Despite its ups and downs, Bitcoin remains the most popular cryptocurrency amongst traders and businesses alike. But what actually IS Bitcoin, and is it here to stay?
Since it’s origin in 2009 – the price and popularity of Bitcoin has exploded. Worth literally $0 when it released back in 2009, the price of Bitcoin has increased by huge magnitudes since. It’s current value sits at around $12,500 per bitcoin today!
For those who think that Bitcoin is a scam, you can take heed from the fact there are already over 80,000 businesses that run on Bitcoin. While no once can be totally certain about how it will be adopted in the broader community, it definitely looks as if this digital currency is here to stay.
And for the others who are heavily in favour of Bitcoin, they expect that it will one day replace the fiat currency system (that’s notes and coins in laymans terms), and become the backbone of the entire world economy.
Not convinced? Let’s take a look at some of the reasons why you may be living in a Bitcoin-dominated world much sooner than you think…
#1 – Bitcoin is everywhere
Bitcoin is a universal currency, and it has no boundaries. Unlike regular money, it doesn’t require any ‘medium’ or a third party to transfer it around the world. All you need is a Bitcoin wallet address. Simply add your favourite payees to your wallet, and with one click you can send money to anyone in any part of the world. You can transact anytime, anywhere, at any time of the day, as Bitcoin is up 24/7, 365 days of the year. All you need is an internet connection and you are good to go.
#2 – More control
Bitcoin transactions are very secure, and it’s not possible for someone to charge you fees or make a payment on your behalf as long as you protect your wallet. (Of course you do need to take some necessary steps to ensure your wallet is protected.) Ideally, you will sign up for a wallet with high security features that disable hackers and thieves from stealing Bitcoin out of your account. With a little common sense, Bitcoin can actually give you a high level of protection against financial fraud. For more information check out sites such as https://bitcoin-billionaire.com.
#3 – Fast and cheap international payments
Once upon a time, sending money overseas for friends or business purposes was difficult and very time-consuming. Not anymore. Sending Bitcoins aboard is as easy as sending money across the street. Because there is no need to depend on any third party or parties (like a bank), sending payment via Bitcoins means you won’t need to wait 3 to 4 business days for the transaction to go through, and there are no high international transaction fees either. Last but not least, there are no minimum or maximum limits for Bitcoin transactions.
#4 – Keep your identity a secret
You don’t have to be a spy or operate a secret underground organisation to want privacy in your dealings. However, when working through the banking system or using credit cards, there’s very little privacy indeed. With Bitcoin, your identity is a secret. In fact, all you get is an anonymous Bitcoin wallet address that also changes each time you make a transaction. In other words, Bitcoin has been designed to respect your privacy and protect your identity (however you do need to take some steps yourself to ensure you are set up the right way).
#5 – Choose the fee you want to pay
It might sound crazy, but with Bitcoin, you can choose the fees that you want to pay for your transaction. This is far from the case when you make or receive a payment in regular fiat currency. In the case of a Bitcoin transaction, low fees are set as the default, however – higher fees can lead to faster transactions. The fee factor in the case of Bitcoin has nothing to do with the amount transferred. It’s possible that you will be charged the same fee for transferring both 500 Bitcoins and 1 Bitcoin. Impressive!