is a digital currency that was created by an anonymous developer called Satoshi Nakamoto in 2009. It has since become the most widely used and accepted cryptocurrency in the world, with billions of dollars worth of bitcoin being traded every day.
If you're wondering what all the buzz is about, Bitcoin is a secure mode of payment that can be used anywhere either online or offline. This currency uses blockchain technology to revolutionize how transactions are processed and to provide transparency for its users as well as bank accountability for those involved. One Bitcoin is currently valued at USD 1,344 but that's not too far-fetched given its surge in both popularity and value over the past few years.
Advantages of using Bitcoin
One of the biggest advantages to using bitcoin, in comparison to other forms of payment is that it can be used anonymously and is not regulated by any government entity. As a result, the currency is used for various types of transactions ranging from purchasing illegal goods and services on the dark web to making donations, transferring funds between family and friends without paying high transaction fees as well as remittances. These perks have made bitcoin one of the most reliable forms of payment for both online retailers and businesses. In 2017 alone, about $1.5 billion worth of transactions were made every day by nearly 5 million different users across the world.
Because of this, there's a constantly increasing demand for bitcoin. According to Blockchain.info , the value of all bitcoins in circulation have gone up from about $0.309 (USD) per coin in 2010 to its current value of $1,344 (USD) per coin as of January 2017 . Of course, this means that the price fluctuates depending on supply and demand but even the slightest movement in either direction is enough for both investors and speculators to take notice.
All in all, one of the main advantages to using bitcoin is that it's decentralized and open-source which makes it one of the most secure currency options available on a global scale. Bitcoin has also become an effective way for hackers to launder money as well as pay for goods on the dark web.
Why Bitcoin is Important?
- Bitcoin is not some fad or hype that will crash in a year or two, it's here to stay and will only continue to grow in popularity in the coming years. It's also extremely resistant to manipulation and inflation as it uses blockchain technology which guarantees that there is no central point of failure.
- In addition, bitcoin has already eliminated many paperwork issues that were previously associated with transferring money from one party to another. Because transactions are processed through a simple online application, there's no need for bank officials or tax collectors to get involved.
