Blog     10 Nov 2021   127

What is Bitcoin and why is it so popular?

You might have heard the term Bitcoin several times in recent years. Do you know that the total value of Bitcoin in circulation is more than $800 billion? This staggering figure is more than the total GDP of many countries! So, it does mean something significant in the way the global economy operates.

What is the meaning of Bitcoin?

Bitcoin is a specific variety of digital currency. It does not exist in the conventional forms of bank notes or coins. The banks and financial institutions do not store Bitcoin. There are advanced computer systems that store Bitcoin.

A decentralized currency

Bitcoin at a fundamental level is a decentralized currency. The central banks of the countries do not have a say in minting it. It does not have a physical existence. The existence of each Bitcoin has the foundation of an encrypted code. The code here is a unique combination of letters and digits.

No government regulation

By now, you might have guessed that there is no government regulation in matters related to Bitcoin. It means the Finance Ministry of a Government has nothing to do with it. Bitcoin exists without government regulation.

No intermediaries

There are no intermediaries in the exchange of Bitcoin. The users can do it directly, without any intervention of an external source. There is no monitoring authority. The process of exchanging Bitcoin is flexible. There are minimum restrictions. These attributes are unlike when you transact in conventional money with a person or entity.

There are no transaction fees

A favorable feature of Bitcoin is you do not have to pay any transaction fees to anyone when you exchange it with a person or entity. So, you can completely cut down the costs of transaction in this case.

Its limited supply drives its popularity

There is a hard and fast rule in the Bitcoin world. There will never be more than 21 million Bitcoin in circulation. It makes the currency a strong hedge against any volatility or inflation. Many supporters of Bitcoin see this to be a profitable attribute.

It is very easy to send Bitcoin

You do not have to face any hassles to send Bitcoin to a concerned person or entity. The process is pretty fast. You do not have to counter any trouble. The procedure is smooth and convenient. There is no time wasted in sending the currency to the desired destination.

Its use can be anonymous

You can use Bitcoin anonymously. It is very easy to do it. There are no complications. It makes transactions incredibly manageable for many people. The transactions do not take time to process. Also, they are very cost-effective, driving the popularity of Bitcoin.

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Elizabeth Gold

Elizabeth Gold

Full-time Mummy | Part-Time Blogger

I love finding new and creative ways to make money. Anything to make life easier and to let me spoil my beautiful family.

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