Bitcoin is a cryptocurrency that is calculated to permit online clients to carry out transactions through Bitcoins which are digital units of exchange. Bitcoin was initiated in 2009 by an anonymous computer programmer and has continued to attract a lot of interest from Millennials as an alternative means of exchange to the mainstream currencies such as the euro or U.S. dollar.
Although there were other virtual currencies before Bitcoin, it is the original contemporary cryptocurrency because it has features that enable it to blend with other successive cryptocurrencies that are being created.
How does Bitcoin operate?
Bitcoin is sustained by a code that utilizes complex algorithms to produce a unique identity that prevents copying or unwarranted creation of the units. The code is referred to as cryptography hence the name cryptocurrency. Cryptography is built on complex computer engineering and mathematical codes. This makes it a herculean task for a hacker to split and control the code.
The term Millennials refers to the generation that was born between the early 1980s and mid-1990, they are also known as “Generation Y”. This is the first generation that has grown up with cryptocurrencies which explains why millennials know the real value of Bitcoins. The following are three underlying reasons why South Africa then millennials can’t get enough of Bitcoin:
Financial Freedom
Bitcoin is a convenient method to send and receive money anywhere on the globe at any particular time. This is why Bitcoin in South Africa is popular among millennials. You will not worry about crossing African borders, adjusting your tight schedule due to the closure of banks when there are public holidays or various limitations that may restrict money transfer transactions.
Bitcoin gives you total control over your money and there is no ubiquitous authority figure present in the Bitcoin system. Bitcoin is the contemporary digital gold. This explains why millennials use it to prepare for retirement: as a long term investment and storing capital.
Low transaction fees
At present, there are virtually no fees charged within the Bitcoin network. If any fees are charged, then the amount is negligible. The speed of transaction is relative to the amount paid. To facilitate faster transactions, a user will include a small fee for the process. The more fees that are paid the faster the rate of the transaction within the Bitcoin network.
Digital currency exchange can convert Bitcoins into fiat currency; this is a boost to merchants using the Bitcoin network. Comparatively, these services have a lower fee charged than PayPal and conventional credit.
Bitcoin network has solid security and user control
The system allows clients to take control of their Bitcoin transactions. No extra fees can be charged by merchants without being perceived. The merchant must communicate to a client about the intention to increase charges.
No personal information is attached when payments in Bitcoin are being transacted and the transactions cannot be reversed. This protects Bitcoin users from identity theft and any potential losses arising from fraud. Data on Bitcoin transactions are encrypted and backed up: this ensures the security of the client’s money.
Given the appetite for emerging technologies by South African Millennials, Bitcoins have the absolute perspective of revolutionizing the commercial landscape of South Africa. By utilizing Bitcoins the buyer and seller will benefit from the inherent advantages. It is right to make a judgment that if the technology is fully adopted by businesses, then minimal operating costs will be realized. Why are you procrastinating? Join the Bitcoin bandwagon today and get ready for a hassle-free future!