What is Bitcoin and why is Cryptocurrency so popular?

Bitcoin has been the word in the financial field. In fact, Bitcoin has exploded into the scene in recent years and many people and large companies are jumping into the path of Bitcoin or cryptocurrency as part of the action.

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

Well, for starters bitcoin is actually a digital currency that is out of the control of any federal government, 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 does not suffer from things like government control and fluctuations in foreign currency. Bitcoin (you) protects the whole faith of the individual and is strictly equal.

This means that when anyone makes transactions with Bitcoin, the first thing they realize is that it is much cheaper to use it than to try to send money from one bank to another or use any other service that requires sending and receiving money internationally.

For example, suppose if I wanted to send money to China or Japan I would have to pay a fee from a bank and it would take hours or days for that fee to get that money there.

If I use Bitcoin, I can easily do it from my wallet or mobile phone or computer immediately without having one of these fees. For example if I wanted to send gold and silver it would take a lot of guards, it would take a lot of time and a lot of money to move the lingo from one point to another. Bitcoin can do it again with the touch of a finger.

Why do people want to use Bitcoin?

The main reason is because Bitcoin is a response to these destabilized governments and situations where money is not as valuable as before. The money we have now; the paper money in our wallets is worthless and will be worth even less a year from now.

We have also seen large companies showing interest in blockchain technology. A few weeks ago, a survey was conducted of a few Amazon customers as to whether they would be interested in using a cryptocurrency if Amazon was created. The results of this showed that many were interested. Starbucks also suggested the use of a mobile blockchain app. Walmart has also applied for a patent for a “smart package” that will use blockchain technology to track and authenticate packages.

We’ve seen a lot of changes in our lives from 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 look at houses, the way we spend money now, and the way we bank. The cryptocurrency is there to stay. If you haven’t already, it’s time for anyone to fully explore cryptocurrency and learn how to take advantage of this trend that will continue to grow over time.