The advancement of technology paved the way for cryptocurrency. This is defined as an encrypted digital currency for security and validity maintenance. The most popular of its kind is known as Bitcoin. So what exactly is a bitcoin?

First, it is certainly a puzzling financial object requiring a deep excavation of the internet’s storage. Second, it is a worldwide digital payment system which handles transactions directly and is released as an open-source software back in 2009.

Bitcoins are not found scrunching in one’s pocket knowing that they are virtual in nature. Nevertheless, they can buy physical goods and can serve as tools for investment.
A new user need not dig in the technical details just to get started with Bitcoin. According to the most simplified research fortunately presented on the internet, Bitcoin wallet must be first installed in a computer or a mobile phone to generate the user’s Bitcoin address.

A number of addresses can be created depending on the user’s desire. Such addresses are disclosed to people for payment or vice versa. So basically, it is similar to how emails work, except that Bitcoins’ addresses are only used once.

This is actually a no-brainer, but Bitcoin has its perks. First is the security. Bitcoin is backed up to ensure the money’s safety and it protects its users against identity theft.
Another is, Bitcoin enables one to conveniently send or get money anytime, anywhere. And what’s fascinating about these virtual coins is that there are less fees required.

Such is a total advantageous particularity and considering that, one would explicitly opt for Bitcoin.

Of course, Bitcoin also has its other side of the coin. One of its pitfalls is the lack of awareness and understanding among the society about digital currencies. Bitcoin also has its volatility primarily due to the fact that there is only a finite number of coins available and its demand grows by each passing day.

Lastly, Bitcoin is still an infant in the financial world and its features are still incomplete. It has to be developed more to be able to cater better services to its exponentially increasing users.

Basically, it is deemed to become more confounding as it grows.

Bitcoin has a long way to go. It is agreeable to say that it shall be making its imminent imperium.

Dominating the world of finance is not a thing too infeasible for Bitcoin seeing that it has undoubtedly better features compared to the medium commonly used in the country.

With that said, perhaps to abate the confusion towards this one-of-a-kind virtual currency, information dissemination must be offered in a wider range to cover those people who are not directed and informed about Bitcoins.

Such would definitely give the people a glimpse of what the financial world may be giving in the future. (Story by Mikee Janine Garillo)

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