How Bitcoin is Changing Our Lifestyle

How Bitcoin is Changing Our Lifestyle

Bitcoin is a name that many people know of but often fail to understand or even more often, misunderstand. Bitcoin was created in 2009 by one Satoshi Nakamoto, whose identity is unknown to this day, except for that name. Bitcoin is a cryptocurrency, meaning it is decentralized and that it is not tied to a person directly, but rather a key. These keys can be easily created, while working backwards to finding a specific key, is almost impossible.

Bitcoin sprouted a boom in cryptocurrencies and thus a change in how we look at financial transfers, leading to various changes.

Gambling and Betting

Online casinos have been among the first to accept cryptocurrencies. They are a safe method of transferring money, anonymously. Even though online casinos have a lot of requirements regarding your own account due to the legality of gambling, the transactions are still more secure than a regular transaction, whether from a credit card or online payment service.

Online casinos and bookmakers which accept cryptocurrencies are aplenty, like Bitstarz, who have their own bonus codes, FortuneJack or the rightfully so named, BitcoinCasino.

Peer to Peer Transactions

One of the best things which Bitcoin brought to us is a peer to peer financial transaction. Before peer to peer transactions, people had to use intermediaries, such as banks. Almost everyone has a bank account which they use for one thing or another. Banks always take their percentage, provide you with a terrible exchange rate and store your data, to use them as they see fit.

Peer to peer transactions are safer and you do not have to pay anything other than the price you agreed on. Even some retail stores have started to accept Bitcoin and other cryptocurrencies.

You can purchase anything from technology, goods, even real estate. Purchasing something like land, which is very expensive, and not paying a percentage to your bank, is a great way of saving money. This is just one of the things that cryptocurrency allows.

Security and Anonymity

In order to be safe and secure online, having encryption is mandatory. Many sites which deal with financial transactions have their pages encrypted. This basically means that you cannot hack the site or steal someone’s data.

Cryptocurrencies are even safer, as decrypting a key, someone’s wallet or accessing anything in the blockchain which you are not supposed to access is almost impossible. Yes, hacks have happened, but much less frequently than those of regular transactions.

Since your wallet is tied to a key, rather than an address or identity, you can remain completely anonymous.

Decentralized Transparent Networks

You cannot really access the transactions of a bank, or even see them, unless you are a federal authority or someone above that. With cryptocurrencies and Bitcoin, all transactions are public. This allows for absolute transparency, while still retaining the anonymity and security.

Startups and Initial Coin Offerings

Cryptocurrencies are paving the way to many new companies, startups and various other inventions and software, which would otherwise be difficult to manage. Crowd funding is used to get the income necessary to bring whichever project to life.

As more and more cryptocurrencies get established, they will find their way into our everyday lives. Bitcoin is a name almost everyone has heard of, and with the rise in popularity of cryptocurrencies, it will be here to stay.

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