What Makes Bitcoin Unique Amongst Currencies?
You’ve heard all the conspiracy theories, haven’t you? About how there’s a %1 of powerful people out there who determine what our money is worth and the rest of us just scramble for it. There’s some truth to this since there are institutions that determine how much money is produced and when to produce it but if you know economics you can understand the factors they base this decision on and why it can’t benefit everyone.
Cryptocurrencies are a bit different in this regard. There are two aspects of cryptocurrencies, which is why they’re sought out so widely. First is that they’re untraceable and you can use them anywhere you want without someone keeping an eye on you. If you wanted to buy something for your own benefit in private and not have to answer to anyone about where it came from and where your money went then cryptocurrency like Bitcoin is your best bet. As long as you aren’t harming anyone, why shouldn’t you buy whatever you like, right?
The second reason why cryptocurrency is so sought out is that there isn’t any centralized system that determines its worth. No one is keeping track of where all the Bitcoins are, which adds another layer of anonymity to their use and at the same time, nothing can stop the value of Bitcoins from going higher and higher. Normally, when currency becomes too expensive, the banks will mint more money to deflate it. With Bitcoin, you can keep earning just by hoarding your coins till the value increases enough.
If you want to learn more about how bitcoins are traded and how the system works, you can visit https://8bitsumo.com/bitcoin/. You’ll find the simplest information about Bitcoins that you’ll see anywhere.