Have you heard of Bitcoins before? I find that most of the time when I ask someone about Bitcoin, they’re either skeptical or unaware that it exists.
Believe me though, Bitcoin is the next big technological development on the Internet and will transform the world for better.
What is Bitcoin?
It is a digital currency, which is created and held electronically. No one controls it. It was developed by an unidentified programmer or programmers under the name of Satoshi Nakamoto.
The peer-to-peer system operates on servers to make payments directly to users, without involving an intermediary.
Here’s why you should always have bitcoins with you:
1. Bitcoins are affordable
The first and the foremost reason to have bitcoins with you is the affordability or ease of use. No doubt, using Bitcoins provides convenience to almost everyone. Moreover, the Bitcoin network is a tad cheaper than bank transfers, credit cards and other conventional modes of banking.
If you’re using the Bitcoin system for payments, you’ll be charged only very small transaction fees (much cheaper than banking or credit card fees!) and everyone has the right to use it.
Low transaction fees make them preferable currencies due to low cost and ease of use.
2. Bitcoin Might Help Us In Inflation
As we all know, inflation is increasing all over the globe and it could develop into a severe economic crisis sooner than the Federal Reserve or The Wall Street Journal warned. In such a tenuous situation, Bitcoins come in handy. They act as a deflationary system, meaning merely 21 million bitcoins will be circulated in the market.
At present, approximately 13.5 million bitcoins are in circulation and the last bitcoin would become available in the year 2140. You might be wondering why 2140 will be the year for the last bitcoin to become available?
Circulated bitcoins cannot exceed the limit of 21 million due to a technical computing limitation so the price of a bitcoin is projected to increase as more euros and dollars flow into the system. A lot of people call bitcoin as a substitute for gold, naming it “Gold-2.0”.
3. Bitcoin – People’s Money
It’s a fact that the entire banking infrastructure all over the globe can be traced back to a small group of people making decisions and adjustments. In other words, you could say that all major finance-related decisions are in the hands of a couple of businesses, individuals of tremendously rich families, and establishments that own and control the majority of the money.
Bitcoin is actually an infringement of these cartels, being publicly registered and consensus driven with free bitcoin cloud mining. It’s a decentralised cryptocurrency and the isn’t controlled by any single organization or institution. Bitcoin system seems to be a promising endeavor to take control of economies away from a handful of people making decisions, increasing stability and potentially prosperity.
4. Bitcoin Is Secure
Bitcoin and cryptocurrencies are secure. A lot of people are frightened by the intangibility of Bitcoins, however, they are very safe to use as they can’t be multiplied or counterfeited at will.
If someone wants to forge cryptocurrencies, they would have to hack the software present on a decentralised network running on hundreds of thousands of servers. A professional hacker can hack certain exchange websites, but Bitcoin itself can never be hacked. Dan Kaminsky – a renowned hacker and security expert tried hacking bitcoin network but got failed. To anyone’s knowledge so far, counterfeiting bitcoin is impossible.
Bitcoins are considered as future of currency and gradually it is taking over the traditional currencies. Though it may not have the government backing it is quickly becoming a recognized currency and may soon be used as normal currency.
Featured photo credit: Cointelegraph Bitcoin via cointelegraph.com