BITCOIN – Redefining Banking for the Modern World

Are you tired of waiting long lines just to open up a bank account or pay for online transactions? Forget the hassle and find digital means that acts like a digital wallet for you to go cashless and shop with ease.

Bitcoin is one of the latest online platforms which can be used to book hotels, shop for furniture, trade crypto currencies and more. The significance of Bitcoin for the modern world is even bigger than what you can imagine.

It is a crypto currency, which means that the system uses cryptography to create digital coins, making money transfer as easy as transferring data, rather than using the typical bank and wallet.

BITCOIN – Redefining Banking for the Modern World

If you are sending or accepting international payments, this is a good option too. Transactions made with bitcoin are of lower cost because they are not tied to country’s regulations. Businessmen love this platform because there is absolutely no credit card fee. Other than that, if you would like to grow your money without the traditional means, you can buy bitcoins and trade them online, in the hope for an increase in value.

You might also ask where to buy them. Luckily, there are a lot of marketplaces that sell bitcoins with different currencies. Just a friendly reminder, security is one of Bitcoin’s issue due to the fact that a number of accounts were hacked last 2016 wherein a billion dollar worth of bitcoin were stolen.

Also, if you have already purchased bitcoin, it has to be system-generated before it can be spent. If typical money is minted and printed before we use them, bitcoin on the other hand needs to be “mined”. Through this process, it provides processing power from their computers to the distributed network and thus creating blocks of data and a global record of every bitcoin transaction.

Many people may not yet appreciate this banking method. But we must all know that it is real money and it has the same value with the money you hold and purchase necessities at your favorite store. However, paying bills and buying groceries may not yet be fully available with Bitcoin at this time. But with its boom and continued growth in the industry, expect for more in the future.