What is Bitcoin?
In today’s world dealing with money can be complicated. There are literally millions of business transactions that happen every day. With Payments constantly going in and out of your account, you can never be too sure when it comes to your money. However all is not lost. Today’s technology has greatly enhanced the way we deal with monetary transactions. For those who want to make things a little easier there’s Bitcoin. Described by Satoshi Nakamoto in 2008, Bitcoin is an open-source software program available to all users. It’s software based payment system, with it’s wide range of benefits for the modern business, take some of the stress and hassle out of everyday financial difficulties.
Benefits of Bitcoin: Listed below are just a few of the many benefits users of the Bitcoin system will find.
Instant Peer to Peer Transactions: Bitcoin has been praised for it’s peer to peer or “decentralized” transactions, making it much easier to make and receive payments and monies between users
Low Transaction Costs: Most individuals have at some point found themselves stuck with high transactions costs which can be very frustrating considering the number of exchanges that are made daily. Bitcoin eases this burden by providing users with low transaction fees. These fees are generally much lower than those of individuals dealing with banks of other financial institutions.
Universal Capability: Another of Bitcoin”s benefits is it’s universal capability. Any person from any country can send money across the world in a matter of minutes. Thanks to it being decentralized with no banks the money goes directly to the recipient and there’s no waiting for banks to approve the transaction.
Open Public Ledger: One of the biggest fears of electronic banking is the fear of having your privacy invaded or your account in some way defrauded. One of the ways Bitcoin works to ease these fears is to maintain a public ledger of all transactions. This allows all the users to keep track of their incoming and outgoing exchanges and provides them with proof of any attempt at fraud or theft.
Multi-signature protection: Bitcoin has the added benefit of multi-signature protection. Multi-signature protection requires a person to have the signature of more than one private key before exchanged money can be spent.
Low Inflation: One of the greatest benefits Bitcoin has to offer deals with the problem of inflation, which has plagued country after country for centuries. Since Bitcoin is not run by one particular country, but used by people from all over the world, no one country’s financial status can drive up inflation. With Bitcoin only issuing about 21 million bitcoins between now and 2050 the rate of inflation is projected to be considerably lower than dealing with paper or metal backed currency.
You should always be careful when it comes to your financial situation. In today’s world a click of a mouse or the press of button is all that stands between you and your money. If your looking to take charge of your finances, you want to be sure you check out all your options. With Bitcoin your options and financial security may have just become a whole lot better.