For the first time ever in human existence, we have a secondary option to a non-governmental controlling currency. These are the digital currencies known as the cryptocurrencies which are gaining huge popularity in the recent times. One such digital currency is Bitcoin, the first ever and most famous cryptocurrency with a large market cap. The reason why Bitcoin is so important and the reason why it’s necessary to know about the concept of Bitcoin is because it gives you many multiple options and opportunities to benefit you and your family around the world.
The issue with the traditional banking system, which operates on regular Fiat currency is that it possesses certain drawbacks. It is affected by manipulation of figures, inflation can slowly wash away the value of held cash, lack of clarity of how exactly the system runs, tedious job of linking banks in different countries of different currencies, and many more.
Bitcoins, on the other hand gives many advantages because of its decentralized nature.
Bitcoin transactions are more fair, secure, open, faster and easier than the traditional payment solutions.
The transactions are private and peer-to-peer with no third-party interactions.
Buy, sell and earn Bitcoin through various exchanges, exchange Bitcoins for commodities, altcoins or other fiat currencies,
Bitcoins can be sent/received via a computer, tablet, mobile phone or any other device to anywhere and at anytime.
Bitcoin verifies transaction with the same state-of-the-art encryption that is used in military and government operations
Its is an open-source – nobody owns it. But instead, maintained by a community of open-source developers.
Using Bitcoin network is free and the amount of transaction fees is very less.
The purchases in Bitcoin are discrete.
Transaction fees are very less and there is no tax on Bitcoins.
Bitcoin is divisible in a 100 million units. Each unit is individually programmable and identifiable. Users can assign characteristics to each unit. Users can design a unit to represent a a share in a company, Euro cent, a kilowatt hour of energy or a digital certificate of ownership. Due to this, Bitcoin is not just currency and payments, but it represents many kinds of property and allows us to make our currency system smarter and to automatize our cash flows. The open programmable feature of Bitcoin allows us to completely build and re-innovate our financial processes and our administrative sector.
Due to a plethora of benefits from the Bitcoin, people feel more comfortable holding their money in a securely stored Bitcoin. Bitcoin is assuming a role of investment asset as all organizations and investors have woken up to the probable gains from price appreciation. Bitcoin network is already progressing as a consensus network that enables a new payment system for the internet.