What is Bitcoin and why is cryptocurrency so popular?

Bitcoin has caused a stir in the financial space. In fact, Bitcoin has exploded the scene in the last few years, and many people and many large companies are now jumping on the bandwagon of Bitcoin or cryptocurrency, who want to be part of the movement.

People are constantly asking this question, which is completely new in the cryptocurrency space; “What is Bitcoin really?”

For starters, bitcoin is actually a digital currency that is beyond the control of any federal government, is used globally, and can be used to buy things like food, drinks, real estate, cars, and more.

Why is Bitcoin so important?

Bitcoin is not sensitive to things like government control and fluctuations in foreign currencies. Bitcoin is supported by the full confidence of the individual (you) and is absolutely peer-to-peer.

This means that everyone has to complete transactions with Bitcoin, the first thing they understand is that it is cheaper to try to send money from bank to bank or to use other services that require you to send and receive money internationally.

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

If I use Bitcoin, I can easily make any of these payments from my wallet or mobile phone or computer. For example, if I wanted to send gold and silver, it would require a lot of guards, it would take a lot of time and a lot of money to move the ingots from point to point. Bitcoin can do it again with the touch of a finger.

Why do people want to use Bitcoin?

The main reason for this is that Bitcoin is a response to governments that have destabilized it and to the fact that money is not as valuable as it used to be. The money we have now; The paper fiat currency in our wallets is worthless and will be even cheaper in a year.

We have even seen large companies show interest in blockchain technology. A few weeks ago, a handful of Amazon customers received a request asking if they would be interested in using cryptocurrency if they created an Amazon cryptocurrency. The results showed that many are very interested. Starbucks also pointed to the use of the blockchain mobile application. Walmart has also applied for a patent for a “smart package” that will use blockchain technology to track and validate packages.

Throughout our lives, we have seen how much has happened to our shopping habits, watching movies, listening to music, reading books, buying cars, looking for a home, money and banking. Cryptocurrency is here to stay. If you haven’t already, it’s time for everyone to fully learn cryptocurrency and learn how to take full advantage of this trend that will continue to evolve over time.