We’ve all heard of Bitcoin, indeed, many investors have acquired Bitcoin, which is forecast to become globally recognised within the next couple of years, and if you are wondering what all the fuss is about, here are a few of the reasons why Bitcoin is becoming so popular.
- More than Just a Digital Currency – Aside from being a digital currency, Bitcoin is also a payment system that does not require the traditional third party when making transactions. Whenever we transfer money or purchase goods, there is always a bank or credit card company involved to facilitate the payment, which, of course, comes at a cost. Once you have set up your virtual Bitcoin wallet and have acquired some of the currency, you can transfer as much or as little as you please to anyone, anywhere in the world, with no third-party involvement. If you would like to get the ball rolling and invest while prices are low, check out https://bitcoindealers.com.au/, who are Australia’s leading Bitcoin dealer.
- Decentralising the Financial System – Many financial gurus have hailed Bitcoin as the beginning of the end for traditional banking, the system does not require a third party to complete a transaction, and what’s more you can send money to anyone without having to inform the authorities. Bitcoin uses blockchain technology to create a public ledger that all users can access, and such is its make-up, the data cannot be altered once it is recorded on the blockchain. The system works on the basis of common agreement among all users that any given transaction is accepted and as blocks of data are intertwined, hacking is impossible.
- Eliminates Fraud – Your Bitcoin cannot be stolen, as you have a personal digital key and without that it is impossible to make a transaction, and your wealth is not deposited in some central bank that could foreclose at any time. According to some experts, the next two years will see Bitcoin universally adopted by all sectors of society, especially people in developing countries who, for one reason or another, are unable to open a traditional bank account. In the event you lost your smartphone, there’s no need to panic, simply reinstall the Bitcoin software on another device and you are good to go.
- Reduce your Expenditure – If you have to make many financial transactions on a daily basis, using Bitcoin will save you a lot on transfer fees. There are small fees attached to Bitcoin transfers, but nowhere near as much as a credit card company or bank would charge for handling the transaction.
While the value of Bitcoin is volatile, it is predicted to stabilize, as more and more users buy into the system, and if you would like to know more about Bitcoin and how to set up your account, an online search will reveal the whereabouts of a reputable Bitcoin dealer in your area, who would be happy to offer advice on any aspect of Bitcoin.
All the experts predict we are moving quickly to a cashless society, and Bitcoin stands head and shoulders above all other digital currencies. There are coffee shops in Melbourne and Sydney that accept Bitcoin as a form of payment, and if you haven’t yet seen a display that says, “Bitcoin Accepted Here”, it won’t be long before the majority of retailers will accept Bitcoin as payment for products and services.