With so many defining features, bitcoin is the most sought after cryptocurrency in the world. Launching in 2009 and drawing from the internet and businessman alike, bitcoins have revolutionized the way we use and interpret our money. Listed below are some of the most powerful reasons to dive head first into the unprecedented world of bitcoins.
What is Bitcoin?
Anonymity through Cryptography
The most important and defining feature of bitcoin is the blanket of security offered to its users. No personal information is ever tied to any of your accounts (which are called wallets in the bitcoin community). You’re free to send and receive coins without anyone knowing who you are or what you stand for. Additionally, you can have an unlimited number of anonymous wallets to store your coins. Compare this to services like PayPal where you’re limited to one account with your name, address, phone number, social security number, bank account and ID all on file to use their service.
Minimal Fees
One of the most amazing features of bitcoin is its ability to be split into smaller quantities. You can send as few bitcoins as you’d like, all the way down to 0.000001 if you wanted. No physical currency can ever achieve this figure. On top of that, the fees required to send bitcoins are very minimal. Determining how much you pay in fees is a very complicated process, but to put it simply, your fee will usually amount to less than 40 cents. Sometimes it’s free. Again, compare this to other currency services which take 3% of whatever you’re sending, PLUS 30 cents on top of that. Bitcoin clearly comes out on top.
Decentralized Currency
Bitcoins are based entirely on a peer to peer system, meaning no banks or other authority figure can attempt to regulate their use. In turn, this makes bitcoin a fully decentralized currency. All transactions are verified by “miners”, people who give their processing power to the network in exchange for bitcoins. This means you’ll never have to worry about banking systems imposing tough new regulations on your hard earned money.
Ease of Use
Perhaps the most inviting feature of bitcoins is their simplicity. Relying on open source technology, anyone can jump right in to the rich world of cryptocurrencies. Getting started is remarkably simple, and you have two options. For the tech-savvy individual, joining the network is as simple as downloading a free desktop wallet. The best desktop wallet is Bitcoin Core, offering great features and a layer of security. For those less inclined to depend on software, online wallets do exist. Accessing your money is as simple as typing in your password. The best online wallet can be found at Blockchain.