Introduction: Can bitcoin be used as actual currency?
We consider cash as a currency. The different countries have different symbols of currencies such as EURO, USD, AUD, GBP, INR, POUND, and many currencies. These symbols are used to recognize the value of money and to make the difference between different countries. For example, we cannot use INR in the United States and US dollar in India. So, every country has its currency, and it is only for domestic use, which means you cannot use it in another country. But here, the question arises if fiat currency is the real currency we use for daily transactions. Is bitcoin a real currency that we can use like actual currency? So, in this article, we will discuss the whole concept of this digital currency. So, without wasting time, let’s understand the truth behind it.
Understand the purpose of creating bitcoin
In ancient times, people exchanged goods for goods or services because there was no mode for exchange. Afterward, people used Gold and Silver for goods and services, and now every person uses fiat currency such as paper notes and coins that contain some value, and now it is easy to measure the actual value of goods and services. In the past, people did not have any idea about the measurement or value. So now they can pay according to the value of goods and services.
At present, every person uses paper notes and coins, but they can only use it in their domestic area or country in which they are living. Suppose you want to transfer money to a person living outside the country, then you have to convert your fiat currency into another country’s currency. You have to pay extra charges to third parties for currency conversion, and it is a very costly process.
Satoshi’s Idea for Digital Currency
We thought it was impossible to have a digital currency, but Satoshi came with digital currency, and now we are using it as bitcoin. Yes, it is correct, bitcoin is a digital currency, and many people around the world use bitcoin as a currency. Satoshi Nakamoto is an unknown person who is the founder of bitcoin, but no one knows about Satoshi. Are they an individual or a group of persons? Satoshi also faced the problem of fiat currency that benefited only in the domestic country.
Satoshi wants to start a currency that would benefit people worldwide, and the value would be the same in another country. Thus, in 2008, Satoshi launched the currency named Bitcoin that is very popular in today’s era. The most prominent feature of this currency is that no one can control it, whether it is the government, banks, financial institutions, or even the founder Satoshi Nakamoto because it is a decentralized country that solves the problems of ordinary people.
It is a globally accepted currency that everyone can use for day-to-day transactions, investing or trading purposes, and accepting payment. Many businesses use bitcoin to expand their business.
Example: – Suppose you are from India and want to transfer money to the person who is living in England, so there are two cases given below:
Through Fiat currency: – The fiat currency of India is Rupees (INR), and the fiat currency of England is (Pound). Suppose you want to transfer 1000 INR to your friend living in England. When you transfer money to him, he will receive 10 Pound because there is a difference between the values of different currencies. The third parties will convert your currency into the currency of other countries and will take high charges for these conversions. These third parties are Banks, Financial institutions, western Unions, and third-party websites.
Through Bitcoin: – Bitcoin is a globally accepted digital currency and will be the same all over the world that means there will be no change in the value of bitcoin. For example, take the same case of persons living in India and England. Suppose a person living in India sends a bitcoin to the person living in England will receive one bitcoin because the value of bitcoin will never change since it is a global currency. Visit q-profit-system.com for more information.
We have learned from the above information that we can use bitcoin as an actual fiat currency, but this currency has many benefits or features that fiat currency does not have. So do not think we cannot use bitcoin as an actual currency even if you can use it for daily transactions.