Bitcoin Cryptocurrency – Understanding the Basics

It has been more than a decade since cryptocurrency started to captivate people on social media and especially on the internet. Bitcoin managed to rank among the top cryptocurrencies today, no one knows about the exact origin of the currency, but it appeared in mid-2008, associated with the Japanese pseudonym “Satoshi Nakamoto”.

So what exactly is this bitcoin currency and why has it managed to hold its place in the financial markets. Well, the following listed reasons may give you an idea of ​​its popularity and some proof of its continued safe future existence.

  • Bitcoin is the first decentralized digital currency.

  • Bitcoin is an independent free-floating currency that is neither owned by any government nor tied to any other currency to be influenced in value by the economic indicators that drive the value of traditional currencies.

  • With its growing popularity among the masses, it now enjoys an increased level of acceptability at all levels, for example, you can now buy things with Bitcoin cryptocurrency directly and also trade it on various 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, transfers are instant.

  • The convenience of transacting over the internet or your mobile phone with a few clicks.

  • Your privacy is protected compared to other online payment methods where your vital information can be leaked and misused.

  • While transferring money through conventional methods, you have to pay fees depending on the volume of your transactions and furthermore, these transfers are subject to your regional and state regulations. Although transacting in Bitcoin cryptocurrency does not require you to be bound by any government regulations and also does not impose large transaction fees.

  • Since you are the only one who has access to your e-wallet, your coins are always safe with you and no one can steal your money. The process and transactions are transparent thanks to the shared public ledger and anyone can verify a transaction at any time from anywhere in the world using the internet.

  • Another advantage of a Bitcoin cryptocurrency wallet is that your account cannot be frozen.

Considering the growing popularity and acceptability of the Bitcoin cryptocurrency, we can safely assume that the future of Bitcoin is not only safe, but quite bright, and this innovative payment method is here to stay.