In the digital world, one of the hottest topics of discussion and internet searches has been “bitcoin”. Every day there are tons of searches like “sell bitcoin in Pakistan” or “how to buy bitcoin” or “bitcoin exchanger in Pakistan”. That is clear and undeniable that bitcoin really has been taking over the world of currency and finance, slowly but surely. Well, not too slowly, to be honest. From the day it came into being, it spread like wildfire. It is said that soon bitcoin will take over the market completely. Bitcoin is said to be the future of currency. If this topic has gained your interest too like many others all over the world, this article is for you to read. Here you will find all that you need to know about bitcoin, its pros, and its cons.
What Is Bitcoin?
“What is bitcoin?” Since the topic of bitcoin has been all over the place lately, many people who are not well-versed with this concept must have had this question in their mind. To put it simply, bitcoin is the hot new take on currency, but in digital form. Meaning, bitcoin does not exist in the physical form of notes and coins like your usual, everyday currency. Instead, it simply exists in electronic form and can be stored in your digital wallets (also known as e-wallets). Bitcoin has brought many benefits to the market that make life easier.
One of the many benefits of bitcoin is that it is decentralized. Meaning, it does not fall under the authority or control of any government, bank, or even a political party. This factor makes bitcoin transactions easier and safer for the concerned parties. The lack of third-party involvement makes it free from any troublesome policies and laws.
Since it does not have the involvement of any other party besides the sender and the receiver, the transactions made through bitcoin are free from any hidden or extra charges.
Moreover, bitcoin is the easiest and safest option to make international transactions. It does not require the receiver and the sender to have accounts in the same central bank or any other such trouble. Both parties just need to have a bitcoin digital wallet and carry on their transactions without any hassle. Plus, it has a significantly lower fee for transactions than you would be charged with when using regular banks for international transactions.
Still, need a reason to be convinced of the wonders of bitcoin? Here is one. As it is mentioned earlier, bitcoin does not exist in the physical form of notes and coins like your everyday currency, but in the form of electronic currency. That makes it much easier to carry and reduces the chances of getting robbed or looted.
In addition to that, bitcoin is the key to making speedy transactions. Unlike regular international transactions that take a few days to be finalized and completed, bitcoin transactions are much quicker and can be completed in a matter of a few hours.
Though the wonders and benefits of bitcoin are undeniable, there are few downsides of it that you should also consider before converting to bitcoin.
Bitcoin being completely electronic can be beneficial, but the very same factor can be risky if you aren’t careful with it. Since bitcoin digital wallet is stored on your phone or tablet, it requires a password for you to gain access to your money. However, if you happen to lose the password, you will end up losing any and all access to your money which can be a severe loss.
The electronic platform can be susceptible to electronic hacks and invasions. Hacks are not too difficult in the modern era, so make sure to tighten your security as much as possible.
Despite its popularity, bitcoin is fairly new in Pakistan. You can buy and sell bitcoin in Pakistan to make a profit and further promote the use of digital currency. After all, bitcoin is the future of currency. According to many professionals and experts, the time is not too far away when fiat currency will be a long-gone thing and digital currency will be the norm for all transactions and payments.