With the popularity and value of the Bitcoin on the rise, it is causing many individuals to want to learn more about it. What is it? Bitcoin is a virtual currency which came into existence in 2009. It is a decentralized, peer to peer cryptocurrency system which allows investors to process transactions through digital units. It does not use a third party regulator to process its transactions or back it. This is the third type of currency to exist besides standard currency and commodities. With the currency being relatively new and on the rise, there are some disadvantages but there are also many advantages which is causing it to become so popular.
Each transaction using Bitcoin creates a new address and does not require individuals to use their name. This keeps each transaction anonymous if the user shall choose. Some users could find this convenient because you can make purchases not with their personal identity. The Bitcoin is popular with many online gaming sites. Sites like this British Casino may potentially use this function in the future.
No Third-party Interruptions
The Bitcoin system is purely based on a peer-to-peer system. This means there is not a third party financial institution, government, regulatory body that can intervene. This gives users the feeling of more freedom than with standard currencies.
Low Transaction Fees
Most standard bank transactions require the wiring of money. Since Bitcoin is a virtual currency, there are no wire transfers. This cuts down the costs of transactions. Besides the cost, it also is quick. Being virtual allows the currency to be transferred instantaneously.
Online payment system users can use the system anywhere they can access the internet. This cuts out the need to go to a physical bank, atm, or store. It also helps with identity theft because personal information is not required for transactions.
We have explored the concepts of Bitcoin and its benefits. Be sure to do your research and examine both the advantages and disadvantages. This currency and ones similar may be the future.