{"id":35765,"date":"2019-10-18T15:34:57","date_gmt":"2019-10-18T19:34:57","guid":{"rendered":"http:\/\/www.andysowards.com\/blog\/?p=35765"},"modified":"2019-10-18T15:34:57","modified_gmt":"2019-10-18T19:34:57","slug":"bitcoin-still-relevant","status":"publish","type":"post","link":"https:\/\/www.andysowards.com\/blog\/2019\/bitcoin-still-relevant\/","title":{"rendered":"What Is Bitcoin and Is It Still Relevant?"},"content":{"rendered":"<p>It has been just over a decade since Bitcoin was first released into the world and in that time it has become the leading cryptocurrency. But what is Bitcoin and is it really still relevant in 2019?<\/p>\n<h3>What is bitcoin?<\/h3>\n<p><a href=\"http:\/\/infinigeek.com\/top-6-companies-that-accept-bitcoin-in-2019\/\" rel=\"noopener\" target=\"_blank\"><img decoding=\"async\" data-src=\"https:\/\/www.andysowards.com\/blog\/assets\/What-Is-Bitcoin-and-Is-It-Still-Relevant-3.jpg\" alt=\"What Is Bitcoin and Is It Still Relevant 3\" width=\"970\" height=\"450\" class=\"alignnone size-full wp-image-35769 lazyload\" data-srcset=\"https:\/\/www.andysowards.com\/blog\/assets\/What-Is-Bitcoin-and-Is-It-Still-Relevant-3.jpg 970w, https:\/\/www.andysowards.com\/blog\/assets\/What-Is-Bitcoin-and-Is-It-Still-Relevant-3-768x356.jpg 768w\" data-sizes=\"(max-width: 970px) 100vw, 970px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 970px; --smush-placeholder-aspect-ratio: 970\/450;\" \/><\/a><br \/>\n<em>Top 6 Companies that Accept Bitcoin In 2019<\/em><\/p>\n<p>Bitcoin is a fully digital currency, there\u2019s no government to issue it and no banks are required to manage accounts and verify transactions. It was invented by an anonymous programmer or a group of programmers who went by the pseudonym, Satoshi Nakamoto in 2008 and released in 2009. Bitcoin owners can transfer bitcoins via a peer-to-peer network and every transaction is then recorded and tracked on the \u2018blockchain\u2019 which is also sometimes referred to as a giant ledger. Bitcoin\u2019s blockchain programme handles how many bitcoins are produced and this number is capped at 21 million, there was a concern that this capping would limit how Bitcoin would be able to scale, however, a bitcoin is essentially infinitesimally divisible meaning that users can transfer as little as 0.00000001 of a bitcoin. Bitcoin can be used in direct transactions or <a target=\"_blank\" href=\"https:\/\/insidebitcoins.com\/bitcoin-robot\/bitcoin-evolution\">trading with Bitcoin Evolution<\/a> can enable bitcoin users to make bitcoin investments.\u00a0<\/p>\n<h3>What are the advantages of bitcoin over conventional currency?\u00a0<\/h3>\n<p><a href=\"https:\/\/www.andysowards.com\/blog\/2019\/bitcoin-atm-may-perfect-sme\/\" rel=\"noopener\" target=\"_blank\"><img decoding=\"async\" data-src=\"https:\/\/www.andysowards.com\/blog\/assets\/What-Is-Bitcoin-and-Is-It-Still-Relevant-2.jpg\" alt=\"What Is Bitcoin and Is It Still Relevant 2\" width=\"742\" height=\"500\" class=\"alignnone size-full wp-image-35770 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 742px; --smush-placeholder-aspect-ratio: 742\/500;\" \/><\/a><\/p>\n<p><em>Why Bitcoin ATM May Be Perfect For Your SME<\/em><\/p>\n<p>Bitcoins success has been down to it having quite a few advantages such as: <\/p>\n<ul>\n<li style=\"font-weight: 400;\">Better control and safety<br \/>\nBitcoin keeps all of the user\u2019s personal information hidden protecting the user against identity theft. It also allows users to control their transactions which makes the whole Bitcoin network safer for other users. Bitcoin transactions are anonymous. <\/p>\n<\/li>\n<li style=\"font-weight: 400;\">More freedom<br \/>\nBitcoin has made it easy to send and receive money from anywhere in the world at any time. There\u2019s no need to worry about crossing borders or whether your payment will clear over a bank holiday as there are none of the limitations associated with a third party bank. <\/p>\n<\/li>\n<li style=\"font-weight: 400;\">Greater transparency<br \/>\nEvery finalised transaction made with bitcoin is available for everyone to see thanks to blockchain. The identity of the people within the transaction remains anonymous.