Bitcoin: The Future of Money (and How to Get Some!).
Bitcoin is a cryptocurrency and worldwide payment system. Bitcoin is the first decentralized digital currency, and it is the largest of all digital currencies both in terms of market capitalization, volume, acceptance and notoriety. It was created in 2009 by an individual or group of individuals using the pseudonym Satoshi Nakamoto.
Bitcoin (BTC) has also become more widely traded as a digital asset, alongside stocks on various exchanges. This exchange trading at bitcoin's price has given it an implied market capitalization of $68 billion as of December 2017.
The price of bitcoin has gone up from around $100 at the beginning of 2013, to over $4,200 (from November 2017 to now), with 16.7 million bitcoins in circulation now worth about $65 billion USD (or £52 billion pounds). There are many reasons why you should start using Bitcoin now, but here are three main benefits that will help you make your decision easier:.
The Need for a New Monetary System
There are many reasons why Bitcoin may be the future of currency, but there is one main reason that stands out. Bitcoin solves the problem of inflation. This is because it is protected by math. Not only does Bitcoin protect against inflation, but it also protects you from the devaluation of your currency. It's no surprise that more and more people are looking for alternatives to traditional currency since currencies like the British Pound and American Dollar have lost significant value over the last few years..
The Rise of Digital Assets
If you're not familiar with the term, digital assets are a form of currency that is made up of data. This data is intangible and cannot be seen, touched or otherwise physically interacted with. This makes it different from regular money in your wallet or purse.
In recent years, digital assets have become more popular as a form of investment. This has largely been due to the increase in demand for Bitcoin and other cryptocurrencies. One of the reasons cryptocurrency has become so popular is because it's decentralized - there isn't a single entity controlling it, which means no one can alter its value on a whim. The only way bitcoin's value could change is if someone sells their bitcoins at a different price than the market average. In short, this means that investing in bitcoin is much more secure than investing in traditional currencies, like dollars or euros.
Why Bitcoin?
The Bitcoin currency is valuable because it’s scarce. It was designed to never exceed 21 million coins, with more than 16.7 million in circulation right now. The demand for Bitcoin comes from its status as a store of value and its use as a medium of exchange. Once you buy Bitcoin, you can use it to purchase goods or services online.
Bitcoin has low transaction fees compared to other payment methods like banks, credit cards, or Paypal.
Bitcoin is accepted worldwide by merchants that support the currency. You can even invest in Bitcoin indirectly by purchasing stocks that are related to Bitcoin.
What Is Bitcoin and the Blockchain?
The blockchain is the public ledger that records all bitcoin transactions ever made. It is constantly growing as 'completed' blocks are added to it with a new set of recordings. All transactions are final and irreversible; it is impossible for bitcoin owners to cancel or edit past transactions, even if they have the private keys that give them ownership of those coins.
Bitcoin solves the "double-spending" problem without a central bank. For example, when I want to send a friend one Bitcoin, I create a digital signature using my private key, and then send them one Bitcoin from my Bitcoin address (something you can think of like an email address for Bitcoin). When they receive the Bitcoin, their wallet software sends out a message to everyone who has a copy of the blockchain saying "Christine wants to send one bitcoin to John." This message is broadcasted until every copy of the blockchain receives it. Once every copy starts confirming that I have in fact only sent one Bitcoin and not two or more, then my transaction is complete. Since this all happens without a central bank or administrator, no single person can go in and change any part of these messages after they're sent out because everyone will already know about them - there's nowhere for me to hide!
What Are the Benefits of Bitcoin?
Benefits of Bitcoin:
-Bitcoin is a cheaper and faster way to transact online. You don't need to worry about exchanging your currency like you would with international wire transfer services.
-There are no chargebacks or fraud. If someone doesn't pay you, there's not much you can do about it because transactions cannot be reversed or disputed once they're completed.
-Bitcoin has low transaction fees since there is no third party involved.