Cryptocurrency Blog

Bitcoin is fast becoming integrated into the everyday lives of people living in developing countries. With unstable and hyper-inflated national currencies, bitcoins are proving to be a much more viable solution to solving the financial woes of their citizens. Here are four reasons why Bitcoin has a massive appeal for the masses in developing countries: 1 – You Don’t Need Banks In developed countries, it’s relatively easy to sign up for bank accounts and credit cards. But in the developing world, it’s a vastly different story. It’s much harder to get credit and setting up a bank account is no walk in the park. But Bitcoin changes all that. With Bitcoin, you can save your own bitcoins yourself – all you need is a secure wallet to keep your digital money safe. 2 – Fast, Cheap and Borderless Payments With Bitcoin, you can send any amount of bitcoin to anyone in the world in a matter of minutes. When you send money through banks you not only pay those costly bank fees, you also need to wait...

Bitcoin is the first successful cryptocurrency in history, and it became successful because of the many positive merits not found in traditional or fiat currency (this is your country’s national currency). In this article, you’ll find out about five advantages Bitcoin has over fiat currency. 1 – Bitcoin Is Decentralized Unlike fiat currency, Bitcoin is not controlled by any bank or government. No single entity controls or regulates the Bitcoin network, not even its founder Satoshi Nakamoto. Without a controlling entity, bitcoins are technically inflation-proof since no one can devalue its price by manipulating its supply. Only 21 million bitcoins will ever be mined or created, unlike fiat currency which is printed when the government sees fit to print more money.   2 – Extremely Easy To Use Opening bank accounts is not a simple thing to do. You’d have to go to your bank, wait in line, fill out forms, submit your IDs, etc. It’s a time-consuming process. But with Bitcoin, all you nee...

Before Bitcoin prices reached 5 digits, many people, freelancers mostly, were already getting paid in bitcoin. But now that prices have reached all-time highs, people are thinking of joining the fray and getting paid for their services or products, not in fiat currency, but in bitcoins. The big question is, is it worth it?   Some may say it’s not worth it because bitcoin is extremely volatile. One minute the price is at a certain amount and the next five minutes, it’s down by several hundred dollars. If you’ve put a lot of effort into your work, then you might feel faint at the thought of losing your hard-earned cash in a matter of minutes. Of course, this scenario will only happen if you decide to hold on to your bitcoins instead of exchanging it for your local currency at your favorite cryptocurrency exchange.   Imagine this second scenario though: what if you held on to your bitcoins and the price suddenly jumped to twice the original price? Then you’d feel like you’ve won ...

Since Bitcoin was launched in 2009 over 80,000 businesses have adopted it. The reason that these businesses and many more, like dealing in Bitcoin is because it offers them some incredible benefits. In this article we will examine all of the major benefits that including Bitcoin as part of a payment system works so well. The Risk of Fraud is much lower When a business allows their customers to use Bitcoins to make payments it is an advantage to the buyer because they do not have to share any of their confidential financial details such as debit or credit card numbers. With conventional payment methods a business usually stores the customer’s financial data for future transactions. This is fine if their systems are secure and they do not suffer from any data breaches where cyber criminals can steal their information. Trading in Bitcoins is really a form of digital cash and hackers cannot intercept a Bitcoin transaction. Also this protects your identity and in the event of a da...

Fiat money is money that a government declares is legal tender. Fiat refers to the government order. It’s from the Latin, like so many of our legal words, and it means “let it be done.” The government looks at the notion that paper bills can be legal tender, and says, “let it be done.” Gold-backed money, also known as hard currency, is money that can be converted to actual gold. It used to be this way. Your dollar was as good as gold. On August 15, 1971, the United States decreed that the US dollar would not be gold backed. President Richard Nixon said, “let it be done” and American dollars became a fiat currency. Most, if not all countries, now use fiat currency. Money is not backed by any commodity. When a monetary system is based on commodity money, the money in circulation can be backed up by the commodity. Three thousand years ago, in Mesopotamia (more or less where Iraq, Kuwait, Syria, and Turkey are today), a solid system of commodity money was set up. It was based...