As of today, we live in the Digital Age. Whether it’s sending an email to a friend in London, or calling your mother from Hong Kong, booking a flight to Spain, or studying a course offered online by a Canadian university, information is at the click of a button and a fraction of a second away. It is instantaneous, global and secure.
Wouldn’t it deem appropriate if our currency worked that way too? …A revolutionary notion, perhaps?
Well, with the introduction of Bitcoin back in 2009, the future does seem to be here already.
Bitcoin, at its simplest, is an electronic, peer-to-peer cash system that employs the use of a virtual currency called bitcoin.
So, if you want a reason WHY should you use Bitcoin, we’ll give you fifteen.
Bitcoin provides a fast,borderless and a safe way of handling transactions, independent of an intermediary such as a financial institution. In short, you can send money anytime, anywhere and any amount. And that too,without any restrictions, waits, or conversions!
It is decentralized whereby a distributed network of nodes records each transaction on an updated, public ledger that is tamper-proof and transparent. This means that there isn’t a central authority in control of it, or a single point of failure/corruption by hackers. Bitcoin has no downtime or holidays, so it runs 24/7. It can’t be counterfeited, or produced more than a set number. Unlike banks which charge outrageous amounts of money, Bitcoin transaction fees arelow. The Bitcoin network values anonymity, and therefore does not require transactions to be associated with personal identity- You only need a wallet. Purchases aren’t only discrete, but also immutableand irreversible(this also offers protection to merchants from fraud). As well as offering convenience through online/mobile wallets, bitcoin is not subject toinflation. Anyonecan use bitcoins if they have an internet connection and the software. Cryptocurrencies like bitcoin have also enabled more efficient crowdfunding platforms to start-off projects.
Disclaimer: There’ll always to be two sides to every coin (pun intended), hence, remember Bitcoin isn’t without its own set of drawbacks.
Although most see bitcoin as an investment asset or a store of value, the buzz around Bitcoin has seen it slowly but surely integrating itself in the frameworks of global economy and businesses.