\u00a0 <\/p>\n<\/li>\n<li style=\"font-weight: 400;\">There are very low or no fees<br \/>\nCurrently, bitcoin payments do not incur any fees. However, some transactions can include a fee if they need to be processed more quickly.\u00a0 <\/p>\n<\/li>\n<\/ul>\n<h3>What are the disadvantages of bitcoin?<\/h3>\n<p><a href=\"http:\/\/infinigeek.com\/didnt-know-bitcoin\/\" rel=\"noopener\" target=\"_blank\"><img decoding=\"async\" data-src=\"https:\/\/www.andysowards.com\/blog\/assets\/What-Is-Bitcoin-and-Is-It-Still-Relevant-5.jpg\" alt=\"What Is Bitcoin and Is It Still Relevant 5\" width=\"730\" height=\"276\" class=\"alignnone size-full wp-image-35767 lazyload\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 730px; --smush-placeholder-aspect-ratio: 730\/276;\" \/><\/a><br \/>\n<em>What You Didn\u2019t Know About Bitcoin<\/em><\/p>\n<ul>\n<li style=\"font-weight: 400;\">Lack of acceptance<br \/>\nAlthough Bitcoin is the most widely used cryptocurrency it still lacks wider acceptance. Until bitcoin is more widely used by merchants it will still have limitations. <\/p>\n<\/li>\n<li style=\"font-weight: 400;\">Government interference<br \/>\nSome countries do not like their people using bitcoin as a currency, although they cannot take your bitcoin away they can freeze the accounts and make access to them difficult. <\/p>\n<\/li>\n<li style=\"font-weight: 400;\">Lack of recourse<br \/>\nIf you lose your<a target=\"_blank\" href=\"https:\/\/www.andysowards.com\/blog\/2018\/bitcoin-wallet-best\/\"> bitcoin wallet <\/a>you have lost your currency for good, there\u2019s no way of going back unless you have it backed up.\u00a0<\/li>\n<\/ul>\n<h3>Is bitcoin still relevant in 2019?<\/h3>\n<p><img decoding=\"async\" data-src=\"https:\/\/www.andysowards.com\/blog\/assets\/What-Is-Bitcoin-and-Is-It-Still-Relevant-6.jpeg\" alt=\"What Is Bitcoin and Is It Still Relevant 6\" width=\"1880\" height=\"1253\" class=\"alignnone size-full wp-image-35771 lazyload\" data-srcset=\"https:\/\/www.andysowards.com\/blog\/assets\/What-Is-Bitcoin-and-Is-It-Still-Relevant-6.jpeg 1880w, https:\/\/www.andysowards.com\/blog\/assets\/What-Is-Bitcoin-and-Is-It-Still-Relevant-6-768x512.jpeg 768w, https:\/\/www.andysowards.com\/blog\/assets\/What-Is-Bitcoin-and-Is-It-Still-Relevant-6-1024x682.jpeg 1024w\" data-sizes=\"(max-width: 1880px) 100vw, 1880px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1880px; --smush-placeholder-aspect-ratio: 1880\/1253;\" \/><br \/>\n<a target=\"_blank\" href=\"https:\/\/www.pexels.com\/photo\/person-holding-silver-bitcoin-coin-1447418\/\"><i>Image Source<\/i><\/a><\/p>\n<p>There are now <a target=\"_blank\" href=\"https:\/\/www.investopedia.com\/tech\/most-important-cryptocurrencies-other-than-bitcoin\/\">thousands of cryptocurrencies<\/a> and knowing the role that Bitcoin will play in the future would require a time machine, what we do know is that at present it remains the superior cryptocurrency, but even champions can fall. Bitcoin still needs to spread into a more widely used currency and to do that it needs to increase its adoption rates which will make it more appealing to larger-scale retailers. There also needs to be a lot more education around bitcoin to help people understand what it is and the fact that they are the sole \u2018banker\u2019 of their bitcoin. With no 3rd party involved there\u2019s no one to complain to, they are responsible if their bitcoin is lost or stolen.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It has been just over a decade since Bitcoin was first released into the world and in that time it has become the leading cryptocurrency. But what is Bitcoin and<\/p>\n","protected":false},"author":1,"featured_media":35771,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"footnotes":""},"categories":[109,1],"tags":[11039,6774,5891,8503,8599,6775,8238,9358,578,8385,11040,5969,5491,1224,5492,5879,7482,21,452],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is Bitcoin and Is It Still Relevant?<\/title>\n<meta name=\"description\" content=\"It has been just over a decade since Bitcoin was first released into the world and in that time it has become the leading cryptocurrency. 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