Bitcoin – it’s the currency revolution that’s sweeping the world, and all without your possibly having the faintest idea how or why.
Sure, you’ve probably heard of Bitcoin by this point. You might have done a bit of research on it. Perhaps you’ve even gone so far as to want to buy into it.
But what is Bitcoin, exactly, and how does it work?
How Does Bitcoin Work?
The questions of what Bitcoin is and how it works far too often go unanswered for people, in no small part because it involves two things that our current education system does a poor job of teaching – computer code and finance. Both of these factors are at the root of what makes Bitcoin such a hot topic of debate among economists and why it has the potential to revolutionise the way we all handle our daily transactions.
Simply put, Bitcoin is a way of transacting business across international barriers without the messiness of having to deal with banks. Each unit of currency that Bitcoin transacts is stored via what is known as a blockchain, which allows for the data to be stored and checked on multiple servers across the world. This helps dramatically increase the security of the data stored since it cannot be acquired via simply hacking one server alone.
In addition, with the money itself reduced to data, transactions can take place at a much faster and freer rate than with traditional bank transfers.
The Pros and Cons of Bitcoin
All of that freedom and added security mark some of the most dramatic upsides for Bitcoin. We all want to do business a faster and freer way. By cutting out the red tape that comes with doing business via traditional banking methods, Bitcoin is able to reduce major business transactions to a few taps of your finger. What’s more, by cutting out the middlemen, you may potentially be able to keep more of your money, as well.
That said, Bitcoin is still a relatively new medium, and as with any innovation, there are growing pains involved. While this can be said for every great tech success from Microsoft and Apple to Google and Facebook, you still want to be aware of this when entrusting your money to Bitcoin.
Finding a Good Bitcoin Seller
In particular, because the lack of banks can make transactions harder to trace for outside authorities, you want to be sure only to pursue Bitcoin with salespeople you can trust. The Bitcoin community is self-regulating and wants to see this endeavour succeed, and so it can help guide you in finding a trustworthy individual from whom you can buy Bitcoin in Melbourne. You’ll thus want to check websites and subreddits devoted to Bitcoin about individual sellers’ reputations in Melbourne.
Join the financial revolution of a lifetime by buying Bitcoin in from trustworthy Australian sellers.