The foundations of the virtual world have already been laid, and Bitcoin is the digital gold of this world. Due to its finiteness like its physical counterpart, Bitcoin carries the potential for constant revaluation. Today, it is an accepted fact that Bitcoin is here to stay.
Bitcoin was declared by a software developer using the alias “Satoshi Nakamoto” in 2008. While discussion continues whether this person really exists, some believe that this project was created by a group of developers. What sets Bitcoin apart is that it’s not managed by a central structure. Transactions go through only when they are approved by three independent miners, creating a blockchain which can be traced all the way back to the initial transaction. Since the day it was launched, Bitcoin has garnered a great deal of attention, and it doesn’t seem to fade away anytime soon. This interest has been further nurtured by the growing sense of distrust in financial institutions after the global economic crisis. Bitcoin is directly influenced by economic developments or events, with the potential to gain or lose value swiftly. The expansion of the Internet has carried various organisations and events such as commerce, shopping, concerts, and meetings into this world. Metaverse is coming closer, bringing along novel unknowns. Even artworks have created themselves a digital marketplace in this virtual world through the NFT technology. The pioneering currency of this world will be Bitcoin and alternative crypto assets. Bitcoin can be described as a means of transferring your physical savings or assets into the virtual world and of using them on the Internet. You can use Bitcoin or other cryptocurrencies and assets to make payment on various platforms. By ordering a transfer from your bank account in Turkey to platforms that provide these services, you can buy cryptocurrencies including Bitcoin.
COLD WALLET
Much like your physical wallet, “cold wallets” are flash memory sticks to store Bitcoin or other crypto assets. You may need a big bag to carry a million Turkish liras; however, the tiny pocket on your pants will be more than enough to store the equivalent $1 billion in Bitcoin. Doubtless, you need to be as protective of your cold wallet as you are of your physical one. You can send Bitcoin or other crypto assets in your cold wallet to another country or person via a computer, without the need for a SWIFT code. For now, governments do not interfere with these transactions so they are not taxed or investigated. However, keep in mind that cryptocurrency is still in its infancy. It’d be rather challenging to expect no investigations when new legislations are implemented in the future. As the popularity of Bitcoin and cryptocurrencies increase, a number of international giants such as Tesla, Microsoft, and PayPal use this technology to do business. The rate of commission for Bitcoin is relatively low compared to credit cards, ranging between zero and 2%. The number of cryptocurrency-compatible ATMs increases day by day around the world, primarily in the U.S.
Bitcoin has already earned itself a place in all exchange systems and become a part of ecommerce. It wouldn’t be surprising to pay with Bitcoin or cryptocurrencies in general when making daily purchases at the supermarket, greengrocery, or butcher.
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