Bit coin has been the buzz word in the financial space. As of a matter of fact, Bit coin has exploded the scene in the last few years and many people and many large companies are now jumping on the Bit coin or crypto currency bandwagon wanting a piece of the action.
People are total new to the crypto currency space are constantly asking this question; “What is Bit coin really?”
Well, for starters bit coin is actually a digital currency that falls outside the control of any federal government, it’s used worldwide, and can be used to purchase things like your food, your beverages, real estate, cars, and other things.
Why is Bit coin so important?
Bit coin isn’t susceptible to things like governmental control and fluctuations in the in the foreign currencies. Bit coin is backed by the full faith of (you) the individual and it’s strictly peer-to-peer.
This means anyone complete transactions with Bit coin, the first thing they realize is that it’s a lot cheaper to use than trying to send money from bank to bank or using any other services out there that requires sending and receiving money internationally.
For example, if I wanted to send money to let’s say China or Japan I would have to have a incur of fee from a bank and it would take hours or even days for that fee that money to get there.
If I use Bit coin, I can do it easily from my wallet or my cell phone or a computer instantaneously without any of those fees. If I wanted to send for example gold and silver it would require many guards it would take a lot of time and a lot of money to move bullion from point to point. Bit coin can do it again with a touch of a finger.
Why do people want to use Bit coin?
The main reason is because Bit coin is the answer to these destabilized governments and situations where money is no longer as valuable it used to be. The money that we have now; the paper fiat currency that’s in our wallets is worthless and a year from now it’ll be worth even less.
We’ve even seeing major companies showing interest in the block chain technology. A few weeks ago, a survey went out to a handful of Amazon customers whether or not they would be interested in using a crypto currency if Amazon creates one. The results from that showed that many were very interested.
Starbucks even hinted about the use of a block chain mobile app. Wal-Mart has even applied for a patent on a “smart package” that will utilize the block chain technology to track and authenticate packages.
Throughout our lifetime we’ve seen many changes take place from the way we shop, the way we watch movies, the way we listen to music, read books, buy cars, look for homes, now how we spend money and banking.
Crypto currency is here to stay. If you haven’t already, it’s time for anyone to fully study crypto currency and learn how to take full advantage of this trend that’s going to continue to thrive throughout time.