What is Bitcoin and why is Cryptocurrency so popular?

Bitcoin has been a buzzword in the financial sphere. In fact, Bitcoin has exploded onto the scene in recent years and many people and large companies are jumping on the Bitcoin or cryptocurrency bandwagon wanting a piece of the action.

People completely new to the cryptocurrency space constantly ask this question; “What is Bitcoin Really?”

Well, for starters bitcoin is actually a digital currency that is outside the control of any federal government, it 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 immune to things like government control and fluctuations in foreign currency. Bitcoin protects the full faith of the individual (you) and is strictly peer-to-peer.

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

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

If I use Bitcoin, I can easily do it from my wallet or mobile phone or computer instantly without any of those 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 bullion 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 that Bitcoin is the answer to these destabilized governments and situations where money is not as valuable as it used to be. The money we have now; the paper currency 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 few Amazon customers were surveyed to see if they would be interested in using a cryptocurrency if created by Amazon. The results showed that many were interested. Starbucks also hinted at the use of a blockchain mobile app. Walmart has also applied for a patent for a “smart package” that will use blockchain technology to track and authenticate packages.

In our lifetime we have seen many changes from the way we shop, the way we watch movies, listen to music, read books, buy cars, look for houses, how we now spend money and how we bank. Cryptocurrency is here to stay. If you haven’t already, now is the time for anyone to fully explore cryptocurrency and learn how to take advantage of this trend that will continue to grow over time.