Since the introduction of cryptocurrency more than a decade ago, Bitcoin had gone a long way from being an ignored “digital currency” to something that some people are already considering as the “digital gold” of this age. Now, more people are starting to discover bitcoin and start to use it. More businesses are opening up to the concept of cryptocurrency by starting to accept Bitcoin payments as well.
While it may not be replacing other digital forms of payment and money, such as a Visa card in India, it is undeniable that more people are starting to sue Bitcoin. Here are some of the reasons why.
It is easy and convenient
Setting up a Bitcoin wallet is as easy as signing up for a new Facebook account. In fact, it can be simpler than that. In most cases, all you need is either an email address or a phone number. Some wallet providers do not even ask for any of this information. This means that you can have a Bitcoin wallet without any hassle.
Compared to setting up a bank account or even an e-money wallet that can take hours up to days depending on the verification and identification processes, you can open up a Bitcoin wallet in just a matter of minutes. Sending and receiving money is easy as well. You can send and receive money from one wallet to another simply through the unique wallet ID that you have.
It is anonymous
In the same way that setting up a Bitcoin wallet is mostly free of personal information, most Bitcoin transactions are private and anonymous, too. When sending money to another Bitcoin user, all you need to have is their wallet address. If you have the correct one, the money should go through, and the recipient would have it. Receiving also works the same way.
Cryptocurrency can be an investment or a business
Did you know that you can use Bitcoin in more ways than just as a method of payment? In the same way, as people trade stocks in the stock market, more and more people are now also investing and trading in Bitcoin.
Do you have a Bitcoin wallet? Then you are practically good to go, and you can start investing in Bitcoin right now. However, it not as simple as that. More than having a wallet, you have to have a deeper understanding of how blockchain technology works to trade in cryptocurrency effectively. If you want to invest in Bitcoin, the first step is to learn everything that you should first.
Aside from investing in Bitcoin, some work on getting Bitcoin out of seemingly nothing. How is that possible, you may ask? Getting Bitcoin on your own is possible through the process called “mining.” The whole process of Bitcoin mining is a long and highly-technical process, and it is an activity that is not for everyone. It is also a highly-expensive activity. To mine a fair amount of Bitcoin, the investment you need to dish out would be on powerful computer equipment that can handle the extreme processing demands of Bitcoin mining.
The fear of Bitcoin is coming only from the lack of knowledge about it. The truth is that its introduction opened up a whole new world of convenience, privacy, and freedom. Thus, there is nothing to fear about it.
While Bitcoin, and all other cryptocurrencies, are not perfect currencies, it is slowly getting accepted by more people as the future of money and perhaps soon, as a real currency just like the money that people have today.