Bitcoin Usage The Reality And The Beauty
Bitcoin: A New currency for modern day users
The unknown dimensions of the cryptocurrency Bitcoin seem to frighten present day online shoppers. The puzzle begins with the huge string that they have to memorize. If you misspell one single letter or alphabet, you will lose all the money you are handling in that transaction. And yet, the entire world is now poised for a leap into this unknown arena.
Strong points of blockchain
The points in favour of the new cryptocurrency are as follows:
- Ownership is guaranteed: Unlike bank accounts that can be seized by the Government and money confiscated if they think your money is being used illegally, Bitcoins are privately owned. No other authority is involved.
- Personal information is safe: Since you do not share the personal information with anyone or any institution, there is no chance that this personal information will be accessed by any third party.
- Fast transacting time: Anyone with a blockchain account can send and receive money instantaneously. You only need access to the internet.
- You can create it: The currency is printed by the Government. Bitcoins are created privately. The process is called mining. You need a fast computer with adequate memory to do the mining.
- Cheap without any overheads: All Bitcoins are sent privately. The currency has a tax levied on it. Since this cryptocurrency does not have any connections to Governments and taxes, the processing is cheap.
- Secure from Government intrusion: Government takeover of private wealth holdings in banks is possible as seen in Cyprus. The Government has no hold over this cryptocurrency.
- No third party access: When transacting with merchants through credit cards, your information is stored in some place. People having a connection to merchants can access and use your information. This is not possible with Bitcoin transactions.
- Not affected by inflation: This currency is not subject to acts of the law. So, they remained unaffected by inflation.
- Private address for your money: You store your money in an online location and the address if anyone sees it, will not make sense to them.
- No need for any third party interference: Unlike other currencies that need a backer, a proof of residence and things like that, Bitcoin operation is strictly one-to-one.
Making the change
Are we going to be safe? Is our money going to grow? Are new players going to appear? These fears continue to linger at the back of our minds. And yet, we relish the unbounded freedom of this new currency.