Welcome to the future!
And this is a future in which we will no longer dabble in anything so primitive as cash or credit cards – oh no! Instead, we will make our transactions via the waves of cyberspace….
So What Actually IS a Bitcoin?
Well, it doesn’t look like an actual coin, that’s for sure!
A bitcoin is likely to be the currency we use to make purchases in the future – and it’s the first example of crypto-currency. It’s a digital currency, which means you’ll never actually see or touch a bitcoin; all transactions will be electronically recorded instead.
Bitcoins are Decentralised: What does THAT mean?
It means they’re not made, and therefore are not controlled, by any one institution, like a particular country or bank.
And Bitcoins are Anonymous…?
Yep. Anyone can open up a bitcoin address within a matter of minutes, and there’s no personal information linking you to the account (ie names or addresses). Not sure why this would be beneficial, but there you go – it’s another added feature!
Low Transaction Fees
Whereas banks or credit companies sometimes charge pretty hefty fees for some transactions, particularly those made abroad, the charges for bitcoin transactions are minute in comparison.
Is Crypto-Currency the Future?
Possibly, but who knows for sure!
I believe it’s definitely something work keeping an eye on and researching into though…
I also found this lovely infographic on Buddy Loans that I thought might be useful for anyone interested in the topic…