Bitcoin Is Global
Bitcoin is a form of digital currency created by Satoshi Nakamoto in 2009. It was created promising a faster and more secure way to transfer money from anywhere in the world with lower transfer fees. It is operated on a decentralized network with no central entity or government. You can not physically hold Bitcoin in your hand. Only balances are kept on a public ledger that everyone has access to. This ledger is shared by multiple computers on a global network that checks and verifies every transaction made then confirms it with the rest of the computers on the network.
Bitcoin is not issued or backed by any banks or governments. Instead, Bitcoin is a group of computers or nodes that all run Bitcoin’s code and store every transaction on what is called a blockchain. Each block is a collection of past transactions and is shared with every other node. When the block gets full, it is added to the blockchain and a new block is formed. These nodes are located all over the world. Purchasing and selling with Bitcoin eliminates the need for multiple currency accounts when using it worldwide. All you need is a single bitcoin wallet to make transactions anywhere in the world. Since it is a universal settlement currency, bitcoin can help to protect from sudden movements in currency values in countries with high volatility in their economy. Transactions can be trusted because the funds have to be present for it to occur. These points are just a few reasons why bitcoin is the ideal currency to use for global payments.