What is Bitcoin? Find out what the buzz is all about

by | Sep 5, 2017 | Articles


What is Bitcoin? Find out what the buzz is all about

So what is Bitcoin? Bitcoin is the world’s very first digital decentralized crypto currency. Bitcoin uses the internet to send money or value directly, person to person, anywhere in the world without having to use any centralized entity like a bank, PayPal or Western Union.

It is completely safe, anonymous, super-fast and it works anywhere in the world. Anybody can use Bitcoin. There are no qualifications, basically no fees, no charge backs and no borders or limits. Bitcoin really is the future of money. So who uses and accepts Bitcoin? There are millions of people that are currently using Bitcoin and you can use Bitcoin to purchase almost anything you can think of. There are hundreds and thousands of businesses that accept Bitcoin.

You can pay for plane tickets, hotels rooms, electronics, cars, coffee and anything else. If you can think of it, we can show you where you can get it, with Bitcoin.

Bitcoin Remittances

Another huge market that Bitcoin impacts is remittance. That is money being sent to friends and family from state to state and from country to country all around the world. Most people do not realise that between six hundred billion dollars to one trillion dollars get moved around the world every year. The way we are all used to doing this is through banks, PayPal and companies like Western Union. All of these entities charge fees and we have to trust them. Western Union, Money Gram and other companies like them, charge from five percent up to as much as thirty percent. On average it is about ten percent worldwide. That means that we are talking about fees of sixty billion dollars to one hundred billion dollars per year worldwide. With Bitcoin, everyone has access without bank or other company approvals needed. A typical Bitcoin transaction has a fee of about two and a half cents. This is an absolute monetary game changer.

There are more people in the world who can use Bitcoin using their cell phones with internet connectivity, than there are people who have running water and electricity in their homes

Most people do not know that only about one and a half billion people, spread around the world, have or own a bank account, Visa Credit Card or Master Credit Card. That leaves about five and a half billion people, worldwide, that do not have access to any type of banking. All of their assets are in their home. If there is a robbery, a fire, a flood, a typhoon or any disaster like that, those people will lose everything. Did you know that there are more people in the world who have cell phones with internet connectivity than there are people who have running water and electricity in their homes? All these people have no way to protect their assets and they cannot do commerce through or using the internet. Now these people can do this with Bitcoin.

Bitcoin Mining

Bitcoin is not owned or controlled by any one person, bank, government or company. There is no single or central entity that powers Bitcoin but there needs to be something that powers it. It is actually powered by thousands of people that have specialized computers that power the network, secure the network and verify transactions.

This is called Bitcoin Mining.

If you want to use Bitcoin and the BitClub Network as an investment please contact Clyde Thorburn on his website.

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