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Bitcoin is a revolutionary technology, which turned the traditional financial systems upside down. It’s something more than just a virtual currency, as it is based on a cutting-edge blockchain technology and brings possibilites never seen before. Blockchain is a kind of a public ledger, storing all the transaction information, but it goes way beyond that. It is also used for digital rights protection, p2p lending, title recording or intellectual property protection – the list goes on and on.
Why should you use bitcoin? You have your money with you all the time. If you go withg one of the online wallets, you can access and transfer your bitcoins any time of night and day, all you need is an internet-enabled device. Bitcoin payments are lightning fast – the payment is visible instantly, while the confirmation may take up to 20 minutes. Bitcoin payments are extremely cheap, a standard fee for the transaction is 0.0001BTC, which equals 0.02USD, no matter where the recipient is located or what the transaction amount is.
Bitcoin goes beyond borders and has a global reach. It doesn’t matter if your recipient settles down in euros, dollars or any other currency – you always send bitcoins. Bitcoin is not controlled by any government or financial institutions, which makes it resilient to frauds or any other type of imposed capital control. You always remain in charge of your funds. Payments done without a bank account or a credit card are handy, but the most important thing is that they are safe and allow you to be fully anonymous.
Bitcoin price may scare you at first, since at the time we’re writing this its rate has crossed above $1000. Rest assured that usual transactions are done with a tiny fraction of 1BTC. The usual transaction fee is a good example, as it equals 0.0001BTC – one ten-thousandth of a bitcoin. Bitcoin is a great long-term investment too and it may be clearly seen by looking at the current bitcoin price.