Bitcoin has started its contribution to the current generation. However, there is a bit of confusion with what it really is. There are some investors who doubt its existence in the world we are living today – even Coinbase, one of the leading venture, invested in the Bitcoin currency. It is under a lot of pressure to prove its value in society as other independent, popular companies have failed to do so. They need to make Bitcoin viable in order for it to stay in the system and convince millenials to hop on board with the digital currency train.
What is Bitcoin?
As we see it, it is a cross between a stock and a form of payment. This digital currency aims to be the safe and secure form of payment in the world of unexpected events. It is a form of payment that you can use to pay for things you love, such as buying the computer you really love on Tigerdirect.com. You can buy pretty much what you want on Overstock.com and apparently, some female entrepreneurs will even let you buy cookies from them. Other than that, Bitcoin can also let you send a small amount of currency to people in other countries without having to worry about the exchange rates or any currency conversion fees. Also, no currency conversion or exchange rates will be pulled out from the original sender.
In a way, it is a stock because the Bitcoin has its own fixed number in the universe. Bitcoin value fluctuates and that will all be based on the law of supply and demand. Therefore, the more people use Bitcoin, the higher the value of it.
Bitcoin is now seen to be the future of digital currency around the planet, as it is envisioned as a peer-to-peer trustless exchange. In simple words, if you do not trust the individual you are making a simple transaction with, you do not need to include confidential information such as your credit card number or other information that would expose your personal identity. However, if you would like to purchase your favourite products online, you can pay in the form of Bitcoin. Here we understand that every transaction we had in the digital world will be irrevocable – that means the person who will pays with the use of any mode of payment online cannot call someone to stop the payment. The payment will be made immediately.
Due to the existence of technology, Bitcoin is now seen as the future of digital currency. The currency can never be separated from the technology Bitcoin – they are inextricably linked.