Mohammad Shakil

· 21 Nov 2021

Follow Following

What Is Bitcoin & Why Is Cryptocurrency is Popular?

Bitcoin has become a buzzword in the financial space. In fact, Bitcoin exploded an incident a few years ago and many people and many large companies are now jumping on the Bitcoin or cryptocurrency bandwagon in search of a piece of the action. Completely new people in the cryptocurrency space are constantly asking this question; "What exactly is Bitcoin?" First, bitcoin is actually a digital currency that falls outside the control of any coalition government, is used worldwide, and can be used to buy things like your food, drinks, houses, cars, and more.

Why is Bitcoin so important?

Bitcoin is not easily accessible by factors such as government regulation and foreign exchange. Bitcoin is underpinned by the (full) faith of each and every one of your peers. This means that for anyone who completes a Bitcoin transaction, the first thing they see is that it is much cheaper to use than trying to send money from one bank to another. For example, if I wanted to send money say China or Japan I would have to have a payment from the bank and it would take hours or days for that money to get there. If I use Bitcoin, I can easily do it in my wallet or on my mobile phone or computer right away without those payments. If I wanted to send for example gold and silver would need many guards it would take a lot of time and a lot of money to move the bullion from one point to another.

Why do people want to use Bitcoin?

The main reason is that Bitcoin is the answer to these inefficient governments and situations where money is no longer as important as before. The money we have now; the paper fiat money in our wallets is empty and a year from now it will be worth even less. We have also seen large companies show interest in blockchain technology. A few weeks ago, a survey came out of a few Amazon customers as to whether they would like to use cryptocurrency if Amazon created one. The results showed that many were very interested. Starbucks even mentioned 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 verify packages. Throughout our lives we have seen many changes occur in the way we shop, the way we watch movies, the way we listen to music, read books, buy cars, look after homes, and now the way we spend money and banking. Cryptocurrency is here to stay. If you have not already done so, it is time for anyone to learn the basics of cryptocurrency and learn to make the most of this practice that will continue to thrive.

#Bitcoin #coinbase #Cryptocurrency