Virtual money has made it convenient for people to transfer funds without the hassle of standing in long queues at the bank. Bitcoin a digital currency that is a payment system that allows anyone to transfer money from anywhere in the world. The digital currency, also called a cryptocurrency because it uses cryptography to convert and to transfer money through the internet. Bitcoin made it convenient for individuals, businesses and customers to transfer money by creating a mobile app called Bitcoin Wallet.
This allows users to send their Bitcoin address to another contact in the form of a QR code and they are able to scan the code and transfer money without having to ask for banking details. The digital wallet allows individuals, buyers and sellers to remain anonymous and only their ID’s appear which makes eliminates the chances of transactions from being traced back to them. Imagine how prominent arms deal and drug trade is on this portal because they can transfer large amounts of money anonymously.
People across the world have substituted bitcoin in the place of banks especially those who send money back home regularly. They pay a lower percentage of charges than they would have by using a bank to transfer funds. Another bonus about bitcoin is that it is tax-free for personal transactions only. One could say that bitcoin is definitely giving banks a run for their own money as people are finding it easier and less expensive to use bitcoin instead of banks. Transferring money internationally has become easier and convenient. Andreas Antopoulos explains why bitcoin is taking over the market in the video below.
This post was contributed by Liteboho Mosala.