Have you heard of Bitcoin? Maybe you’ve heard of it as an abstract concept, but trust me, you’re going to want to learn a whole lot about it very soon. A quick recap for those new to the concept; Bitcoin is essentially a digital currency, money that only exists as 1s and 0s. It was introduced in 2009 after being developed by an enigmatic Japanese man or organisation (no one’s quite sure which) known as Satoshi Nakamoto. It is a peer-to-peer system, meaning users can conduct transactions with each other without needing an intermediary, and the current exchange rate is extremely healthy; just one little Bitcoin is worth approximately 412 American dollars.
By why should you care about this, and why, as the title suggests, should you be looking to change your real life wallet with a virtual Bitcoin one. Well, there are a number of reasons. Firstly, no third party can seize Bitcoins, due to there being multiple redundant copies of the transactions database. You can be sure that the government of your respective country won’t be able to get its grubby paws on your cash, though if you’re in a position where the government is aggressively looking to freeze your savings, maybe you should reassess your priorities.
Secondly, there are no taxes involved with Bitcoin. That’s right, none. As it stands, there is no reliable way of implementing a Bitcoin taxation system. This will likely change over the next few years if the currency continues it’s ascendency, but for now, we’re golden. Thirdly, Bitcoins can’t be tracked unless you publish them publicly. No third party will have access to your funds, and in a world that is continually and increasingly obsessed with surveillance, this should come as happy news to some. Thirdly, there are no transaction costs associated with Bitcoin, unlike Paypal or traditional credit and debit cards. Though the very process of conducting a transaction, users keep the Bitcoin system running, allowing the transaction costs to be completely negligible.
Everything mentioned above is exactly the reason why more and more people start using Bitcoins, especially if they are fond of all kinds of online gaming. Gambling lovers find Bitcoins totally irreplaceable, since gambling with Bitcoins has really proved to be very secure and anonymous.
Also, Bitcoins cannot be stolen. People will assume that a ‘virtual currency’ is inherently insecure compared to real money, but as most of us conduct all our transactions digitally now anyway, is there really any difference? In fact, Bitcoin require physical access to your computer before someone has a hope of stealing them, compared to a few authentication details required by most banks. If all this hasn’t convinced you, then maybe this will; Bitcoins are everywhere these days. Everyone from Presidential candidates to Vegas bars and casinos accept the stuff, and it’s only a matter of time before the currency is in wide circulation. Get ahead of the curve and throw your real wallet in the bin today!