Why do people trust Bitcoin?
Bitcoin is a completely digital currency that debuted in 2009. Users around the world found it to be a very unique and alternative form of payment. Although the currency has grown dramatically since its inception, many people are still unaware of it, or are even confused by it.
There are many misconceptions surrounding Bitcoin. Many people worry about its safety and market value. However, Bitcoin usage has increased over the past several years. Consumers around the globe are starting to put their trust in this new currency and some are even using Bitcoin, instead of traditional money, whenever possible.
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The reasons why people trust Bitcoin are complex and unique to individual situations. However, much of this trust comes from the fact that Bitcoin’s record keeping and security processes and software are completely open sourced. Information regarding how Bitcoin transactions are processed is available for anyone to read about online. Although this information is complex and highly technical, anyone can learn exactly how Bitcoin works, with a little patience. This level of transparency is highly valued by consumers everywhere. With distrust in global banks, governments, and corporations rising, this is becoming extremely important.
By The People, For The People
Many people trust Bitcoin because it is run by the people who use it, not a government. It is not regulated by world authorities or banks. This means that transactions are anonymous. Bitcoin provides you with a way to have more control over your money. Money is only spent when you want it to be. There are no interest rates or fees with peer to peer Bitcoin transactions. For people who have a difficult time trusting banks, this is an optimal alternative. With Bitcoin, you can also make secure transactions all over the world. Many people choose to use this option instead of a wire transfer. This is because wire transfers generally take days to go through and have various associated fees on top. For international business people, Bitcoin is a highly trustworthy alternative.
Another major reason why consumers trust Bitcoin is that it is very secure. Once a
transaction goes through, it cannot be undone or removed. It is immediately recorded on the 'block chain’. This is Bitcoin's digital ledger. From there, Bitcoin miners encrypt the transaction records. This is a highly technical process known as mining. However, the genius of the block chain is that it is nearly impossible to fake or tamper with transactions. This is because each record is digitally linked to the one previous to it. If anyone changes the coding on an old transaction, it will alter the coding for every other transaction on the block chain. Consequently, miners will immediately notice and identify a fraudulent transaction.
Since many banks and credit cards around the world have a risk of fraud and theft, many people prefer the security of Bitcoin. There are still some risks associated with using Bitcoin, since it is such a new currency. However, many people around the world are starting to trust it as it develops.
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