Bitcoin is the trendiest word in the world of money transactions right now. As people see incredible amount of potential in bitcoins, they are rushing towards this. Bitcoin is technically just another sort of currency. It is a type of a virtual currency that is transferred by bitcoin wallets. Every wallet has a specific address which is necessary when you want to make a transaction. This is often dubbed as cryptocurrency.
The system that the bitcoin network uses to build itself upon is called block chain. Block chain basically registers all the transactions that happen around the world. This is an absolutely peer to peer network. So, there is no specific and imposing authority which regulates the network. Rather, there are some servers around the globe which keep the system alive.
There are quite a number of solid benefits of bitcoins. I will be listing fivepositive impacts of cryptocurrency below that seem to be much promising.
- We can enjoy a certain degree of financial anonymity. We don’t necessarily need to provide our authentic social information to get ourselves a bitcoin wallet or bitcoin address. This way we can make do without letting out sensitive financial information about ourselves which often other mediums of exchange cannot promise.
- We can have a good amount of accessibility in every possible situation. As we can have the bitcoin wallets as near as our smartphones, transferring money is just a matter of touches on the screen. All we need to do is touch here and there and wait for the transaction to complete. Also, while using bitcoins, you won’t have to even bother with converting your money. Because, when you will use bitcoins it will automatically pay in the according currency. And if you are actually more comfortable with cash you can always sell bitcoin for money. You can buy bitcoin too.
- This network is absolutely peer to peer based. What this signifies is, we can send money to anybody anywhere in the world, as long as we have the address of the receiver. We won’t need the authorisation of any external organization and such.
- In the case of foreign transactions, the usual methods like standard wire transfers command a good amount of transaction fees. But if you decide to use cryptocurrency, the transaction fees will go down significantly lower.
- It is making way for a lot of new jobs. A whole new sector to be honest. In the future, when cryptocurrency will take the world by storm, there will be a big necessity of blockchain analysts and professions related to this. So, just by implementing this system, we can successfully even create more jobs.
It is the time of cryptocurrency. The time is not far when we will have to buy bitcoin, sell bitcoin, do a big chunk of our financial transactions through bitcoin. So, let’s be prepared for the big storm that is going to surround us in the coming years.