Summary: BitCoins could potentially be the solution for international traveling and business transactions.
Most of you reading this are likely aware of BitCoin, an anonymous form of currency that’s swiftly taking over today’s modern economy. For those that haven’t, BitCoin is a legitimate form of crypto currency that is growing rapidly in popularity. Due to its versatility and anonymity, BitCoin is making its case as one of the most efficient forms of merchant processing while still maintaining a heightened state of security.
How Does BitCoin Play a Role in Global Transfers?
Although BitCoin is rapidly growing as a currency, its value is continuously fluctuating, making it extremely difficult for it to become a primary source of currency – as revenues can vary from day to day. While this remains as a bit of a setback, it doesn’t steer it away from being an alternate form of currency for global transfers.
This is why BitCoin has established itself as a secondary currency, and just like other forms of credit, it’s openly not making itself the only currency on the market. The consistent value that it holds worldwide makes it a valuable resource for use in global transfers and payments.
How Does BitCoin Record Transactions?
Similar to that of credit card processing, BitCoins can be bought and sold while being recorded for every transaction made. This type of method helps create a public account for every single transaction made – think billions. And, with each transaction comes a signature. Therefore, it’s nearly impossible (or difficult to say the least) to hack into a transaction and duplicate the BitCoin itself. Consider it as each transaction having its own mind of its own – or even being able to leave footprints behind it. With this type of situational awareness so to speak, each time a business or a consumer sends money overseas, it’s documented by the individual’s unique signature and filed in its own public record. Additionally, the transaction is also encrypted with its own specific key pattern – essentially millions of different combinations to access one specific BitCoin transaction.
The Bottom Line
With rapid growth of BitCoin, it wouldn’t be surprising to see it being used side-by-side with paper currency on a regular basis. This will become especially useful in a situation that involves traveling. And, if more businesses are willing to accept it (which will most likely occur), there could be a basis for a fundamental travel currency for foreigners. While there is still a large amount of work to be done on BitCoins, the amount of progression that they have already achieved is beyond intriguing. One could even say it will soon be a solution to international traveling and business endeavors.