Bitcoin—the only way to avoid bank fees
Bitcoin is a payment system that exists over the internet.
It is a completely digital currency.
Bitcoin.org describes Bitcoin as “the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.”
What this means in non-geek speak is that you as a user get a Bitcoin wallet, fill it with bitcoins, and pay the person who you want to buy something from directly.
Every transaction gets a unique one-time address to which you send the payment.
This is kind of similar to the one-time passwords you get when you do EFTs over the internet.
The funds never go anywhere near a bank, which means fees are very low.
Now, you may worry that this sort of transaction will lead to a high occurrence of fraud, but, actually, the exact opposite is true.
You see, its users run the whole network. At any given time, many of them will be watching over and validating transactions that take place.
The payment only goes through if the consensus of those users agree that it was valid.
So it’s kind of like having all your transactions watched over by a jury.
Their reward for watching over all these transactions is bitcoins!
This is actually pretty good protection against fraud. Banks don’t have anything like it, which makes it easy for fraudsters to steal your money from them…
This is a very simplified overview of how the whole thing works. In reality, it’s pretty complex, techy, codey stuff.
But never fear, I’m determined to shed light on the matter for you (and everyone else).
The Bitcoin Revolution-The way to financial freedom
The birth of a widely used digital currency will, and already has started a total paradigm-shift, the same way the birth of the internet did.
It cuts out the need for banks, the need to pay transaction fees, the need for stringent regulatory bodies that are in it to get their share of profits…
In essence, it is a way for us as consumers to become free.
Look, there are some kinks to iron out for sure. Some sort of safe, guaranteed protocol needs laying out.
But in my opinion on virtual currencies overall is that they are the BEST THING SINCE THE INVENTION OF THE INTERNET.
Because they give you ultimate control over your wealth.
It is just a matter of time before the whole world catches on.
And then… Bye-bye bankers, bye-bye corrupt government officials in the game to make a buck at your expense.
And hello the Bitcoin Revolution.
How to start using Bitcoin
When you want to start, visit bitcoin.org’s ‘Getting started with Bitcoin’ page here
It’ll explain the whole process step-by-step.
It’s a great site, and will show you how to get a Bitcoin wallet, how to get yourself some bitcoins, how to spend them and how to accept bitcoins as payment.
Are you afraid to take the risk? Even if taking it means greater wealth than you could imagine?
Virtual currencies are slowly finding their way into popular use.
And there are gains to make if you get in early.
In an earlier article
, I told the story of Kristopher Koch, who made R42 million from Bitcoin in under four years.
Why not you, too?
Here’s to the Bitcoin Revolution! And to your ultimate financial freedom!
Resource Economist, FSP Invest
There are also likely to be plenty of opportunities to make returns from good, solid start-ups that speed up the transition to widespread use of these currencies. This one is my favourite one so far