Anyone that has been following up on economics, both at the national and international levels will tell you that the relevance of money as a unit of value has been greatly compromised. It has been proven that the value of the dollar has been falling rapidly and that what a dollar could buy a hundred years ago is 80 percent more less than it can buy right now. The problem with using money as a unit of value therefore lies in the fact that it is impossible to stop it from getting devalued or getting affected by global social, economic and political issues. This is what brought out the need to establish a currency that would operate independent of these factors. This is what the founder of Bitcoin had in mind when they were setting up the transaction method. Here are a few of the reasons the pseudo currency is taking the world by storm.
No need for third party partnersWhen you are dealing with other online transaction platforms, you will find that there is a third party, usually a bank that is involved in regulating the transactions. This makes the process of transaction dependent on an external force. When you are buying and selling using bitcoin, you do not have to involve third parties in the process. All you will need is a wallet with the currency, and you are good to go.
Complete confidentialityThe bitcoins platform allows you to use a pseudonym or other alternative name that you want when setting up the wallet. Also, when you make a transaction, there is no way to trace it back to you as there is not credit card bill trailing back to you. This allows you to have complete anonymity when you are making your transactions. With the normal business transaction channels, you have to think about third parties wanting all manner of personal details before they allow you to transact.
Those are some of the reasons everyone should be on the watch out for this pseudo currency. The best thing is that anyone can open up a wallet, buy or mine the coins and start transacting. It is the new best way to trade online and even physically.