In 2009, a mysterious figure going by the moniker of Satoshi Nakamoto came out with Bitcoin, a cryptocurrency no one imagined would single-handedly revolutionize modern society as we know it. In essence, it relies on the blockchain network to keep the financial records updated, and it cannot be tampered with or rendered non-operational.
Fast forward to today and we can observe how people are using it for various purposes, including paying for goods, services, and even as a store of value. If enough people embrace it at some point in the future, the traditional banking system could effectively be replaced by Bitcoin, a fully decentralized digital currency where no third-party financial institution has a say over what kind of transactions are and aren’t allowed.
The way it works is that every Bitcoin user has their own digital wallet that contains either a full coin or fractions of it. Upon initiating a transaction, the funds travel from one wallet to another within a couple of seconds and up to a few minutes, depending on the congestion of the network. But the bottom line is, no one can stop nor reverse the transaction. In essence, you could be sending your digital coins to the most remote, anti-crypto corner of the world and no one would be able to stop you in your tracks.
On top of that, it’s a payment method that is simply more efficient compared to its traditional counterparts. In some countries, getting money out of the local banking system is surprisingly difficult. And even if we’re talking about making regular bank transfers, the service is only operational during business hours, which means you’re out of luck during the holidays or the weekends. Bitcoin payments, on the other hand, work 24/7.
Since Bitcoin is in limited supply, it’s an interesting proposition from an investor’s standpoint. Even in the distant future, what has been printed is what we’re going to have available, meaning that the famous crypto coin is well-positioned to appreciate in value over time. Now compare this to fiat currencies where more is printed all the time and you’ll see how inflation can quickly become a huge issue. As we all know, inflation, if it goes out of hand, can bring the entire economy to its knees, none of which can ever happen with Bitcoin or other cryptocurrencies that are in limited supply.
Next, we have the aspect of privacy. It’s by no means bulletproof in this regard, but simply by the nature of its design, Bitcoin provides a more-than-decent level of anonymity. To send any amount of Bitcoin from one digital wallet to another, no identity-revealing details need to be exchanged. This gives you additional leverage in case you live in a controlling environment that likes to spy on your business.
For example, an anti-gambling country may straight out refuse a transaction to a casino if that’s where you happen to be banking. A bit casino, on the other hand, will not refuse a transaction simply by the virtue of the fact that, in this scenario, no banking or financial institution has the upper hand on what kind of transactions are allowed. Since crypto casinos will typically not ask for proof of your identity, not only do you get to retain your privacy, it’s also one less hassle to worry about.
In case you’re wondering how you can get your hands on this crypto coin, it can get a bit technical, but at the same time, there are many ways to do it. Perhaps the simplest and most user-friendly option is to go to a local Bitcoin ATM near you. It can convert cash into Bitcoin and vice-versa. There’s also the option of buying from street sellers (can be risky) or dedicated platforms that accept bank transfers, effectively letting you convert your fiat currencies into most cryptocurrencies of your choosing.
Cryptocurrencies are the new way to pay and Bitcoin is leading the charge.
As we move forward to an increasingly digitized future, there comes a need to replace what no longer serves us, or at least provide a better alternative. In the financial world, Bitcoin is the revolution we need to unlock several perks and benefits that no traditional banking or financial system can ever deliver on. And the fact of the matter is, there is no need for it to replace its predecessors entirely – the world simply needs to mature enough so that fiat and cryptocurrencies can live in harmony.