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If you thought social media had a significant impact on your life, then wait until you feel the full force of bitcoin. Bitcoin is a type of cryptocurrency, and this new currency may replace money as we know it & completely transform the world!
Discover the meaning behind Bitcoin and the benefits of cryptocurrency!
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Let’s take a little time to think about what money is and what it does. At the moment, governments create and control money. In the past, their notes were representative of actual gold stores in a bank vault that people would exchange between themselves without actually having to move any of the physical gold around. It was a super convenient system, and it worked for a long time.
However, after a while, governments started looking for ways to decouple paper from gold. They did this by introducing new notes into circulation and making it more difficult for people to redeem the gold that their notes entitled them to. Eventually, the idea of gold backing up the currency died out, and now people just trust that other people will accept the cash that they carry around.
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When you put it like that, it all seems a little scary. That’s because nothing is backing up regular government money, like the dollar or the euro. It has value only because people think it does.
That’s where cryptocurrency comes in. The more you learn about cryptocurrency, the more fascinating it becomes. Like regular government money, there are no hard assets backing it up. It’s just ones and zeros in a computer. But cryptocurrency has a bunch of properties that regular currencies don’t. And that’s going to change the way the world operates.
Governments and criminals regularly add to the supply of money by counterfeiting. This creates inflation which reduces the value of the money in your pocket. However, cryptocurrencies put hard limits on supply. For instance, there will only ever be 21 million bitcoins in circulation because of the limitations of the coin’s rules. The same applies to most other cryptocurrencies. This means that nobody can counterfeit them or claim any value they didn’t earn.
So how is this going to reshape the world?
You Will Have More Privacy
With bitcoin, you won’t have to give out credit card details every time you buy something online. Instead, you’ll just type your key and authorize payments via your account without handing out any more information than strictly necessary.
You Can Control Your Finances Better
Second, when you use regular currency, you rely on banks to look after it on your behalf (especially if you put it in a checking account). With bitcoin, however, your bitcoin wallet is your personal bank account since there is no centralized system under the bitcoin scheme. So, unlike in the financial crisis of 2008, there’s no risk that banks will run out of money to honor your deposit.
You Can Say Goodbye To High Transaction Fees
Lastly, doing international shopping is about to get much cheaper. When bitcoin is accepted all over the world, you won’t have to pay hefty conversion fee charges.
We hope you have enjoyed this article! Have you tried bitcoin before? In the comment section below, let us know your thoughts about cryptocurrency!
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