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What is bitcoin currency
Bitcoin Tim Helmick Sr

What is Bitcoin Currency?

What is Bitcoin currency you ask? Bitcoin is a cryptocurrency. Cryptocurrency can be used like any currency (e.g., U.S. dollars or gold) as an investment, as a store of value, to make payments, and to pass or accept money.

Bitcoin being a digitized currency, it is pretty much like email but for money. Anyone can create an email address to send and receive messages, and anyone can create a Bitcoin wallet to hold, send and receive money with just a smartphone and a data or internet connection.[five_sixth]

Financial systems (Banks) are sometimes clunky, slow, and expensive (fees) to use, Bitcoin provides a common language that computers can use to transfer money quickly and securely, and at a potentially much lower cost (often very, very low fees)  because it is a system with no intermediaries or banks.

What is bitcoin Currency & why use it?

When Bitcoin was first invented, its creator Satoshi Nakamoto envisioned one use for the technology: electronic payments. Since then, people have figured out how to use Bitcoin’s technology for a variety of purposes.

What is Bitcoin currency? Bitcoin is a type of money recorded electronically on a  computer or digital device. As a purely computerized currency, bitcoin is borderless. Because it’s available nearly everywhere, you can send money halfway around the world just as quickly as you send it across the country.

Investments

Similar to buying gold or stocks, some people like to buy Bitcoin as an investment in hopes that its value will go up. Historically, the price of bitcoin has been very volatile, but overall the price has gone up over time.

E-commerce

Over 100,000 online merchants accept Bitcoin payments today! An increasing number of local businesses also accept bitcoin. Use http://coinmap.org to find a shop in your area.

Donations

In addition to the many online merchants who accept Bitcoin for e-commerce payments, there are also many nonprofits that receive bitcoin donations. Check with any nonprofit website your interested in and see if they accept Bitcoin.

Tipping

Tipping is a way to send (typically) small amounts of money as appreciation for someone else’s work. Some online content creators, for example, will leave their bitcoin address or QR code at the end of their articles and can send bitcoin directly to their wallet.

Travel the World

Bitcoin is just about everywhere worldwide. People are using it in nearly every country in the world. For the traveler, using Bitcoin as a means of payment while traveling abroad is a great way to save on transaction fees potentially.

What is Bitcoin Currency Comparing Digital versus virtual

Virtual Bitcoin is a digital representation of value, which is not issued by a central bank, credit institution or e-money institution. At times, Bitcoin, currency, can be used as an alternative to money. The word Bitcoin has come to mean two things. First, the Bitcoin as in Bitcoin the currency. Second, bitcoin as a reference to all cryptocurrency. As such, bitcoin is a digital but also a type of virtual currency. Bitcoin and its alternatives are based on cryptographic algorithms, so these kinds of currencies are also called cryptocurrencies.

Digital versus traditional currency

When asking what is Bitcoin as a virtual currency, a right answer is from https://en.wikipedia.org/.

“Most of the traditional money supply is bank money held on computers. This is also considered digital currency. One could argue that our increasingly cashless society means that all currencies are becoming digital (sometimes referred to as “electronic money”), but they are not presented to us as such.”

Bitcoin and all virtual cryptocurrency are still in its infancy stages. As time and the technology changes, we will see how all cryptocurrency will change our future.

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