bitcoin
Many people have heard about Bitcoin, but few know what it is. Bitcoin is a digital currency transferred directly from one party to another without going through a bank or centralized clearing house.
It’s also the future of money since it’s fast, efficient, and has no transaction fees. Transactions are stored in a public ledger and are verified by a network of computers. It’s exciting to consider the implications of this technology when thinking about the future of currency.
Bitcoin is virtual and can be sent anywhere in the world instantly with no delay. It can be stored in a digital wallet, transferred to another wallet, or even locked away to prevent spending.
Since there are no banks or governments regulating bitcoin, it is used for illicit transactions like purchasing drugs on the black market.
Bitcoin is also popular with investors due to its sky-high prices and potential for quick capital gains. As your local bitcoin ATM can tell you, there are plenty of places you can spend bitcoin online- but not where you can buy goods with them.
There have been several bitcoin ATMs installed in coffee shops in Seattle since they’re open 24 hours and near many college students. However, there’s still no place where you can use bitcoin to buy a coffee on campus.
That’s because there’s no way to exchange it for fiat money (dollars/euros) at the point of sale. To do that, you need to transfer it to an online exchange where it can be bought with a credit card.
Since there are no physical bitcoin wallets either, people have little choice but to hold onto their bitcoins until they’re ready to spend them.
Bitcoin has the potential to revolutionize how we pay for goods and transfer money globally. However, there are several hurdles that need to be overcome before it can become mainstream currency: there’s no way to use bitcoin online, no physical wallets, and no regulation on how many bitcoins can be held by individuals.
That said, many believe that bitcoin will prove superior to government-controlled currency in the long run due to its decentralized nature and user freedom.
