Bitcoin has attracted a lot of news and high profile individuals in recent months. It’s still a relatively new economy but the implications it has to restore order in a world plauged by debt backed currencies is tremendous. If you don’t know much about Bitcoin, watch this video to understand the basics.
We don’t like to think of Bitcoin as a currency per say. Bitcoin is a protocol, commodity and an ecosystem. It’s designed to transfer wealth from one place to another almost instantly leveraging cryptographic techniques to keep transactions relatively anonymous. They can’t be counterfeited and are not subject to chargebacks. All transactions are on a public ledger that keeps track of the movement across the network. It’s function as a protocol replaces the need for a central bank and allows users to put their trust in math and not false belief. The transparent nature of the currency also lets any user access the public ledge and rest at ease knowing the system is self regulated. This capability as a protocol may have profound implications – only time will tell how disruptive this could really be.
Bitcoin is fixed – meaning there’s a limited supply available. This is part of the reason why it’s often hailed as being “the digital gold” or “gold 2.0.” Since it can’t be created out of thin air it’s inherently deflationary and serves a great function for keeping wealth outside of state manipulated currencies. Banks would not be able to seize your funds or tax you on political errs made. It has mass appeal to nations whose currency is subject to devaluation (i.e Cyprus, Argentina, Brazil and etc). Bitcoins can be traded for fiat currency via exchanges that operate around the world. These exchanges charge a small fee to provide liquidity for your coins.
Bitcoin has a thriving ecosystem of innovators and entrepreneurs building around it’s infrastructure. Problems being solved constantly to create a better experience around Bitcoin. At Coingrounds we see a tremendous opportunity in building the easiest and fastest exchange possible. You don’t have to be technical or need to go through painful procedures of verifying information to buy or sell Bitcoins. Our system matches you with somebody in your area that’s looking to complete a transaction. It’s entirely people-2-people which allows us to skip the middle man(bank) and deal directly with our customers. We take security very seriously and have worked hard to build a system that vets only the highest quality traders and squashes fraudsters.