First Things First: What Is Bitcoin and Why Should You Care About It?
See also: Primero lo básico: ¿qué es Bitcoin y por qué debería importarme?
Bitcoin is an internet-based currency, more specifically a cryptocurrency, invented in 2008 by Satoshi Nakamoto. Like EUR, USD and GBP (the so-called fiat currencies), Bitcoin was also created as a representation of value, similar to electronic cash.
Its differential is based on the fact that, unlike traditional money, Bitcoin runs on Blockchain protocol, a technology-based system built by members of the Bitcoin community, that is not tied to national governments or financial institutions such as banks.
The Bitcoin Blockchain is where Bitcoin transactions actually happen and it allows for:
- Safe and fast operations
Bitcoin transactions are irreversible and they are typically completed in less than 30 minutes, no matter where in the world the sender or the receiver are.
- Full personal control over one’s own money
By holding the keys or passwords to their personal wallets, every Bitcoin owner can be their own bank.
Due to those properties, Bitcoin and the Bitcoin Blockchain have reached a large number of supporters and adopters, who through them, have found a solution to different situations. Some common Bitcoin use cases include:
Medium of Exchange
More and more services and stores provide and accept Bitcoin as a payment method every day, due to its convenience as a globally accessible currency.
Remittance
Bitcoin’s fast and hassle-free transactions are cheaper than most bank transfer services in cross-border operations. This means that it’s easy and in many cases, cost-free to send Bitcoin from one side of the world to another.
Store of Value
Bitcoin promotes financial autonomy by giving individuals full control over their funds. Storing wealth in Bitcoin protects people against their local political and economical turbulences and removes the need for a go-between, such as a bank to authorize actions.
Long-term Investment
Bitcoin has increased in value significantly over time and many avid Bitcoin users and supporters are storing their coins as a long-term investment.
Trading for Profit
The Bitcoin price fluctuates constantly and people are able to buy and sell Bitcoin for a profit simply by trading Bitcoin for a premium as a source of extra income.
How does LocalBitcoins come into the picture?
LocalBitcoins is the oldest and one of the largest peer-to-peer Bitcoin trading platforms in the world. Founded in 2012, LocalBitcoins has grown and evolved over the years alongside Bitcoin and its loyal community.
Staying true to Bitcoin’s original idea of being a people-based network, LocalBitcoins is a marketplace where Bitcoin enthusiasts around the world can buy and sell Bitcoin from one another, protected by a reliable and secure escrow system.
On the LocalBitcoins platform, each user can choose:
- the most convenient payment method for them
- the Bitcoin pricing of their offer
- to buy and sell Bitcoin with people close to them or anywhere around the globe
LocalBitcoins’ web wallet service also allows users to send and receive Bitcoin transactions within one platform in a quick, safe and easy-to-use way. We believe that Bitcoin is a hugely valuable bridge between you and the digital global economy and by making peer-to-peer trading easily accessible to everybody, our aim is to Bring Bitcoin Everywhere.
