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Bitcoin: First decentralized digital currency explained

by James Musoba
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Bitcoin is a digital currency that functions without any central authority or bank.

Bitcoin was first established in 2009, and all transactions are public. Bitcoin has been called the world’s “first decentralized digital currency.” 

In order to spend bitcoin, one must have a wallet, which is an app that can be installed on your computer or phone to store, send and receive bitcoin. 

There are three types of wallets: web-based wallets like Blockchain.info; hardware wallets like Trezor; and software wallets like Multibit HD or Electrum.

Bitcoin as a currency

It is impossible to say what the future holds for bitcoin. Still, with its growing popularity and increasing acceptance, it certainly seems that there are plenty of reasons to believe it has a very bright future indeed. 

Bitcoin may be the currency of the future. Here are some reasons why

  1. Bitcoin transactions take only a few minutes, instead of days (or weeks) like regular banking transactions. 
  2. Bitcoin transactions cost just a few cents rather than tens or hundreds of dollars.
  3. Bitcoin is much more secure than traditional banking as your password cannot be hacked from a bank’s servers, and your account cannot be frozen by an institution with whom you have no individual relation or contract.
  4. The anonymity that bitcoin offers is much more than just an illusion. It actually allows you to maintain privacy even with transactions over a fraction of a cent.
  5. Bitcoin is the most secure way of sending money online. Properly secured Bitcoin wallet addresses are very hard to be compromised, while stolen credit card information can be easily abused and used by criminals.
  6. Not only are all transactions (and funds) completely anonymous, but it also makes the entire process of digital currency completely decentralized across computers around the world, making it harder for any government or organization to control or manipulate the system in any way.

Bitcoin payments are safe & secure

Bitcoin is the most secure payment method. Take into account all the great features surrounding Bitcoin, such as security, anonymity, speed, and low fees. 

Bitcoin transactions are safe because you do not share any personal information with anyone. Your bitcoin wallet ID or number is simply your access code to use your bitcoin. It’s like having a bank account number that you use to send money from one bank account to another; however, with bitcoin, it’s different. You don’t have to open a bank account with someone in order to send or receive bitcoins. Bitcoin transactions are anonymous. Your bitcoin wallet number is not linked to your personal information, so no one knows who you are unless you tell them. Since Bitcoin addresses don’t require personal info like a phone number or email address to register, it’s not possible to have a merchant refuse payment if they learn that you’re underage.

Drawbacks of credit cards payment

  1. Credit cards are a real pain. 
  2. You can have fees as high as 20% for each transaction and even more for international transactions. 
  3. You don’t have control over how much you spend at the ATM because ATM fees are usually decided by the bank that they’re processed through (not you). 
  4. With credit cards, high credit card interest rates can make your money practically unusable if you don’t pay the bill on time. 
  5. You can lose value in the value of your card. In the past, we’ve seen credit card issuers suspend cards because of unusual spending patterns. 
  6. With credit cards, you don’t have any control over how your spending affects your credit score, even if you’re not using a checking account to make purchases.

What are the four reasons to use bitcoin instead of credit cards?

  1. Credit cards are more dangerous than bitcoin, with a high probability of fraud and theft. 
  2. Credit cards can be used by children to spend money without parental consent, which can be both harmful and damaging for the child’s long-term financial well-being. 
  3. Credit cards don’t provide anonymity, which can be very important to protect your privacy and security when shopping online or buying certain items in brick-and-mortar stores, as well as your safety if you’re traveling. 
  4. Because Bitcoin transactions are anonymous, it’s impossible for a merchant to refuse payment if they learn that you’re underage or refuse certain forms of payment because of your religion, race, sexual preference, etc.

What does the future hold for bitcoin?

In the future, more and more people will use bitcoin. At first, it will be accredited to subcultures such as internet nerds and geeks. Later it will be normal to see people like your mother using Bitcoin. People use credit cards because they don’t know about any other way of payment. By the time Bitcoin becomes widespread, there will be a lot of information about what Bitcoin is, how it works and why you should use it. Trade with Immediate Edge software to get the edge in bitcoin trading and make more money.

And why would you use bitcoin?

  1. Bitcoin can process a transaction in less than 10 minutes, while most credit cards and PayPal take from 3 to 5 days.
  2. Bitcoin can be used by anyone with internet access. Credit cards are only available to people who have a bank account or who have secured credit with a credit card issuer.
  3. Bitcoin is secure and anonymous; credit cards leak your identity everywhere you use them. 
  4. Fees, withdrawals at the ATM, fraud, and chargebacks don’t exist in bitcoin. In other words, you are not charged for anything – that includes just having an account, so your money will be 100% safe without anyone touching it until you decide to spend it.
  5. Bitcoin doesn’t have such a strict policy about accepting payments, so if you don’t like the way they do things – just don’t use their services. For example, there are some places that won’t accept credit cards from certain countries or won’t accept specific types of cards with high spending limits.
  6. There is no identity theft or stolen credit card information with bitcoin.

Conclusion

You can even be a kid and use Bitcoin because it does not require you to have an adult identity like a credit card. You can open a Bitcoin account and not worry about a credit check or bank account because if you don’t have any of these things, you can use Bitcoin, which is more secure than the most secured bank account in the world. You can load your bitcoin wallet at any ATM (except for one’s that do not offer any money exchange). 

You can use bitcoins on items that are not allowed by merchant credit card processors, such as adult material. You’ll find many places online that will not allow you to purchase anything unless “credit cards are welcome.”

Bitcoin is anonymous!

Bitcoin Is completely anonymous.

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