5 reasons why you should know about Bitcoin
Bitcoin is a digital currency, secured through cryptography or unique codes, that can only be read with a key. While there are many cryptocurrencies in the world, Bitcoin is the most famous and widely spread.
Let’s find more fascinating facts about Bitcoin in the infographic compiled by experts from Bitcoin Play.
As Bitcoin is a decentralized currency, no government has control over it. In 2008, a person or a group under the name of Satoshi Nakamoto released a paper about Bitcoin outlining how this new currency will work. Till now, the identity of Satoshi Nakamoto has not been revealed, although in 2016 an Australian entrepreneur Craig Wright claimed he is Satoshi Nakamoto, there is no proof of this.
Why should one know about Bitcoin? Well, consider the fact that there are Universities, which accept tuition fees by Bitcoins, or that in January 2017 one Bitcoin cost $997.69, and in August 2017 it costs $4,125,81.
Here are 5 reasons why one should know about Bitcoin.
#1 The number of people using Bitcoin is growing day by day
In early 2010, daily transactions of Bitcoins was around 200. In 2017, the average transactions per day are 347,319. In short; Bitcoin is a currency of practice. There are 1354 ATMs in 55 countries such as Canada, Australia, USA, UK, Germany and The Netherlands.
#2 More Vendors now accept Bitcoin
Year on year, Bitcoin became a currency that is treated as a legitimate payment method from some retailers and large enterprises.
Nowadays, Bitcoin is accepted from WordPress, Expedia, Dell, Microsoft, Overstock, Subway. Newegg and other companies.
#3 Bitcoin can protect businesses from economic instability
For centuries, gold was the commodity to turn to in economic uncertainties. In times of financial crisis or currency fluctuations, people buy gold. In recent years, this has changed.
Bitcoin soared in 2013 when Cyprus had an economy oscillation.
The same happened in 2015 when China’s Yuan faced a collapse.
Bitcoin works as a hedge because it is decentralized and disconnected from governments and traditional monetary system.
#4 Owning Bitcoin is not complicated
Contrary to the belief that you need to be a computer scientist to buy or sell Bitcoins, the process is not that difficult. Indeed, it hardly differs from trading stocks.
To buy or sell Bitcoins you just need a credit card, bank account or PayPal account, and you need to choose a platform for trading Bitcoins, such as Kraken, BitQuick, Coinbase, and Blockchain Wallet.
#5. Bitcoin protects privacy.
Bitcoin is anonymous. You just have a wallet address, and that’s it. You don’t need to provide your name, address or credit card information to make payments. Meanwhile, all Bitcoin transactions are recorded in Blockchain, where no information can be deleted or edited by anyone. The blockchain is a great solution to avoid double transactions for the same amount. In fact, many banks have shown an interest in the technology of Blockchain.
Bitcoin has the lowest fees on transactions than any other payment method. It is believed it will change the world and decrease the monetary manipulations from governments and central banks. There are thousands of Bitcoin startups, and companies around the world continue to grow.