Bitcoin offers you total control over your money, unlike other assets that are controlled by banks and governments. As bitcoin has gained popularity, it is increasingly accepted as a worldwide payment method. Click here to know about litecoin.
What the heck is Bitcoin?
It is a somewhat funny question because of the great diversity of opinions you find. But it is a very important question that everyone should be looking for an answer to.Visit this site to know about litecoin.
Responses regarding Bitcoin
Normally the types of responses you hear on the street about What is bitcoin? are around these 4 groups:
Bitcoin is “magic internet money”
This is not such a bad answer because Bitcoin is something magical. In the sense that it allows us to do things that had never been possible until its creation.
Bitcoin is used for drugs and illegal activities
And to be fair it is not entirely uncertain, there are drugs and illegal activities that you can pay with Bitcoin. But just as you can pay drugs and illegal activities with Euros, Dollars or the currency of your country.
Another type of response: “Bitcoin is betting.” Be it through gambling or through speculation with the value of the currency.
And it is true that there are currently a lot of gambling happening. Also, a lot of speculation with the price of Bitcoin, but this is not its fundamental value.
It is like regular money
And the fourth type of response you can hear is the notion that “Bitcoin is normal money.” That you can do the things you do with traditional money and therefore Bitcoin is just another form of current money.
Although these 4 types of responses have “something” of truth, they all fail to capture the whole picture. There are many things you can do with Bitcoin that you cannot do with traditional money.