Bitcoin Cryptocurrency: Understanding the Basics


It has been more than a decade since cryptocurrency began to fascinate people through social media and, most importantly, the Internet. Bitcoin has been able to rank among the most important cryptocurrencies today, no one knows about the exact origin of the currency, but it appeared in mid-2008 related to a Japanese pseudonym “Satoshi Nakamoto”.

So what exactly is this Bitcoin currency and why has it been able to maintain its place in the financial markets. Well, the following reasons listed can give you an idea of ​​its popularity and a proof of its secure and continued future existence.

  • Bitcoin is the first decentralized digital currency.

  • Bitcoin is a floating independent currency that is not owned by any government or associated with any other currency because the economic indicators that govern the value of traditional currencies influence its value.

  • With its growing popularity among the masses, it now enjoys a higher level of acceptability at all levels, for example, you can now buy things with the Bitcoin cryptocurrency directly and exchange them on different platforms like 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 instantaneous.

  • The convenience of making transactions over the internet or mobile phone with a couple of clicks.

  • Your privacy is secure compared to other payment methods over the Internet, where your vital information can be leaked and misused.

  • While transferring money using conventional methods, you must pay fees based on the volume of your transactions and more, these transfers are subject to your particular state and regional regulations. Although you make transactions in the cryptocurrency Bitcoin does not require you to be bound by any state regulations, and in addition, you do not incur high transaction costs.

  • Because 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 due to the shared public record and anyone can verify a transaction at any time from anywhere in the world via the Internet.

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

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