Clearing up the air.
5 little tid bits you didn’t know about Bitcoin.
1. Bitcoin is an alternative to traditional currencies
Bitcoin allows user to control their accounts, and digital transactions. It’s a new approach to finance that offers a number of unique benefits and potential risks. Understanding Bitcoin’s dynamics is essential prior to getting started.
2. Bitcoin is not a get rich quick scheme
Bitcoin is not the next way to get rich quick. It is an alternative currency that offers individuals and organizations unique benefits in certain situations. Bitcoin’s value is volatile, and fluctuates in direct accordance with exchange demands.
3. Traditional currency is managed by a Central Bank. Bitcoin is not.
Bitcoin is your money. No central body or organization has control over it’s distribution, money supply or interest rates. Operating on pre-defined algorithms, every user has a fair understanding, and access to current currency statistics.
4. Banks have business hours. Bitcoins never rest.
Bitcoin are stored in personal wallets that exist physically and digitally. The end user is in complete wallet control. Users can access, send and receive funds at anytime of the day, without reliance on any services or organizations to complete a transaction. Send an receive currency wallet to wallet without subjection to business hours and institutional policies.
5. Banks have costly fees. Bitcoin wallets let you decide.
Banking online and in branch can be expensive. Ranging from monthly account fees, transaction fees, annual service charges and overdraft protection, all the additional expenses add up. Bitcoin wallets let the user decide. “Miner fees” are the optional rates users can choose to pay per transaction. The amount is up to the discretion of the sender, and has the potential to influence transaction time. Miner fees in turn reimburse Bitcoin miners for discovering new blocks, releasing currency in accordance with Bitcoin’s predetermined algorithms.