You ever wondered what’s the need for you to buy Bitcoin? Or wait, do you ever felt the need that you need to know more about what Bitcoin actually is? Are you sure you’re fully aware of how does Bitcoin works?
As Bitcoin has been attaining major market focus in the near past and is growing its roots effectively, we sure thought of coming up with something extra for our readers, on something that has been the Word of Mouth recently.
Paper currency has been struggling hard in some countries around the globe to keep the wolf from the door. Some countries have even denied accepting Bitcoin in their economy while some have welcomed bitcoin in their economic structure with full zeal.
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BITCOIN AND CRYPTOCURRENCY EXPLAINED
WHAT IS CRYPTOCURRENCY?
Cryptocurrency has been a trending word for a few years now. But most of us don’t completely understand the mathematics behind Cryptocurrency.
A cryptocurrency is a digital form of currency that is secured through encryption techniques and they keep track of all the transactions while verifying them all along. They operate securely but are independent of a central bank.
Cryptocurrency has become the need of the hour because, in some aspects, it has been critically successful when compared to money. It is totally secure and traceable while other forms of money have been becoming more and more corrupt lately.
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WHERE DOES BITCOIN COME IN THE PICTURE?
When we talk of Cryptocurrency, we must be aware of the fact that Bitcoin has been the very first and most famous form of Cryptocurrency. Bitcoin was established in 2009 with a motive to create a secure transaction system or a new electronic cash system.
After knowing this much, we can make out that with the advent of this more secure form of wealth, changes are soon to be seen around the corner.
WHY BITCOIN IS HELPFUL TO THE WORLD
- No requirement for any address proof like Aadhar card, Passport, or any other legal document.
- At the time of transferring money, Bitcoin is easy to use or handle and a little fast when it comes to the transfer speed.
- Bitcoin value is constantly increasing day by day.
- It is a single method that is not reversible.
- There is a continuous achievement or improvement in the local settlement method.
- The continuous use of bitcoin has been increasing for a few years now.
- It is a more secure form of Transaction as compared to any other monetary unit around the globe.
- Bitcoin transactions are anonymous and private.
- Bitcoin gives you Payment freedom by eliminating the intermediaries in between.
- You can create your own Bitcoins using a special tool known as Bitcoin Miner.
- Bitcoin doesn’t get affected by Inflation or Deflation.
THE BOTTOM LINE
Bitcoins have got a lot of advantages to offer and surely have some disadvantages too. In its early stages, Bitcoin was rapidly used in Money Laundering activities as well as Black Market operations, which gave Bitcoin a bad name. But things have started to change lately and Bitcoin is growing at a pretty fast rate now. Despite all the advantages and disadvantages, Bitcoin is the future of Financial Transactions and it is up to the people and the society about how they decide to use it. We have to understand the power and importance of Digital Currencies and look forward to the future in a positive form.
I have tried to lay the basic insights that a person requires about Bitcoin before buying it. If you find this article helpful, do share it with your friends, colleagues, and family.
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