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BitCoin is an electronic online currency that was created in the year 2009 and was created or made by someone under the pseudonym Satoshi Nakamoto. Some people have said that BitCoin is the answer to current restrictive conventional banking systems and methods. You can send one hundred Euros worth of BitCoin from wherever you are with your phone, PC, laptop or tablet, in front of you, to any person, home or business located anywhere on the planet, immediately and they would receive it instantly without any type of delay. If you had tried to do that the conventional way using a traditional bank and its related systems, methods and procedures, it would have taken several days and would probably cost an additional thirty Euros in supportive fees as a result of the bank having to process that transaction. You can do this one hundred Euro transaction using BitCoin, as payment or transfer currency, instantly, virtually for free (or two and a half cents for the entire transaction) and you won’t or did not have to ask any person, country, bank or government to process this transfer transaction on your behalf. All you needed was yourself, your hardware to send the transfer and the person you transferred the BitCoin currency to.
That is the power of BitCoin. No middle man or institution will be taking money away from you due to them cashing in on your transfer of money. People are switching to the better BitCoin monetary system instead of the conventional banking system. The BitCoin system is a system where banks are no longer needed because payments can be made directly from person or business to another person or business. BitCoin is fundamentally different because when you use BitCoin you do not owe anybody anything and no one owes you anything, as far as transactional fees and transaction duration times are concerned. It is not a system based on the usual way people use banks to process transactions. It is a system based on ownership and no one can censor it, no one can seize it, no one can freeze it. It is 2nd November 2008, just six weeks after the Leeman Brothers collapse. All over the world there are panicked debates on how to save the banks worldwide. Then on a little visited web forum for cryptographers, a document appears in which a completely new monetary system is proposed. The visionary author calls himself Satoshi Nakamoto. These were the darkest days of the financial crisis.
This suggests a very clever mind that Satoshi Nakamoto has, that saw an opportunity to introduce a new radical technology and approach to money and finance at just the right moment when people would be very open to making this big shift, needed to acquire a new currency and method of transactional finance. What is exciting here is the fact or the emergence of a new global economy. Currently, we always state and say that we have a global economy but you cannot take a dollar and give it to someone in the Netherlands (or anywhere else in the world) and then they would know what to do with it. You have to convert it first to your native currency. With BitCoin you can eliminate that step where you can send one form of payment, in BitCoin, after which that person that was paid with your BitCoin can despatch the product that you paid in BitCoin for. This whole transaction takes a few seconds. It is instant and immediate from payment, to purchase, to despatch. Idyllic efficiency. This definitely changes finance from a global perspective. How could this digital coin, invented by Satoshi Nakamoto, become hundreds of times more valuable than the US Dollar Why do enthusiasts of BitCoin want every person and business to switch to and use BitCoin as the currency.
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