What is bitcoin and why is cryptocurrency so popular?

Bitcoin is the most popular word in the financial space. As a matter of fact, Bitcoin has blown up the scene in the last few years and many people and many large companies are now jumping on bitcoin or cryptocurrency wanting some action.

People are completely new to the cryptocurrency space constantly asking this question; What exactly is bitcoin?

Well, for starters, bitcoin is actually a digital currency that falls beyond the control of any federal government, is used around the world, and can be used to buy things like your food, your drinks, real estate, cars, and more.

Why is bitcoin so important?

Bitcoin is not susceptible to things like government control and fluctuations in foreign currencies. Bitcoin is supported by the full faith of (you) the individual and is strictly equal.

This means that everyone completes transactions with bitcoin, the first thing they realize is that it is much cheaper to use than to try to send money from bank to bank or use any other services that require sending and receiving money internationally.

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

If I use bitcoin, I can do it easily from my wallet or mobile phone or computer instantly, without any of these fees. If I wanted to send gold and silver, for example, it would require a lot of guards, it would take a lot of time and a lot of money to move the bars 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 is because bitcoin is the answer to these destabilized governments and situations where money is no longer as valuable as it used to be. The money we have now; the paper fiat currency that is in our wallets is useless and will cost even less in a year.

We have even seen large companies interested in blockchain technology. A few weeks ago, a handful of Amazon customers surveyed whether they would like to use cryptocurrency if Amazon created it. The results of this showed that many are very interested. Starbucks even hinted at using a blockchain mobile app. Walmart has even applied for a “smart package” patent that will use blockchain technology to track and authenticate packages.

All our lives we have seen many changes happen in the way we shop, in the way we watch movies, in the way we listen to music, read books, buy cars, look for homes, now how we spend money and banking. The cryptocurrency is here to stay. If you haven’t already, it’s time for someone to fully explore the cryptocurrency and learn how to take full advantage of this trend, which will continue to thrive over time.