How Bitcoin Is Changing The Way We Spend Money

Bitcoin has become one of the most discussed and hottest topics in recent years. Its value increased by more than fiftyfold in 2013. Bitcoin is now a financial and cultural phenomenon. Although, so many persons have heard of bitcoin, yet very few understand what it entails. Bitcoin is simply a cryptocurrency or a digital currency that makes a person to person transaction available without patronizing the banking system.

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Bitcoin is not physical money that can be seen, felt, or touched. It cannot be kept in your wallet or purse. It is a virtual currency; it comprises of a digital code mined by the computer which you can keep in virtual wallets in cyberspace. You quickly have access to your bitcoin through a smartphone or computer app. Bitcoin is seen as revolutionary by many people because it makes the transfer of money from one person to the other very easily, it’s just like sending a message or an email.

With bitcoin, there is nothing like international border restraints; you can easily send your bitcoin around the world, no restrictions. There is now a new twist to everything as many people around the world have noticed the benefits that come with buying this virtual currency at a low value, to keep it for a long time till it appreciates and then sells it off at a high value. In other words, people now buy bitcoin purely as a financial investment and hope that it will appreciate instead of transacting with it.

Being the first global peer to peer monetary system, there is nothing your local currency can do that you can’t do with your bitcoin, whether its travel and tourism, foods and drinks, shopping and, all these are covered by the long arms of Move to the world of digital trading, trade money digitally. It would help if you had no printing press for this, neither will you be charged any interest rate.

Bitcoin is gradually replacing the current fiat currency system being used in all countries of the world. This is because it is gaining the much-needed popularity, scarcity and acceptance among people around the world. It is possibly more real than the money you currently have with you. With bitcoin, there is no fake or counterfeit. You can never see a counterfeit or fake bitcoin, but the cash with you could be a fake currency.

Many fiat money has been duplicated while the ones that haven’t been duplicated will surely get duplicated after being in circulation and service for a very long time, this is the many reasons why fiat currency changes after few years in circulation. And it is quite expensive to counteract counterfeit currency; the government may even spend double the money it used in producing the currency to fight its counterfeiting.

Counterfeit money brings about distrust to the currency, especially to its market. The technology of bitcoin has been built to stop counterfeiting since the first day of its existence.

If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.

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