Bitcoin has been in existence since 2009, though as at then it hasn’t gained this wide recognition. The
advent of bitcoin is a major impact on the digital world. Today the world revolves around cryptocurrency
and bitcoin is a major player in the crypto world. Bitcoin first gained its attention in February 2011 when
bitcoin finally equaled a dollar. However a few months later, bitcoin experienced it’s first bubble by
reaching $31 in June. This was the first parabolic rally that has shown people just how volatile Bitcoin can
be. Hence bitcoin popularity grew and spread across nations of the world
Traditional Currencies versus Digital Currency(Bitcoin)
All transaction prior to the existence of bitcoin was carried out with traditional currencies, though bitcoin
share certain features with these traditional currencies, it also has certain qualities that makes it have the
power to affect the global economy;
Secure Means of Payment; Today, bitcoin is widely accepted as a means of payment by top companies
in various industries, hence making bitcoin it legit means of payment. Moreover, due to it’s decentralized
nature bitcoin eliminates any form of fraud hence making it a more secured means of payment
Portability; Unlike traditional currencies that is been printed on paper, bitcoin exists in digital form and
can be used for transaction as long as you have a device that can access your digital wallet. This feature
make it easier for the transfer of bitcoin
Storage; As a digital currency bitcoin utilizes wallets for it’s storage as it has no physical shape or form of
existence. These bitcoin wallets are not just used as means of storage but also for transacting and can be
accessed from different devices. Follow this link to read about the different types of bitcoin wallet.
Anonymous Transactions; The number of online merchants that accept bitcoin as a means of payment
are increasing significantly and anonymity of bitcoin is one major feature that distinguished from traditional
currencies. Bitcoin transaction can be carried out without giving out any personal information, although transaction are recorded in a public ledger but they are only linked with wallet address making
transactions done using bitcoin anonymous
Impact of Bitcoin on The Digital World
Bitcoin has impacted the global economy in numerous ways from it’s portable means of moving money to
means of transaction eliminating middle men which makes it easier to make payments, therefore making
bitcoin the global trend. Nevertheless, there was a certain time when many thought that bitcoin was just
an obscure dream that would fade with the passing of time. But today the story is quite different as the
value of bitcoin keeps waxing stronger and many have confidence in the ability of bitcoin to completely
transform all the industries from banking to healthcare and real estate, especially in this part of the world
where people buy bitcoin in Nigeria as a tool to hedge against inflation.
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