Let me quickly introduce you to the world of Bitcoin. Bitcoin is an international electronic currency. It is a new form of money created on the basis of the program code. Bitcoin is not owned by any state, companies or individuals. Due to this, Bitcoin has become the world’s first decentralized means of payment. Money transfers are carried out on the basis of peer-to-peer, without anybody acting as a middleman between the sender and the recipient.
For the sake of clarity, Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins are not printed, like dollars or euros. It’s the first instance of a growing category of money known as Cryptocurrency. Bitcoin was created in 2009 by Satoshi Nakamoto, a Japanese programmer, and cryptographer. One can use Bitcoin to make purchases electronically. In that sense, it’s like conventional currencies such as dollars, euros, pounds sterling, yen etc, which are also traded electronically. Money can be sent to any part of the world and it will arrive within split seconds, as soon as the Bitcoin blockchain network processes the payment. However, Bitcoin’s principal features and the thing that makes it unique to traditional money is that it is decentralized. No single government or financial institution control the Bitcoin network. This puts some people at ease because it means that banks cannot control their money.
Reasons Why Bitcoin Should Be Adopted:
High Safety Level:
No one can block a Bitcoin wallet. Bitcoin does not rely on country’s central banks, international and local laws, religion and so on. Banks and the government do not control your Bitcoin asset… they are only available to you. The wallet is created anonymously. Cryptocurrency cannot be faked, and payments cannot be canceled.
Cheap Transactions Anywhere In The World:
Transfer fees do not depend on the amount or location. They make up less than USD1 (regardless of the amount). You can transfer Bitcoin to anyone from any part of the world.
Convenience: Unlike bank transactions, Bitcoin transactions may be carried out on a 24/7 basis. You can decide independently when to transfer money.
Instant Transfers: Bank transfers take 3–5 working days on average. The speed of transfers via Bitcoin is a few seconds, then 10 to 60 minutes when you are dealing with large amounts of money.
Protection Against Inflation: National currencies diminish in value yearly by 1/20 %. Bitcoin is backed by limited units of 21 million and protected against price hike. Cryptocurrency is becoming more and more popular, as people do not spend money on fees and instantly exchange money. I have a feeling that in the future, the world national currencies will be merged in a single digital Bitcoin currency. Cryptocurrency strives to overthrow social inequality, free people from the banks’ oppression and make the world a more just place.