What is the first thing that comes to your mind when you hear the word bitcoin? Yes most of the general population around the world would not have even heard of it. But what happened that it suddenly became the talk of the town?
Whenever there is a new invention or discovery that comes into the view of public eye, they find it difficult to relate to it and the fact that these discoveries can do seemingly impossible things that their older counterparts could not only adds to the suspicions of the average common man.
Bitcoin is also in the same category as it began to be viewed with wide eyed suspicion by the people when they first came to know about it. But suddenly there came a time where everyone, especially younger folks, began to regard it with great reverence and devotion.
Why so? Due to the fact that it had the capacity to make people go from rags to riches, turn the middle class into millionaires and millionaires to billionaires within a short span of time.
It is a financial transaction done through digital currency that passes from one person to another and one no payment is involved as it does not have any central bank to monitor it.
Yes, that’s right, bitcoins are not regulated by financial institutions, unlike the legal currencies of all countries are regulated by the respective central banks of each nation.
The bitcoin evolution has set a milestone for others to follow and surpass and that’s why most people are now after it.
Some points on why you need it:
- It has made online payments easier and the general fee per transaction is nil.
- Bitcoin does not ask you to divulge any private information like bank details.
- It is seen as a good investment scheme but very risky.
- No middlemen to worry about giving cuts.