Bit coin has suddenly captured people’s attention and set to become the next big thing. It is the first decentralised digital currency of the world. The usual paper money that we can make do with can be counterfeited. But this digital currency doesn’t have that flaw and it is easier to manage or count. Bitcoin was the solution to not having a bank to track your money for all those millions of people all over the world. Bit coin doesn’t rely on a single bank and this became the decentralised way of handling money. Bitcoin now has taken over the world.
This decentralised currency will not get affected by rise and fall of economic status of countries. Since bitcoin is an internet friendly option for many people who don’t have access to banks or which aren’t reliable or efficient, bitcoin is quite a boon to most third world countries. This money works even when the government and banks don’t work. The large looming inflation hit countries or where stable governments don’t exist. Bitcoin just gives a new lease of life to all those people who would in such situations would find it very difficult to save up for a rainy day or let alone get money to spend at all.
Bitcoin is also known as smart money. It is technologically advanced way of using money. It has so many advantages and if accepted by everybody and gets replaced by the existing currency. We would be stepping into a new digital era which will give a new lease of freedom and expression for many people all over the world. Many businesses all over the world are now accepting bitcoin for the products and services they are providing. Some of the companies are already paying their employees with bitcoin. The bitcoin revolution is set to change the world. Bitcoin now is getting popular by the day.
Bitcoin transactions are verified by network nodes. This crypto currency does not need an intermediary and it is solely based on peer to peer transactions. The bitcoin technology was released open source software. The best part of transacting with bitcoins, you could exchange it for other currencies. The government has no hold on this crypto currency. The production of bitcoins will cease over time, making them similar to market cap. When the bitcoins are not in use they can be stored in the hardware which prevents them from any unauthorised use. If the hardware is lost, well you would lose all the bitcoins that you ever had. So you should be careful as the hardware contains the private key that will help you to do the transactions.