What is Bitcoin and why is Cryptocurrency so popular?

Bitcoin has been the buzz word in the financial space. The truth is that Bitcoin has exploded into the scene in recent years and many people and many large companies are selling Bitcoin or cryptocurrency as part of their flagship action.

People who are completely new to the cryptocurrency space are constantly asking this question; “What is Bitcoin really about?”

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

Why is Bitcoin so important?

Bitcoin is not subject to government control and things like foreign currency fluctuations. Bitcoin has the full and unparalleled support of the individual (you).

This means that anyone can transact with Bitcoin. The first thing to realize is that it is cheaper to try to send money from bank to bank or to use any other service that requires sending and receiving money internationally.

For example, if I want to send money, let’s say to China or Japan, I would have to pay a bank fee and it would take hours or days to get that fee to get that money.

If I use Bitcoin, I can easily do it in my wallet, mobile phone or computer right away, without these fees. For example if I want to send gold and silver it would take a lot of guards a lot of time and a lot of money to move points from point to point. Bitcoin can do it again with a touch of a finger.

Why do people want to use Bitcoin?

The main reason Bitcoin money is a response to these unstable governments and situations is that money was not as valuable as it used to be. The money we have now; the reliable paper currency in our wallets is worthless and will be worth even less a year from now.

We’ve also seen major companies showing interest in blockchain technology. A few weeks ago, a survey was released to some Amazon customers as to whether or not they would be interested in using cryptocurrency if it was created by Amazon. The results of this showed that they were very interested. Starbucks also warned about the use of the mobile blockchain app. Walmart has applied for a patent to track and authenticate packages on a “smart package” that will use blockchain technology.

There have been many changes throughout our lives in the way we shop, the way we watch movies, the way we listen to music, the way we read books, buy cars, look for houses, see how we spend money and banks. Cryptocurrency is here to stay. If you haven’t already, it’s time for anyone to fully explore cryptocurrency and learn to take full advantage of this trend that will continue to thrive all the time.