What is Bitcoins?
What is Bitcoins?
This question may be hovering in your mind because this growing technological revolution has caught your attention. Many people are asking what is the use of this digital currency if it is not widely known to most of us? In this article, we will discuss why a lot of people are asking what is the use of this particular digital currency.
It is commonly known that the main goal of bitcoins is to become a global currency. As a result of its founding leader’s idea, there was supposedly a need to increase the number of people who can use this digital currency and eventually have it accepted throughout the world. During the initial days, many people could not accept bitcoins because of several reasons. One reason is that they were considered as a new kind of currency rather than a traditional currency.
To overcome these barriers, developers worked hard to launch several software solutions for people who want to use the new virtual currency. Several years ago, a lot of these software solutions were not very effective since nobody knew what would be the requirements once the software would be released.
However, with the release of the SegWit2P software in August of this year, this aspect became useless because it can already be used to convert one’s physical bitcoins to a virtual currency.
Another reason why people did not accept the idea of digital currencies until now is that they are still unfamiliar with how it works. Even though there are a lot of tutorials available online, there are also a lot of things that you need to understand. Luckily, the developers made an extensive Tutorial Website where people can learn everything they need to know.
After learning the basics, they can immediately start using the software that allows them to convert their physical bitcoins to any other digital currency such as the US Dollar, the Euro, the Japanese Yen, and the British Pound. Transactions do not take long with this particular service because the transaction fees and the rate of the transactions have been radically reduced for this particular service.
Conventional Coins and Bitcoins
One of the major issues that prevented people from using this service until now is because they do not understand the differences between conventional coins and bitcoins. With conventional coins, individuals are able to get their hands on different kinds of coins depending on their needs. However, bitcoins are unique because they are the only coins that exist in cyberspace. This makes the transactions easier and faster compared to the traditional transactions done in real life.
Aside from this major advantage, another good thing about bitcoins is that they are highly resistant to government intervention. Governments around the world are continuously trying to interfere and change the nature of the traditional currencies because they want to control the money supply.
For instance, in the case of Venezuela, the central banks have changed the convertible rates to the dollar, and this has become a severe problem for ordinary citizens. Since bitcoins are completely based on the technology of the internet, there is no need to worry about these kinds of issues.
If the government starts attacking the technology, you can be sure that the government will lose control of the money supply as well, which is why it is important for you to buy bitcoins and store them in an online wallet.