14 What is Bitcoin, business
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Vocal Characteristics
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EnglishVoice Age
Middle Aged (35-54)Accents
North American (General) North American (US Midwest- Chicago, Great Lakes) North American (US Western)Transcript
Note: Transcripts are generated using speech recognition software and may contain errors.
what is Bitcoin and why is it the future? Bitcoin is a type of digital currency or can be referred to as a crypto currency. It was invented in 2008 by an anonymous person. You can think about crypto currency like your checking account at the bank. You can see and verify that your money is in your checking account, but you don't physically see the bills in your hand. It is digital, in other words, some big retailers air starting to accept Bitcoin as a form of payment. But it's happening slowly. Bitcoin works by what is called a block chain. Ah, Blockchain is like railroad tracks. In a sense, Cryptocurrency is like a train car that travels on top of the railroad tracks. Basically, when you send Bitcoin to someone, the transaction is verified by computers all around the world. The data center or computer that verifies the transaction first is rewarded in the form of a Bitcoin payment. Until recently, it has been difficult to move something that's digital without the risk of it being altered or copied during the process. Think of it like when you send someone an email, you have the original and they receive a copy of the email you've sent. Benefits of Bitcoin offers advantages to consumers and inventors all over the globe. Biggest reason Bitcoin is considered to be significant for the future is because the added need for security measures in currency I D theft has been on the rise. Huge issues exist with databases full of credit card numbers and other personal information that is being stolen for numerous reasons. The new chip credit cards that have been issued and used by banks have improved fraud, but there's still ample room for fraud and thieves. Since Bitcoin transactions are anonymous from the start, this provides a greater security measure. From the beginning, people who have been living in regimes have been using Bitcoin to make purchases transfer funds, and they live their lives so far from prying eyes of the government. The fact that crypto currency transactions cannot be traced back to individuals makes Bitcoin pretty much a natural fit for those who are scared of being tracked by the government. Bitcoin also possesses benefits that government backed currencies can't offer. Tons of people are worried about the future of regular currencies being used now, such as the U. S dollar and euro. If those currencies were toe, have some kind of crisis or ever deplete. People are looking at Bitcoin as the next currency and fall back. If something were to happen, tax agencies, governments and private businesses can free standard bank accounts with just one touch of a button, which can surely put your wealth at risk. Using Bitcoin offers protection from the risk of bank account freezes and asset seizures. People have already been using Bitcoin. For this reason, people who already have dealt with bank free situations are even more likely to turn to Bitcoin now. Lower transaction fees charged by major retailers who accept Bitcoin as a payment for merchandise or products that they're selling foreign purchases and wire transfer fees are super high in comparison to Bitcoin fees. Bitcoin fees tend to always be a lot cheaper compared to using standard currency rather than crypto currency. This makes Bitcoin the best option for all sorts of purchases. Another big benefit of paying with Bitcoin is the convenience of mobile payments. People can pay on the go with just one touch of a button. It's no longer necessary to go to an A T M or bank, although there are Bitcoin ATMs emerging in cities