, I would have to charge a bank fee, and it would take hours or even days for the money to get there.

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

Why do people want to use Bitcoin?

The main reason is that 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 wallets is worthless and will be worth even less in a year.

We are even seeing large companies showing interest in blockchain technology. A few weeks ago, a few Amazon customers were polled to see if they would be interested in using a cryptocurrency if Amazon created one. The results of this showed that many were very interested. Starbucks has even hinted at using a blockchain mobile app. Walmart has even applied for a patent for a “smart package” that would use blockchain technology to track and authenticate packages.

Throughout our lives, we have seen many changes take place, from how we shop, how we watch movies, how we listen to music, read books, buy cars, look for homes, now how we spend money and bank. Cryptocurrency is here to stay. If you haven’t already, now is the time for everyone to fully explore cryptocurrency and learn how to take full advantage of this trend that will continue to thrive for a long time to come.