What is Bitcoin?
Bitcoin is a digital currency made in January 2009 by anonymous programmers. It’s value is growing by the day, and the most important question is: How can this mysterious cryptocurrency affect digital banking in 2021?
Historically, on May 22nd, 2010, Laszlo Hanyecz made the first real-world transaction by buying two pizzas in Jacksonville, for 10,000 BTC. In five days, the price grew 1000%, rising from $0.008 to $0.08 for 1 bitcoin. Bitcoin is among the best cryptocurrencies to invest in 2021.
But, how will it progress nowadays?
These are just some of the major benefits of Bitcoin:
1. Bitcoin is digital and decentralized
With Bitcoin, people have the freedom to exchange value without intermediaries, which leads to greater control of funds and lower to almost no fees. It is faster, cheaper, safer than ordinary currencies. Money is controlled by banks while bitcoin has owners.
2. Ease of online shopping
Blockchain technology for Ecommerce is the future of eCommerce. Bitcoin can help us buy online, because it is like an e-wallet that can be created with blockchain technology for storing, tracking and spending digital money. This type of technology also makes it possible to regulate the double-spending problem.
3. Less volatile than cash
Bitcoin is globally accepted and less volatile than cash or local currency. This feature makes it easier to perform cross-border and online transactions. Its value changes over time, and when its popularity is growing-the value is higher.
4. A great investment tool
Bitcoin can be used worldwide without going through a conversion process. It is considered equal to gold and combines the best of cash and gold, while providing an open market without the restrictions imposed by banks or governments.
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5. Bitcoin is peer-to-peer open and completely safe
Bitcoin allows the exchange of values over the Internet without any intermediary and allows its users to access their status via a password known as a private key. It is private, secure and there is no possibility of identity theft.
6. Duplication is impossible
Unlike cash, there is no way to copy bitcoin. This provides you with a high level of security when carrying out transactions and eliminates a major problem with bank-managed cash.
7. Anonymous Online Payments
Online payments made with your credit card are not always easy. You must provide your personal information very often. However, you may not want to share this information. Also, although you have nothing to hide, you value your privacy.
8. Reduced risk for traders
Bitcoin has a number of important benefits for consumers. Today, more and more traders dare to use this currency and they may have problems with people who buy and then try to cancel them in their banks for various reasons.
With Bitcoin, this problem no longer exists. The trader only has to wait for the transaction to be confirmed, which only takes a few seconds. Once the transaction is confirmed, the operation is non-refundable and this is one of the main advantages over cash.
With the advancement of modern technology, there is inevitably, improvement in online trade and the demand for this currency is growing rapidly precisely because of the many advantages over cash. Therefore, in 2021, according to experts, the value of bitcoin will increase significantly as well as its demand.