What is Bitcoin and why is cryptocurrency so popular?

Bitcoin has been buzzing in the financial space. Indeed, Bitcoin has exploded on the scene in the last few years and many people and many large companies are now jumping on Bitcoin or the cryptocurrency bandwagon that wants to do something.

People are constantly asking this new question in the cryptocurrency space; “What is Bitcoin?”

Well, to begin with, Bitcoin is actually a digital currency that falls outside the control of any federal government, it is used worldwide and can be used to buy your food, your drinks, real estate, cars and other things.

Why is Bitcoin so important?

Bitcoin is not sensitive to things like government control and foreign exchange fluctuations. Bitcoin is backed by the complete trust of the person (you) and it is strictly peer-to-peer.

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

For example, if I want to send money to say China or Japan, I have to take a fee from a bank and it will take a few hours or even days for that money to reach there.

If I use Bitcoin, I can easily do it instantly from my wallet or my cell phone or computer without any fee. If I wanted to send gold and silver for example, it would take a lot of time and money to move the bullion from point to point. Bitcoin can do this again at the touch of a finger.

Why do people want to use Bitcoin?

The main reason is that Bitcoin is the answer to these unstable governments and in situations where money is no longer as valuable as before. We have that money now; The paper Fiat coin in our wallet is worthless and will be even cheaper one year from now.

We have even seen large companies show interest in blockchain technology. A few weeks ago, a survey went to a handful of Amazon customers to see if they would be interested in using cryptocurrency if they created Amazon. The results showed that many were 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 the way we shop, the way we watch movies, the way we listen to music, the way we read books, the way we buy cars, the way we find homes, the way we now spend money and do banking. Cryptocurrency to stay here. If you haven’t already, then it’s time for someone to fully study cryptocurrency and learn how to make the most of this trend that will continue throughout time.