By Salamatu Shonny
6th August, 2021

Many people are really finding it difficult to get hold of the concept of Bitcoin. And some may not have even heard about Bitcoin. “What is Bitcoin?” You may ask. This piece is to talk about what Bitcoin is and why it is needed.

Bitcoin is a type of cryptocurrency taking over the world today. It is an easy, accurate and transparent way of getting ones transactions done at the comfort of their home with just their phone or computer.

It is a digital currency or merely online way of making payments or transactions. In 2009, it was invented by a Japanese called Satoshi Nakamoto whose identity is still mysterious. I mean no one can tell who Satoshi really is. The unique thing about Bitcoin is, it is not regulated by any person, companies, banks or government. Yes! You read it right! One can get Bitcoin by creating their own Bitcoin with their computer, buying it using real money or selling an item and requesting to be paid with it. With Bitcoin, one can choose not to go to the bank, use the master cards or visa cards to pay for products and services.

Many stores have not started accepting Bitcoin and it is impermissible in some countries. Perhaps, they do not know how it functions or because of the amount of bandwidth and power it uses. With a little been said about Bitcoin, now let us move to why it is needed or its importance.

Prevents the use of counterfeit money:
When payment is being made with physical cash, people seize the opportunity to make counterfeit, thus, resulting in loss of the seller. However, Bitcoin helps to check this issue. This is because of the blockchain it has. As the name goes, it blocks people from making and using fake coins. It also checks that, no one uses coins they do not own.

Makes transactions easy and quick:
Transferring money through Bitcoin is very comfortable and quick that, the person receiving it will not have to wait for some days or weeks in other to get it. The sender on the other hand will not go through any stress just to transfer money.

Readily available:
One can send money to friends and family members at anytime and any day. One is not restricted on days or time you can transfer money. All that one need is their phone or computer with money or cash on it and they are ready to make the transfer!

Saves time and energy:
Walking and driving to banks to pay for products or services can sometimes be worrisome. Or making time out of ones busy schedule to go to the bank too becomes impossible. Bitcoin can help one to do all their transactions without taking much of their time. And if one wants to transfer money internationally to their parent for hospital bills, children for the payment of school fees, one can do so quickly without the help of any agency like Western Union or going to the bank. One skips being in a queue too which takes up all the time.

Kim Dotcom, the CEO of MegaUpload testified about bitcoin and he said, “Bitcoin is very exciting development, it might lead to a world currency. I think over the next decade it will grow to become one of the most important ways to pay for things and transfer asset”. Will Bitcoin grow to become one of the most important ways to pay for things and transfer asset as Kim Dotcom said? Let’s wait and see!

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