Home Finance The End Of Money As We Know It By Bitcoin

The End Of Money As We Know It By Bitcoin

76
0
SHARE

Bitcoin is an open source platform that decentralize and digitalize currency. It has a couple number of benefits, bicoins are digital coins that you can send over the internet, they are transfered directly from person to person without going through a bank which means there are no bank charges what so ever which means the fees are very lowered. You can transfer bitcoins across all countries. Your account will never be frozen, there are no monthly charges, no bank limits.

Ever asked yourself what is currecny? Here’s a definition from the wiki: “Currency is a system of money in general use in a particular country.”. Now lets have a look at what the wiki defines money as: “a current medium of exchange in the form of coins and banknotes; coins and banknotes collectively”. By the look of those definitions, money is just trust that people need to have towards each in an environment called Business. Come to think of it, money is just a paper, a coin which someone else will have to manage and regulate as to who gets how much at what circumstances, mainly those guys called Reserve Banks and World Banks.

Bitcoin understood why currency was created, to make other countries wealthier than others. So it opened the opportunity of fairness. Digital money has been there for years in a sense that you purchase a products or a service online to any country via online payment methods such as paypal, payfast, etc… but the trick was the fact that money had to go through a bank first in order to be processed. With bitcoin, you just need a digital wallet, usually a unique number that will hold all your money. this wallets are private to individuals participating in bitcoin economy.

The other nicest part about bitcoin is that all the money in there are not traceable, no one owns bitcoin, it is just a community of developers called miners who manage the system. Their biggest job of all is just to verify money and allocate in within a respected wallet.

Some of the biggest names in the tech industry have understood and put in some good words about bitcoin such as “Bitcoin is a technological tour de force” by the president of Microsoft Bill Gates. The sooner people realize this, the better our world is going to be.

Bitcoin totally changes the way we view our money.