September 29, 2020
2 MINUTE READ
You hear people talking about Bitcoin and you have people explaining what Bitcoin is to you – and you still don’t get it. Fret not. You will definitely understand Bitcoin this time around.
Bitcoin is an electronic payment system where two people or groups can transact over the internet. Say, for example, you found this lovely item for sale online, but you don’t have a credit card. Lucky you, the merchant accepts Bitcoin, so consider that item yours! Because Bitcoin is an open network, anyone who has access to the internet may transact on it, you and that merchant included. Plus, transaction fees are very minimal and are paid in Bitcoins as well.
One of the perks of using Bitcoin is privacy, as it allows transactions without requiring your identity. In Bitcoin, you will use some sort of a pseudonym (which has no link to your real-world identity) so transactions will be very difficult to trace. This will enable you to make anonymous purchases, which of course, has its own advantages and disadvantages.
Bitcoin is an entirely unique currency on the internet and is not in dollars or euros. Yes, it is a currency on its own. Like many peer-to-peer programs, Bitcoin is also decentralized. To the joy of many, this means that no entity (let us say a bank or a government) can control the Bitcoin currency system, and transactions do not need to pass through the above-sampled entities.
To further enlighten you, Bitcoins can’t be withdrawn or used to make manual payments, it stays in your online wallet, which is easily accessible via computers, laptops, or mobile phones. Bitcoin wallets are like computer files where you safely keep your, well, Bitcoins.
Bitcoin has been up since early 2009 and was founded by a person or persons with the alias name Satoshi Nakamoto.
You may even use Bitcoin to not only make online purchases, but to send money to your family, and someday even pay home loans? Why not? It’s an alternative to traditional fiat currency. You may also use Bitcoin for your personal finance, and you do not need to have bank accounts or credit cards to use it. This explains why the number of merchants accepting Bitcoins is growing as you read this.
You may also want to learn about cryptocurrency (Bitcoin, by the way, was the first crypto-currency launched.) so that you’ll understand Bitcoin better. If you decide to, check out Dogecoins and Litecoins.
GoRefi allows people to refinance their homes with paperless transactions – they may take as fast as an hour with no disruptions, in comparison to ten hours of competitors. GoRefi also has no loan officers, only customer support if you have questions. In a way, Bitcoin works the same way. It’s paperless, involves fewer third parties, and works instantaneously! How awesome is that?