The future of money using bitcoin

About bitcoin in the view of the future life of man

Why use bitcoin? Here are 10 good reasons why it is worth taking the time to engage in this virtual currency.

Bitcoin is a relatively new form of currency that just started in the mainstream, but many people still do not understand why they should try to use it this currency.

It's quick to use

If you pay a check from another bank to your bank, the bank will often hold the money for a few days, because it can not be trusted that the funds are actually available, as well as international transfers can take a relatively long time. Bitcoin transactions, however, are generally much faster than existing programs.

Transactions can happen instantaneously if the transaction is "zero-confirmation", meaning the trader takes the risk of receiving unconfirmed transactions by blockcoain bitcoin. Alternatively, they can take about 10 minutes if a merchant requests that the transaction be confirmed. That's much faster than interbank transfers.

It's cheap

What do you say Your credit card transaction is instantaneous as well? Well, that's right. But your merchant (and maybe you) pay for that privilege. Some merchants will charge for debit card transactions as well, as they have to pay 'friction money' to meet their demands. Bitcoin transaction costs are minimal, or in some cases free.

The central government can not take it

Remember what happened in Cyprus in March 2013? The Central Bank wants to take back uninsured deposits greater than $ 100,000 to help recapitalize itself, causing major unrest in the local population. Initially wanted to take a percentage of deposits below that figure, fed directly to the family savings. That can not happen with bitcoin. Because the currency is decentralized, you have it. No central authority has control, and therefore the bank can not take it from you. For those who consider their belief in the traditional banking system to unravel, that is a big advantage.

No chargebacks

After the bitcoin is sent, they leave. A person who has sent a bitcoin can not try to retrieve it without the consent of the recipient. This makes it hard to cheat we often see with a credit card, where people make a purchase and then contact the credit card company to initiate a chargeback, which effectively reverses the transaction.
People can not steal your payment information from merchants
This is great. Most online purchases are currently made through credit cards, but in the 1920s and 30s, when the credit card's first precursor appeared, the Internet had not been conceived. Credit cards are not supposed to be used online and are not secure. The online form asks you to enter all your confidential information (credit card numbers, expiration dates, and CSV numbers) into web forms. It's hard to think of a less secure way to do business online. This is why credit card numbers remain stolen.

Only you have it

There are no other electronic cash systems for which your account is not owned by anyone else. Take PayPal, for example: if the company decides for some reason that your account has been abused, it has the power to freeze all existing assets in the account, without consulting you. It is then up to you to jump through whatever circle it takes to get it cleaned up, so you can access your funds. With bitcoin, you have the private key and the corresponding public key that form the bitcoin address. No one can take it from you, unless you lose it yourself, or go through it with a web-based purse service that lost it for you.
You can create your own coin money
Regardless of the amazing advances in office color printing technology, most of the national government takes a dim view of you making your own money. With bitcoin, however, it is recommended. You can definitely buy bitcoin in the open market, but you can also mine it yourself if you have enough computing power. After closing your initial investment in equipment and electricity, bitcoin mining is just a case of letting the machine start up, and the software being run. And who does not like their computers to earn money while they sleep.

Bitcoin money is very easy to use

If you suddenly multiply the number of dollars in circulation, then that means there are two dollars where there was previously only one. Someone who has sold chocolate for a dollar must double the price to the same price as before, because a dollar is suddenly only half its value. This is called inflation, and this causes the price of goods and services to increase. Inflation can be difficult to control, and can reduce people's purchasing power. Bitcoin is designed to have the maximum number of coins. Only 21 million so much will be made based on the original specifications. This means that after that, the amount of bitcoin will not increase, so inflation will not be a real problem.
That's a bit about bitcoin for the future using easier money.

Bitcoin transactions, however, do not require you to release any confidential information. Instead, they use two keys: a public key, and a private key. Anyone can see the public key (which is actually your bitcoin address), but your private key is confidential. When you send a bitcoin, you 'sign' the transaction by combining your public and private keys together, and applying the math functions to them. This creates a certificate that proves the transaction is from you. As long as you do not do stupid things like publish your private key for everyone to see, you're safe.

This is not inflation

The problem with regular currencies is that governments can print as many as they want, and often do so. If there is not enough US dollars to pay off the national debt, then the Federal Reserve can only print more. If the economy is sputtering, then the government can take new money and inject it into the economy, through a widely publicized process known as quantitative easing. This causes the value of the currency to decline.

thanks you steemians from @herades