Bitcoin Cryptocurrency – Understanding the Basics
2 min readIt’s been over a decade since cryptocurrency has started to fascinate people over social media and especially over the internet. Bitcoin has been able to rank among the top cryptocurrencies today, nobody knows about the exact origin of the currency however it popped up in mid 2008 related to a Japanese pseudo name “Satoshi Nakamoto”.
So, what exactly is this Bitcoin Currency and why has it been able to sustain its place in the financial markets. Well, the following listed reasons may give you an idea of its popularity and a piece of evidence as to its continued safe future existence.
- Bitcoin is the first decentralized digital currency.
- Bitcoin is an independent free-floating currency which is neither owned by any government nor associated with any other currency for it to influenced value wise by the economic indicators that govern the value of traditional currencies.
- With its growing popularity among the masses, it now enjoys an increased level of acceptability at all levels, for instance, you can now buy stuff with Bitcoin cryptocurrency directly and also trade it at different platforms such as CoinBase, Bitfinex, Bitstamp, Kraken and more.
- All you need is a wallet and an internet connection to make a peer to peer Bitcoin transfer.
- In most cases the transfers are instantaneous.
- The convenience of making transactions over the internet or your mobile phone with a couple of clicks.
- Your privacy is secure as compared to other modes of payments over the internet where your vital information can be leaked and misused.
- While transferring money through the conventional methods you have to pay fees depending on the volume of your transactions and further, these transfers are subject to your particular regional and state regulations. While transacting in Bitcoin cryptocurrency does not require you to be bound by any state regulations and furthermore, you don’t incur heavy fees on the transactions.
- Since you are the only one who has access to your electronic wallet, your coins are always safe with you and no one can steal your money. The process and transactions are transparent due to the shared public ledger and anyone can verify a transaction at anytime from anywhere around the world using the internet.
- Another advantage of having a Bitcoin cryptocurrency wallet is that your account cannot be frozen.
Keeping in view the growing popularity and acceptability of Bitcoin cryptocurrency we can safely assume that the future of Bitcoin is not only safe rather quite bright and this innovative payment method is here to stay.
