Bitcoins have become a well known and popular form of currency over time around the world. Though, what exactly is it is? This article will introduce you to the meaning of Bitcoin, its benefits and what makes it different from normal currencies?
What is Bitcoin Exactly?
Bitcoin is a digital currency (or digital money), that is electronically held, which means it is not tangible like fiat currency (dollars, euros, yen, etc.). It was created cryptographically, and thus it is a cryptocurrency. It runs on open-source software, and entities do not control it. It is decentralized and not governed by banks or government.
Benefits and Risks
It has a low risk of collapse, in contrast to traditional currencies that depend on governments. When currencies collapse, this results in an instant in hyperinflation or clearing savings.
The exchange rate is not regulated by any government and is a digital currency that is available worldwide.
Bitcoin is easy to transport. A billion dollars in Bitcoin can be stored on a USB stick and put in his pocket. It is just as easy to transfer Bitcoins as paper money.
What are the characteristics of Bitcoin?
- As mentioned earlier, it is decentralized. He does not belong to a company or bank in particular. All software that Bitcoins exploits form a network and works together.
- It is easy to set up. You can create a Bitcoin account within seconds, unlike large banks.
- It is anonymous, at least the part that contains your Bitcoin addresses is not linked to any form of personal information.
Bitcoin has drastically changed the world and our way of looking at money. Many people wonder if it is possible to live off Bitcoins. Some even tried to do it. Nevertheless, Bitcoins are now part of our economy, a kind of single currency, and they will not disappear soon. They have a blockchain on which it’s service runs all over the world and through that mining processing they earn and let other people earn bitcoin.
Easy Alternative to Bitcoin
Here is an alternative to bitcoin which can be explained in four simple words “Get Paid by Walking“. It’s the Sweatcoin which pays a user to just walk outside. It’s easy all you have to do is download their app on PlayStore or App Store.