What Is Bitcoin & Why Is Cryptocurrency So Popular?

Bitcoin has always been a buzzword in the financial field. In fact, in the past few years, Bitcoin has grown explosively, and many people and many large companies are now jumping on the Bitcoin or cryptocurrency trend and want to take action.

People know nothing about the cryptocurrency field and keep asking this question. “What exactly is Bitcoin?”

Well, for beginners, Bitcoin is actually a digital currency that is not controlled by any federal government. It has been used worldwide and can be used to buy food, beverages, real estate, cars, and other things.

Why is Bitcoin so important?

Bitcoin is not subject to government control and foreign currency fluctuations. Bitcoin is backed by all (your) personal beliefs and is strictly peer-to-peer.

This means that anyone can use Bitcoin to complete transactions. The first thing they realized is that using this method is much cheaper than trying to transfer money from bank to bank or using other services that require sending and receiving internationally.

For example, if I want to send money to China or Japan, I will have to charge a certain fee from the bank, and that money will take hours or even days to get there.

If I use Bitcoin, I can easily complete Bitcoin transactions from my wallet, mobile phone or computer immediately without paying any fees. For example, if I want to send gold and silver, many guards will be needed, which will require a lot of time and a lot of money to transfer gold bars point by point. Bitcoin can do this again with fingers.

Why should people use Bitcoin?

The main reason is because Bitcoin is the answer to these unstable governments and money is no longer as valuable as it used to be. The money we have now; the legal currency in our wallet is not a penny, and it will be worth less a year later.

We even see large companies showing interest in blockchain technology. A few weeks ago, a survey surveyed a small number of Amazon customers whether they would be interested in using cryptocurrency if they created an Amazon. The results show that many people are very interested. Starbucks even hinted at the use of blockchain mobile applications. Wal-Mart has even applied for a patent on “smart packaging,” which will use blockchain technology to track and authenticate packaging.

In our lifetime, we have seen the way of shopping, watching movies, listening to music, reading books, buying cars, looking for houses, and now there have been many changes in how we spend money and shopping. Cryptocurrency will continue to exist. If you haven’t, then this is the opportunity for everyone to fully research cryptocurrencies and learn how to make the most of this trend, which will continue to flourish throughout time.