THE INFAMOUS BITCOIN – IS IT MONEY?

The world isn’t just advancing and improving in technology. Finance and economics are also being reformed to follow fast-paced transactions. Among these upgrades, new currencies have been developed and widely used, like cryptocurrencies.

Cryptocurrencies are available and used digitally, the most famous being Bitcoin. But can it be considered true money?

Bitcoin has become really popular through the years. It’s typically money available virtually. A form of digital currency created and kept in computers. Unlike real money or currencies available in physical and paper form, Bitcoin isn’t controlled by any authority, institution, or bank.

Bitcoin was launched in 2009 and is considered the first cryptocurrency. It’s the first decentralized form of a payment network and money powered by its users and not by any traditional intermediaries or middlemen. And because it’s a cryptocurrency, it can also be traded online. If you want to know more about the best crypto trading platforms, you can research them online.

Cryptocurrency is one of the many forms of payment online that can be used for availing goods and services. Its units or coins are termed as crypto tokens and can be traded online, just like tokens you receive and gain in arcades in crypto trading platforms. Additionally, cryptocurrencies work using blockchain technology.

Bitcoin is like a digital file stored in a digital wallet application on a mobile device or a computer. Since it is an independent payment method or transfer, all transfers and transactions are done through the devices in an instant and with minor charges or fees for the transaction. Furthermore, all of these transactions are recorded in the blockchain.

Cryptocurrencies, specifically Bitcoin, are legal in many countries like the US. However, central banks have many concerns about people using BTC or turning their real money into BTC. Although all transactions are recorded publicly and are very difficult to copy, deleting or losing your wallet forever is possible.

Another concern of banks is the fluctuation of the value of bitcoins. According to them, people can lose a lot of money if ever the value significantly drops.

Since Bitcoin is only available online, you might be wondering how to get your coins and use or trade them. Generally, there are three main ways you can get BTC:

• Buying Bitcoin at a crypto exchange using your real money;
• Creating using your computer through competitive mining;
• Selling goods and services and receive it as payment;
• Exchanging it with other people near you.

Even if Bitcoin is accessible wherever you are, some countries still don’t allow any BTC transactions or any cryptocurrency transactions. These countries include:

• Vietnam
• Iraq
• Morocco
• Algeria
• United Arab Emirates
• Macedonia
• Bolivia
• Nepal
• Egypt

Additionally, some countries don’t completely prohibit cryptocurrency transactions. They only have strict restrictions that make transactions extremely difficult to perform. These countries are:

• Bahrain
• Qatar
• Colombia
• Thailand
• Iran
• Lesotho
• Bangladesh
• China
• Lithuania

With an asset like this, you should know all the benefits you can get out of it. 

Freedom in Payments

You are free and allowed to send and receive bitcoins anywhere and at any time. Unlike in bank transactions, there are no bank holidays with Bitcoin. There is also no bureaucracy and borders. You are entirely in control of your money.

Choose Your Fees

There’s no charge in receiving BTC, and various wallets allow users to control how much fee they will pay in a transaction. Usually, with higher fees, your transactions are confirmed and processed faster. Additionally, the amount in your transaction has nothing to do with the values of the fees.

Be Secured and in Control

As mentioned above, Bitcoin users have complete control and power over their transactions. No merchant can impose and force unwanted fees on you, unlike with other payment methods. Furthermore, you don’t need to provide your personal information for the transaction to be completed, offering you security and protection against identity theft.

Merchants Can Encounter Only a Few Risks

Since Bitcoin transactions are secured and irreversible, the merchants are protected from losses from fraud and chargebacks. There’s also no need for PCI compliance.

Bitcoin Is Neutral and Transparent

All information concerning Bitcoin is already available in the blockchain, so anyone can see, verify, and use them in real-time. It also can’t be controlled by any individual or organization because it is cryptographically secure, ensuring that the core is entirely predictable, transparent, and neutral.

Bitcoin has become more valuable since it was launched. People value it because they can exchange it for real goods and services and cash. Additionally, people like Bitcoin because it is open-source and isn’t controlled by any bank or the government. 

Even the famous Elon Musk expressed his support for BTC in an online conversation with other social media users back in January 2021. Support like these, paired with various studies made by other people, shows the importance and value of this cryptocurrency nowadays and proves that it is money.