What is Bitcoin & How People are Using it Across the Globe?
Ever since the barter system was originally introduced by the Mesopotamia tribes around 6000 BC, we have witnessed different types of goods/currency exchange.
Paper cash quickly came into place at the onset of the 18th century.
With the commencement of the Internet age, various efforts have been made to take the currency exchange into a digital form. It has to be said that those efforts have been well converted and now over 95% of the entire cash in the world is digital, leaving only physical cash to be a mere 5% of the entire money in the world!
Although there have been many companies to have tried their hand at developing a new source of the digital currency exchange system, it is fair to say that PayPal holds a major share in this regards.
One of the fairly recent additions to these networks in digital currency exchange is Bitcoin. A lot has been said and written on the Internet about Bitcoins and it is still one of the most mysterious types of currency exchange, which people have a tough time holding a grasp of. Hence, our topic of interest and let’s dive deep right into the nuances of Bitcoin and clear some of the benefits and uses of this new digital form of currency exchange.
Even though we have claimed Bitcoin to be a fairly new form of digital currency exchange, it has been in operations since 2009.
Invented originally by someone under the alias of Satoshi Nakamoto, it is still unclear who is the exact founder of Bitcoin. Various news outlets including The New York Times, Newsweek, Forbes, and Gizmodo have made different headlines claiming distinct people as being the founder of Bitcoin. Now that we understand that the origins of the creator of Bitcoin are pretty bleak, what exactly does a Bitcoin do and how is it different from other forms of digital online currency exchange services?
To begin with, if you have ever made use of digital online currency exchange, you must be aware of the transaction fees charged by these middlemen.
One of the distinctive features of digital currency exchange services is their transaction fees and other charges. The most important aspect of Bitcoins that differentiates it from other digital currency exchange services is that it does not charge any kind of transaction fees.
Bitcoin is an open-source Peer-to-Peer payment service that has done away with any kinds of middlemen transaction fees. You can make use of these Bitcoins to buy anything online and many merchants are beginning to accept this new form of digital currency. Many networks like Amazon (Amazon Gift Cards), eBay, Zappos, Microsoft, Dell, Shopify and more already accept Bitcoins as a form of payment.