Bitcoin Cryptocurrency – Understanding the Basics

It’s been more than a decade since cryptocurrency started enthralling people through social media and especially the internet. Bitcoin has managed to rank among the top cryptocurrencies today, no one knows the exact origin of the coin but it is related to a Japanese pseudonym “Satoshi Nakamoto” in mid-2008.

So, what exactly is this Bitcoin currency and why has it been able to hold its place in the financial markets. Well, the factors listed below can give you an idea of ​​its popularity and a piece of evidence about its continued secure future existence.

  • Bitcoin is the first decentralized digital currency.

  • Bitcoin is an independent free-floating currency that is not owned by any government or tied to any other currency to be influenced in value by economic indicators that control the value of traditional currencies.

  • With its increasing popularity among the masses, it now enjoys an increased level of acceptance at all levels, for example, you can now directly buy things with Bitcoin cryptocurrency and trade on various platforms such as CoinBase, Bitfinex, Bitstamp, Kraken and more. .

  • All you need to transfer bitcoins peer to peer is a wallet and an internet connection.

  • In most cases the transfer is instant.

  • Convenience of transacting in a few clicks on the internet or on your mobile phone.

  • Your privacy is protected compared to other payment methods on the internet where your important information can be leaked and misused.

  • When transferring money through conventional methods you may incur fees depending on the amount of your transaction and further, these transfers are subject to your specific regional and state regulations. You don’t have to be bound by any state regulations while trading in Bitcoin cryptocurrency and furthermore, you don’t have to pay heavy transaction fees.

  • Since only you have access to your electronic wallet, your coins are always safe with you and no one can steal your money. Processes and transactions are transparent due to the shared public ledger and anyone using the internet can verify a transaction at any time from anywhere in the world.

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

Considering the growing popularity and acceptance 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.