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Bitcoin mining

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Bitcoins: Why Is It Important?

A lot of people would definitely buy Bitcoin these days. But why would anyone rave about this different kind of currency? Anyone who tends to know more about it also realizes its mind blowing characteristics. It gives then the secondary option to deal with their monetary needs. It is important since it offers a lot of opportunities that will benefit you and your family.


If you look at our current banking system, you may find some of their operational technicalities absurd. One example of this was 2008's bail outs. They issued hundred billion dollars to insurance companies, banks and car companies by printing money on the spot. However, it devalues your currency and the entire economy as a whole. This results to escalation of inflation. India is another example. They have eliminated 2 denominations in their currencies. In 7's and 80's, Nebraska and Ohio shut down their banks for the space of 25 days. Hence, people could not withdraw their money for a long period of time. However, things will never be the same since everyone has another option when it comes to money. You can use a virtual money which you can safely keep in your digital wallet safely. I'm referring to bitcoins. If you try knowing bitcoin timeline, you would know that this type of currency has a very promising future. A lot of investors are using it and even many reputable companies worldwide accept it as another form of payment.


What makes bitcoin different from the mney we are using these days? Well, it is a currency that is not controlled by the government such as the Federal Reserve System. Bitcoins can be obtained in many ways; you can buy it or earn it. If you have this in your digital wallet, you can send it anywhere you want to, regardless of any country since this is accepted worldwide. Truth is, it is even very cheap and easy to send bitcoins even on the other part of the world. Sending 5,000 bitcoins for instance would only cost you .75 cents and transaction can be done in less than an hour. Hence, it is more convenient to use than the paper money you are currently using right now. It is more complicated to send paper money through banks. There are a lot of information you need to provide like the account number and many others. It may even require your friend to wait for 72 hours before he receives it. And the fees of sending money can be ceiling high, roughly around 40 bucks in total. And this is ridiculous.


However, things does not work the same way with cryptocurrency since with this, you are the bank.


Even with the devaluation of currencies in a lot of countries such as India, bitcoins on the other hand rocketed in its value. Hence, while your buying power decreases with paper money, the opposite thing is happening with bitcoins. And this is something that you obviously want to happen, which explains why bitcoins are so important.