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July 10 2015

davidzimbeck

Bitcoin to replace note currencies: David Zimbeck

Bitcoin to replace note currencies: David Zimbeck
Bitcoin is the latest buzz in the online industry. Developed in 2009, Bitcoins have become one of the most widely accepted currencies in the online industry. The growing number of Bitcoin users has made the online shopping websites and service providers to accept this currency. It is noted since the time Bitcoin was introduced in the market, its value have grown to an extent that nobody would have imagined. If the present growth in the rate of Bitcoin continues, then it is estimated that the currency will trade at one coin for $100,000. However, today, the debate lies as whether bitcoin is going to replace the note currencies.

According to David Zimbeck the future of this online currency depends on many factors. As we all know, Bitcoin is totally a decentralized currency, not regulate by any of the central banks of any countries. The production of this currency just lies in one factor -- software which was created by Satoshi Nakamoto in 2009. The software has a program which randomly creates currencies. The transactions are done through an unregulated peer to peer network. None of the governments have control on its production and distributions. The currency is also traded online through various exchanges. This online currency had no impact of global recession and euro zone crises.

Businesses and banks are conducting awareness campaigns for their customers to take up this mode of payment, as it is stress free and time-saving. The main advantage is that you can track past transactions and exchange rates on a Bitcoin Chart. The following are further reasons by David Zimbeck why you should put Bitcoin in your list of must-haves:
Universal
When you are travelling, the process of exchanging currency is quite cumbersome. This is especially worse when you are going to more than one destination. In addition, carrying large amounts of cash is not tiresome but also risky. Bitcoins give you the comfort of carrying as much money as you need in a virtual state. It is common among traders all over the world and hence saves you the inconvenience of dealing with more than one currency.
Less costly
When you trade using cash, you are subject to abrupt price changes in essential commodities. You end up spending much more than you had budgeted because of punitive exchange rates. Bitcoins is a global currency that has stable rates and value, and will save you the time and high fees.
Secure
Bitcoins is fraud proof due to the heavy cryptography that goes into its making. There are no incidences of hacking or leaking of people's personal information. When you use the conventional money transfer methods abroad, you are likely to fall into the hands of hackers who might infiltrate your bank accounts. With bitcoins, you alone have access to your account and can authorize any money into and from it.
Irreversible
As a seller, you have probably experienced a situation where a client reverses an already complete transaction. Bitcoins protect you from such incidences, as these transfers cannot be reversed. You should be careful with your bitcoins to avoid transferring them to a wrong person.
Convenient
Unlike normal banks that require proof of identification to open an account, bitcoins allows anyone to access it without asking for proof. Transactions are instant and are not limited by geographical boundaries or time zones, and there is no paperwork involved. To join bitcoins, you only need to download the bitcoin wallet and create an account.

To get more information on Bitcoin click here or visit at: <!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--> https://www.linkedin.com/in/zimbeck
davidzimbeck
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