Bitcoin transactions are the latest buzz and a lot of people are investing in the cryptocurrency. Although other forms of digital currency have been presented in the past, Bitcoin is the first successful, widely-used currency that gained a lot of traction and interest.
As complex as the subject may seem, the only difference between Bitcoin transactions and regular transactions is that everything is completely digital with worldwide reach.
It is essentially a global currency that can be sent anywhere and to anyone. It eases the struggles of sending money to different countries and worrying about different currencies since Bitcoin is a global currency.
Although Bitcoin was created in 2009, it didn’t start to really gain popularity until 2017 as its price increased over 1500% during that year.
The value of Bitcoin became apparent and investors wanted to get their hands on it. It’s as easy as using cash online without the use of a third party.
Other digital transaction platforms typically use third parties and often get a cut of your digital transaction. With Bitcoin transactions, it’s as simple as physically handing your friend a $5 bill.
During that transaction, no one else interrupted, no one else got a cut of your $5, you simply gave your friend $5 and they received exactly $5. Bitcoin transactions are as simple as that, only it’s all done digitally.
Why Invest in Bitcoin?
It’s no secret that in today’s technology-driven world, everything is going digital. It can seem overwhelming when trying to decide where to invest your hard-earned money.
The differentiator between Bitcoin and all of the other attempts at cryptocurrency is that Bitcoin finally figured out how to remove the need for third parties and eliminated the risk of double-spending.
About Double Spending
Double spending is a big concern with digital transactions as it essentially allows the currency to be sent to two separate recipients instead of just one recipient.
The creators of Bitcoin were able to overcome this challenge by using an open-source public ledger, allowing users to maintain, secure, improve, and check transactions. This helped keep the cryptocurrency as secure and simple as possible, which caused the popularity to soar.
Worthwhile Investments with Bitcoin
Those who invested in Bitcoin transactions early on are very happy with their decision and have watched their investment take off.
According to Investopedia, if you invested $100 into Bitcoin in 2011, your investment would now be worth over $2 million.
During that timeframe, there were some ups and downs to the price of Bitcoin that caused fluctuations, but overall it has proven to be a very wise investment. It bridges the gap between different currencies and gives us an international currency that can be used globally anywhere, anytime.
EZ Money Makes Bitcoin Transactions Simple
Let’s cut to the chase - cryptocurrency is confusing! Although Bitcoin can seem complex and difficult to understand, our team is here to break it down and make it easy for you. We're partnered with the Bitcoin provider DigitalMint to offer safe and easy Bitcoin transactions to all EZ Money customers.
It’s our job to understand the technical intricacies involved with Bitcoin transactions, not yours. We’ll handle all of it for you and provide education along the way so that you can better understand how Bitcoin transactions work.
Bitcoin doesn’t have to be complicated and comes with many benefits, including:
- Irreversible transactions that prevent chargebacks
- Appreciating value
- No ID, password, or proof of address needed to open an account
The staff here at EZ Money is here to help you generate your Bitcoin address and load money on a prepaid debit card.
We realize Bitcoin is an emerging technology, and this can lead to confusion. Our staff knows how to keep you protected. A few cautions to keep in mind include:
- Irreversible transactions can make it easier for scammers to get into your wallet. Never make a Bitcoin transaction with someone you don’t know and trust.
- The government and police departments don’t ask for Bitcoin. This is a common scam to be aware of.
We are well-versed in Bitcoin and we’re here to navigate you through the transaction. Stop by today to take advantage of the appreciating value of Bitcoin with local experts you can trust. Still have questions about Bitcoin? Contact us today!