What is Bitcoin and why is cryptocurrency so popular?

Bitcoin has been a buzzword in the financial space. In fact, Bitcoin has blown the scene in the last few years, and many people and many large companies now want to take action by jumping into the Bitcoin or cryptocurrency bandwagon.

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

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

Why is Bitcoin so important?

Bitcoin is not sensitive to things like government control and changes in foreign exchange rates. Bitcoin is supported by the full confidence of the individual (you) and is strictly peer to peer.

This means that everyone completes transactions with Bitcoin, the first thing they understand is that using it is 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 want to send money to China or Japan, I have to take a commission from a bank, and it will take hours or even days for that money to get there.

If I use Bitcoin, I can easily make it immediately from my wallet, mobile phone or computer without any of these payments. For example, if I wanted to send gold and silver, it would require a lot of guards, and it would take a lot of time and money to move the ingots from place to place. Bitcoin can do this again with the touch of a finger.

Why do people want to use Bitcoin?

The main reason is that Bitcoin is a response to these volatile governments and situations where money is no longer as valuable as it used to be. The money we have now; The paper fiat currency in our wallet is worthless and will be even lower in a year.

We see that even large companies are interested in blockchain technology. A few weeks ago, a handful of Amazon customers conducted a survey to see if Amazon was interested in using a cryptocurrency. The results showed that many are very interested. Starbucks even hinted at using a blockchain mobile app. Walmart has even applied for a patent for a “smart package” that will use blockchain technology to track and authenticate packages.

Throughout our lives, we have seen a lot of changes in our shopping, watching movies, listening to music, reading books, buying a car, looking for a home, and now how we spend money and banking. Cryptocurrency is here to stay. If you haven’t learned yet, it’s time for everyone to fully learn cryptocurrency and take full advantage of this trend, which will continue to evolve over time.