Bitcoin is revolutionary and has an incredible technology behind it. That is what we are sharing and explaining in Bit2Me Academy, but it is normal that you feel overwhelmed and ask yourself:
What does all this incredible technology translate to? What is the result that normal people perceive?

After making an initial explanation about what Bitcoin isIn this chapter we want to explain how all this technology fits into specific things. Learn the main reasons and advantages  of why Bitcoin, positions as the best money to ever exist.

Do you want to start enjoying the world of cryptocurrencies? Then it is time to open your Bit2Me user account. It is very easy to do and, in addition, by following this link you will get € 5 totally free on your first purchase in Bit2Me.

Why People Like Bitcoin

Bitcoin is increasingly talked about, but why do people like it so much?

We leave you the 13 advantages of Bitcoin:

1. Fast

Sending any amount of money is a matter of minutes. Regardless of quantity, regardless of destination.

2. Inexpensive

The cost of making a transfer to any part of the world through your bank can cost you a lot of money. When doing it in bitcoins, the cost is pennies or free. Micropayments: using a bank, paying € 0,3 to someone in Chile in gratitude for a tweet or like is UNTENSABLE, in Bitcoin it is reality.

3. Global

You can send bitcoins to any country in the world. Bitcoin, like the Internet or e-mail, has no borders. This, with the guarantee of respecting the freedom of its users, makes Bitcoin the first global currency that really works.

4. Decentralized issuance

No government or central bank can control it or interfere in the valuation of bitcoin, neither in its creation nor in its distribution. With Bitcoin the money is depoliticized, it is made of the people, thus eliminating the control that with FIAT money is exercised over the population.

5. yours

Your bitcoins are only yours. The money belongs to you 100%, it cannot be intervened by anyone, there are no playpens nor the accounts can be frozen (see case wikileaks). In Bitcoin you can be your own bank.

6. Programmable money

Bitcoin is simple to implement and has an entire programming language implicit, allowing you to create pieces of code that will be executed in the transaction. This, previously unthinkable, allows any programmer to monetize all kinds of services. Even payments are possible between fully autonomous machines, simplifying manual, complex and slow processes.

7. Encryption and Distributed

Bitcoin is very safe. It has at its core, and in each of the operations, one of the most powerful cryptographic systems that exists, more than that used by banks or crucial services of our day to day. Its distributed nature makes it resistant to network outages or attacks: NEVER no other computer system has been operational 24 hours a day, 365 days a year for more than 8 years.

Even in the face of a solar storm, Bitcoin, unlike other systems, would resist. This is because some of their nodes they are found in bunkers of the second world war, protected underground and even with triple perimeter security.

8. Transparent

All transactions are public, as they are visible in real time under pseudonyms in the form of a Bitcoin address. Anyone can reveal the Bitcoin address they manage by showing with absolute transparency where the last penny goes. Imagine governments, city councils, NGOs, foundations, associations, companies ... anyone can take advantage of this functionality in seconds.

9 Open Source

Bitcoin is totally open, free and free software. Anyone can see its source code, study it, audit it or improve it (here it is, propose your improvements). Hundreds of people improve it daily: Some of the smartest brains on the planet improve it daily under an environment of democratic consensus.

On Github you can see how hundreds of people from all over the planet are collaborating without receiving anything in return. Even, if you want, you can copy it and start a new cryptocurrency (there are thousands of clones with interesting changes, but also copies without any innovation).

10. Based on consensus

From the development of the code to the shape of its blockchain, consensus operates as a fundamental axis. In its development, the ideas and improvements of the code most voted by the rest are those that end up being implemented: Bitcoin changes if the majority accepts this change. The same is the case with the ledger that it manages, the blockchain: only if the majority of nodes consider a new transaction valid, it is accepted and registered in the account book.

11. Limited issue

In Bitcoin, no one can generate thousands of bitcoins one morning because a politician or a banker suddenly feels like it. There will never be more than 21 million and they all appear for mining, always under rules that are totally public.

12. Without barriers

In Bitcoin you are your own bank. But in doing so you do not pay for an account opening cost, monthly maintenance fees or false expenses as it happens in a bank. You do not pay to have credit cards (in fact it is not needed, it is an obsolete technology). Having a wallet is free and with it you can store all the bitcoins you want, as well as send bitcoins to any part of the planet without anyone stopping you.

Nobody is going to charge you a subscription, or contracts, or permanence, or withholdings, or your data in exchange for a cutlery ... These things in Bitcoin sound "Chinese"!

13. Private

In times of constant information theft, industrial and societal espionage by governments and cybercriminals, and even more so with the emergence of advanced security techniques. It is more important than ever to take care of our privacy, managing to maintain it to a very high degree.

Bitcoin has this very internalized concept. Bitcoin is not completely anonymous, but it works to be. We have written a very comprehensive chapter on Bitcoin's privacy and the necessary importance of it being anonymous: Bitcoin is not anonymous

Why merchants like Bitcoin

In Bitcoin, unlike a credit card, a payment CANNOT be reversed (“chargeback”). The “chargeback” generates an annual cost of 40 billion euros in fraud for businesses: anyone can make a payment and call their bank saying that they have not done so.

In addition, Bitcoin another advantage is that its implementation is free and has negligible transaction costs.

With this and more, many merchants offer a discount on the price of the product if a customer pays with Bitcoin.

