What is Bitcoin?

Introduction

Bitcoin as a digital cryptocurrency that serves as a monetary value that can be traded within the limits of blockchain technology in order to safely handle digital transactions through the blockchain network.

 

Users that are interested in trading this digital cryptocurrency can set up a digital wallet that will be encrypted so that safe transactions can take place with a very little fear of the potential security breach.

What is Bitcoin?

There are thousands of digital cryptocurrencies that can be used to serve as a monetary tool similar to the value of cash. Digital cryptocurrency can be traded, and it just so happens that Bitcoin is among the most popular cryptocurrencies in the entire world. Many digital platforms are now accepting Bitcoin as a payment method which is why Bitcoin has seen such a rapid growth in terms of its value.

Blockchain technology offers an exceptional amount of security protection because it requires that transactions are extremely secure and eliminates the middleman in the process. It is not outside the realm of possibility that Bitcoin becomes the international currency of the future, a currency that could potentially work on any digital platform to pay for any potential good and take the role of physical currency as we know it.

While this transformation to the digital age may not take place overnight, it is possible that one day and international digital currency like Bitcoin could eventually take center stage and act as a national currency that is accepted around the world. If this transformation does indeed take place, it would take decades for the world’s to adapt to this one individual currency.

The Purpose of Bitcoin

The real purpose surrounding cryptocurrencies is so that transactions can take place without banks, or other varying factors that stand in the way of a completely transparent transaction. it is completely conceivable that one day blockchain technology will handle all digital transactions to ensure that security breaches do not take place and so that privacy behind these transactions exist to an all new level.

Bitcoin can currently be traded on number of different platforms, and stored into a digital wallet as the value rises and drops. People are starting to use Bitcoin and other similar cryptocurrencies as an investment tool, almost like the stock market. There are a lot of fees that currently exist in the cryptocurrency market, which is one of the reasons that some people do not wish to engage with cryptocurrencies at least at this point in time.

It is likely that a digital transformation into the world of cryptocurrencies will take place in the next several years as governments begin to adapt to the digital age of currency.

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Steve Smith

About the Author: Steve Smith

Steve is a full-time journalist at ADR. A former ancient and medieval literature teacher, he has been reporting on cryptocurrency since 2014. He lives in rural North Carolina with his wife and children.

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