What's the Big Deal?

Have you heard of Bitcoin (BTC)? It's a cryptocurrency: a digital money that is uniquely encrypted to prevent counterfeiting. This security feature regulates the supply and verifies the legitimately of all transactions.

So What's the Big Deal?

1) You Can't Get Cheated

- Cash - If someone buys your iPhone 6s Plus for $500 in cash and the next day you realize that the cash is counterfeit, then you got cheated. 

- Credit Card - If someone uses a stolen credit card to pay for a $1,000 steak dinner and the next day the restaurant owner receives a charge back from the credit card provider because the $1,000 transaction was a fraud, then the restaurant got cheated. 

- Venmo/similar digital wallet - If you receive $650 via Venmo for your class books and the buyer walks away. Then hours later, you notice that the $650 payment was canceled, then you got cheated. 

The sellers above did not receive the expected money for their goods sold and therefore, got cheated. With BTC, once your transaction is confirmed and you see the BTC payment in your BTC wallet, you definitely have that money and it can't be reversed. 

2) Global Transactions

Someone living in a developing country can conduct a BTC transaction with the Prime Minister of Canada if they both have:

- a device linked to the internet

- a BTC wallet

This is especially beneficial if the developing country does not have a stable currency or if there isn't a currency exchange for both the Canadian dollar and the developing country's currency.

3) Low Cost

Have you gone out to eat and notice that some establishments don't accept credit cards? One big reason is cost. If a coffee shop conducts $250,000 worth of transactions via credit card annually, the coffee shop owner would lose about 2.5% or $6,250 in credit card fees. Wouldn't it be nice to have 6k for a vacation in Japan?

With some cryptocurrencies, a transaction could be free or have a small fee of 0.05%.

Conclusion

What a time to be alive! You can sell your homemade duct tape wallets to someone in Australia and receive cryptocurrency quickly and safely. More money goes to you and not the credit card companies. And once you receive BTC into your wallet, it's 100% legitimate and 0% chance of getting reversed!

There are many other benefits of crypto that isn't mentioned in the post and each cryptocurrency is designed for different purposes. I hope that you not only become a successful investor but also a positive driver for the adoption of cryptocurrency to solve the world's problems. 

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