Everywhere you go, you will be bombarded with news of blockchain technology and cryptocurrencies like Bitcoins. There is no escaping these two technological advancements in today’s world. Therefore, the best thing you can do is to gather knowledge about them. This will surely get you hooked to this fantastic tech, after which you can reap the benefits of this knowledge by going on to register with Bitcoin exchanges like weed profit system to earn money via trading.
Get Yourself acquainted with the beautiful world of Bitcoins
An anonymous human or a group of people, Satoshi Nakamoto, launched Bitcoins, the flagship cryptocurrency in the world, back in 2009. The world was already witnessing an economic crisis when this digitally encrypted decentralized currency entered the scene. It was created not to be controlled or connected to any central government like any Fiat currency.
However, just like the money issued by your government, you can use it as a form of exchange to pay for goods and services. The best part is it can also be used for investing and trading. Because of the second usage, cryptocurrencies in particular and Bitcoins, in general, have become so popular.
The reason people love bitcoin
Trading Bitcoin or investing in it as you would do at a traditional stock market is where the future of cryptocurrencies depends. This is possible due to decentralized currencies’ volatile nature that makes them highly lucrative for short-term trading purposes. This is the very reason why you will find so many people jumping on the opportunity and the buzz around cryptocurrencies growing as the days go by.
Some Advantages of Bitcoins
Bitcoin offers autonomy to all users
Bitcoins can be used to make payments and used as an asset for trading as many times as the user wants. Our banks often subject us to multiple transaction fees and restrictions. We are always at that mercy, which means we are never entirely in control of our money. Our banks are always vulnerable to the economic situation of our country as well. This means that many policies and the economic situation of our country restrict how we utilize our money. All of this is eliminated with the help of Bitcoins.
Bitcoins are safer than Fiat currency
If you have a cold wallet and keep it in a safe place, your Bitcoins can never get stolen. How can you steal an intangible electronic currency which cannot be kept in the same way you keep money in your wallet. Just keep your private key safe, and you will be able to keep your Bitcoins away from any hacker without any hassle.
Going Beyond Bitcoins
Now that you can understand the basics of Bitcoins, let us dive into blockchain technology. These two terminologies do not imply the same thing. Bitcoin is essentially the application of blockchain technology. Without blockchain technology, this cryptocurrency wouldn’t have been possible. Whilst Bitcoin is relatively new in the history of technological advancement; blockchain is much older. Blockchain was even in the world in the early 1990, and this is even relatively new information to many cryptocurrency enthusiasts.
Blockchain Tech Simplified
To simply put, blockchain is a decentralized and electronic ledger on which every single record of transactions between two parties is recorded. This recording of the transaction takes place without the possibility of any error continuously. Blockchain removes the requirement of a third party acting as an authority to make the transaction happen. It in itself has the power to verify the individuals or groups ready to make the transaction.
It is not just cryptocurrencies that are transferred from peer-to-peer but also any data possible. This nature of blockchain technology makes it a much more exciting and powerful technological advance than Bitcoins.
We have not even scratched the surface of blockchain Technology and Bitcoins. However, these are just the basics of these two technological advancements taking the world by storm. There are many lucrative advantages, both of them you can enjoy. Join a Bitcoin trading platform today and see it for yourself!