We leave you the 6 advantages of Bitcoin to understand why businesses are liking it:

1. Savings in transactions

They will decrease spending on commissions. Commissions for a payment gateway range between 2 and 3% and include a minimum cost per transaction. This is triggered even further with Paypal, with figures like these: 3,4% + 0,5 euros per operation. Unlike this, with Bitcoin the transaction costs are close to free regardless of the amount of money you send.

2. No fraud

A merchant no longer needs to add the extra cost to the price of its products that produces multiple and variable credit card scams. In exchange for this, you can put a discount for payment with Bitcoin. Furthermore, there is no way to counterfeit a bitcoin, unlike cash.

3. Greater conversion

In stores, the more payment platforms they offer, the more conversion possibilities they have. Therefore, if we include Bitcoin in its different forms of payment, conversions will increase.

4. You will reduce the risk of theft

Another advantage of Bitcoin is that no person can access money without your consent. Thus reducing the risk of theft. In addition, you will save expenses (since you do not need a box, or a safe, or companies that transport your money to a bank), you will speed up the speed of payments and improve the quality of work of employees. They will not have to waste time counting money, nor will they be burdened in tasks dedicated to management and maintenance.

5. marketing

That a trade includes news is very well seen by the target audience. The more technologies and improvements it provides, the more the customer will value that and the more they will visit. Bitcoin makes business make a difference.

6. Without human failures

There will be no errors of any kind when verifying payments, since it is done automatically and quickly.

7. No returns

No more "chargebacks", a type of fraud that drives businesses crazy.

https://www.youtube.com/watch?v=wxghIunZexg

Companies that are already betting on Bitcoin and its technology

Although there are tens of thousands of businesses and businesses of all sizes that already know the advantages of Bitcoin and accept it in their transactions. Below, we highlight some of the best known in a varied range of sectors:

WordPress, Soundcloud, Reddit,
Namecheap, Playboy, OkCupid,
Shopify, Name.com, Klout, 4Chan,
Neteller, OKPay, Fiverr,
Ustream, Steam.

Tesla, Badoo, Zynga, Uber,
Destinia, Microsoft, IBM,
Cars.com, Ali Express,
Overstock, Virgin, Expedia,
Foodler, Orange.

BBVA, Banco Santander, Barclays,
Bank of America, Goldman Sachs,
JP Morgan, Royal Bank of Scotland,
Wells Fargo, ING, Nasdaq, VISA,
MasterCard, Verizon,
CISCO, Rakuten.

Companies that are already betting on Bitcoin and its technology

As usual money, but better

But is Bitcoin good money? What advantages does Bitcoin have over money? To understand whether it is, we must first understand what money is.

Gone are the years where your money was a property "contract" on a certain amount of gold that was in a vault. The current money is FIAT, an invention of the bank to apply policy to money.

Today's money represents nothing, it is just paper, and it is based on "faith." We are not talking about anything religious, we are talking about a “pseudo-guarantee” that you will be able to exchange this paper for goods or services, as the government (and therefore its police forces) assure you of this.

Let's go to the base, what do we understand by money? What does something need to have in order to be money? And what makes money good money?

There are 3 points that of course all money must have:

1 Exchange medium

In other words, a more efficient way of exchanging goods or services than by bartering.

What makes a medium of exchange good?

2. Unit of account

Standard measure to value goods, services, economic activities, assets and liabilities. The unit of account does not necessarily have to be the same as the medium of exchange, but it usually is.

3. Value reserve

Mechanism that allows wealth to be saved and recovered in the future with a certain degree of predictability regarding its projected value over time.

It is not an exclusive feature of currencies but of goods in general.

All assets have a greater or lesser degree of unpredictability since there is no perfect value reserve.

The most typical example is precious metals like gold or silver.

But there are other characteristics that define how good money is that money, we have summarized them in 5:

1. High durability

It cannot be downgraded (it is code) and the blockchain is backed by hundreds of thousands of computers globally.

2. Highly transportable

It is transferable without the need for intermediaries worldwide in seconds, requiring a confirmation of the transaction in around ten minutes and making it irreversible in around an hour.

3. High fungibility

The protocol treats each unit and subunit the same way.

4. High divisibility

Each Bitcoin can be divided into 100 million units.

5. High resistance to counterfeiting

To date, no one has been able to come up with a solution, even theoretical and reasonable, to break the cryptographic mechanism that underlies Bitcoin. In fact, it uses encryption systems superior to the global financial infrastructure and if it appeared, its open and collaborative nature would allow it to be solved in a matter of hours while banks, governments and all kinds of companies around the world would take months to solve it.

Next we leave you a summary table with the advantages of Bitcoin against two types of traditional money:

summary table with a comparison of Bitcoin with two types of traditional money

As you can see, Bitcoin is the best money there is. Now, it should be noted that, from our point of view, it is not because it is fast or with low transaction costs. All of that is fine, but it's better because it sets you free. Euros can also be digital (in fact a large part are) and cash also maintains privacy, but that type of money is what is known as FIAT, and that is the difference with Bitcoin, one of the advantages is that it does not It is issued by a central entity that unites politics and money creating what are known as economic policies.

Meanwhile, Bitcoin grows to a level of millions of new users every month and, as you can see, that constant noise around Bitcoin and its increase in users has not just one reason, but many.

If you still do not know how the price of a bitcoin is determined, we recommend that you visit the article: "How much is a bitcoin worth? How and who determines its price?".

Do you want to start enjoying the world of cryptocurrencies? Then it is time to open your Bit2Me user account. It is very easy to do and, in addition, by following this link you will get € 5 totally free on your first purchase in Bit2Me.