Bitcoin is known as a digital currency that is independent from any central authority. This being said, Bitcoin does not need third party brokers such as the government or any banking institute. This means that Bitcoin is not controlled or regulated by the following grants a number of liberties to Bitcoin users.
Bitcoin has been credited as the invention by a group or person called Satoshi Nakamoto. The identity of this bitcoin creator is still unknown as of today and the last that the world has heard of him (or possibly her) was back in 2011 when he said he is moving onto other things. While this Satoshi Nakamoto seems to have moved on, so does Bitcoin. Bitcoin has greatly improved since it was first introduced by Nakamoto back in 2009. Five years ago its value was only at a few cents but now bitcoin is valued at around $650. Bitcoin’s growth has been constant and steady which predicts a promising future for the digital currency.
It is easy to get into bitcoin. All you need to do first is get a bitcoin wallet and establish a bitcoin address. Afterwards, you can immediately start trading bitcoins. There are plenty of reasons as to why you should get into bitcoin.
First of all, Bitcoin offers numerous perks and among these is how bitcoin offers fast and easy transactions. Bitcoin transactions unlike banks don’t have to take several days to process. Bitcoin transactions often last only 10 minutes and at times even instantaneous. Transactions are also less costly as transaction fees are minimal at best and oftentimes free.
Another perk of Bitcoins is that it offers anonymity. You can basically purchase goods and services without having to disclose personal information.
Because Bitcoin is decentralized, you basically own your bitcoins and are less likely to experience inflation. Inflation gives a great disadvantage to people as it reduces their purchasing power. Governments can always print out more money and this causes inflation but Bitcoin has a set limit of 21 million in circulation. Bitcoin is more likely to experience deflation where prices for goods and services fall.
Lastly, bitcoin offers the opportunity to mine your own bitcoins.