There is a great need for a stable currency which can be used by people worldwide, and thus, the Bitcoin was created. This is something that is becoming more and more powerful, just because of that stability, and also it’s becoming accepted by many nations, and you can easily exchange Bitcoin for real money.
There are two ways of getting Bitcoin, and those are so called “mining” or providing services via the Internet for Bitcoin as payment. You should also have in mind that there is a finite number of Bitcoin on the internet and that one of the reasons why it’s such a stable currency.Recently it hit an all time high trading at 9465.30 us dollars…
1. No one single entity controls this currency
Bitcoin is open-source software, which means anyone and everyone does not own it can access it. The same way you connect to some website and download some images or songs, the same way you can get the Bitcoin. Also, no company stands behind the creation of Bitcoin, thus, since the creator is anonymous, there is no owner.
2. There is a finite number of Bitcoins
As it was already stated earlier in this article there is a limited number of Bitcoins, and that’s one of the main reasons why it’s stable and why it has a certain value. Everything that is limited on this earth has fantastic value, and as same as some other things or substances have incredible value because of their rarity and limited quantity, Bitcoins also do.
3. Bitcoins have no inherent or set value
This is another fact why Bitcoin has unique and stable value. There is no other currency or anything from which Bitcoin inherited its worth. Bitcoin has a certain value, but it varies depending on what services were provided for them.
4. You can see all the transactions
Since it is software that is available for anyone, everything regarding Bitcoins including detailed reports of the operations is also available. There is no one behind this currency the information is also not controlled by anyone. You can easily search on the Internet for all the detailed information about the Bitcoin transactions and be sure that you will find what you’re looking for.
5. You can mine Bitcoins
There are many ways for you to get Bitcoin and one of the most efficient are this so called “mining.” This term is used for those who earn Bitcoins by solving math problems while using special software that will distribute a certain amount of Bitcoins in exchange for those solutions. And the people that do this kind of work are so-called “miners.” This is one of the most interesting ways of implementing a currency as well as it motivates people to deal with mathematical problems.
6. You cannot reverse a transaction to be forced to pay
Well, this is a thing that just has to be this way, and once a transaction using Bitcoin is made, there is no coming back. In other words, a transaction cannot be reversed. You can trust the security of operations because you will be forced to use a website that handles them correctly. Also, you don’t need to be concerned about being forced to pay for something just because this is a digital currency, it just as same as regular money, if you don’t want to pay for something, you don’t have to.
7. You can send money with little to no fees
The main reason for the existence of the bank fees is profit because it doesn’t cost a thing for a bank to transfer money to another account. That is just one of many ways how banks are robbing us and taking our money for nothing. When you use Bitcoins, there are no fees when it comes to sending money to someone, because there is no one that owns Bitcoins thus there is no one that would feel a need to make a profit out of those transfers.
8. Bitcoins are held in digital wallets
If you were wondering where you will keep your Bitcoins, it’s simple; you will have a wallet of course, but a digital one. It’s the same thing as with bank account only it has a different name.