Bitcoin: The End of Money as We Know It

Hello guys.
Today i’ll be talking a little about bitcoin and how it’s impacting and changing our lives.

Intro

Look closely to the world we’re living in, it doesn’t matter what color you are, what your religion is or where you originate from, we all need the same things which are food, water, shelter and money. As the concept of money originated decades ago, we still use it daily and have been doing so for a very long time. Money is exchanged for goods or services which means we pretty much can’t get or do anything without having money. However, why is the concept of bitcoin replacing money and why are some worried about this fact.

What is Bitcoin

Bitcoin is a digital currency which indicates it isn’t actual physical money. It’s a programmable currency which is encrypted by cryptographic laws making it very hard to break or steal. The video below represents an intro-video regarding bitcoin which I encourage you to watch. I guarantee that the video is awesome and will get you interested in Bitcoin 🙂

The video is a small section taken from a movie which I have already watched. The movie is really awesome and is full of information. It’s just one hour long so go and check it out. Watch the full movie under this link.

Why Using Bitcoin

It is Fast

Transactions can be instantaneous if they are “zero-confirmation” transactions, meaning that the merchant takes on the risk of accepting a transaction that hasn’t yet been confirmed by the bitcoin blockchain. Or, they can take around 10 minutes if a merchant requires the transaction to be confirmed. That is far faster than any inter-bank transfer.

Very Cheap

What’s that you say? Your credit card transactions are instantaneous too? Well, that’s true. But your merchant (and possibly you) pay for that privilege. Some merchants will charge a fee for debit card transactions too, as they have to pay a ‘swipe fee’ for fulfilling them. Bitcoin transaction fees are minimal, or in some cases free.

Out of Control of the governments

The currency is decentralized, you own it. No central authority has control, and so a bank can’t take it away from you. For those who find their trust in the traditional banking system unravelling, that’s a big benefit.

No reverse transactions

Once bitcoins have been sent, they’re gone. A person who has sent bitcoins cannot try to retrieve them without the recipient’s consent.

And a lot more…., don’t forgot! You can can master bitcoins using some courses, so please check this link 🙂