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Why Bitcoin Is Going Mainstream


Money Transfers

A big reason is money transfers. Look at any comparable money transfer site, or even your banks fee chart/table. For a much smaller fee I guarantee you transferring money as bitcoin is no where close to the fee that you're currently paying. If you've never tired this, please do, save some money, and support bitcoin in tandem with your local currency. Think of using bitcoin similar to using e-transfer from one bank to another to bring it into terms of everyday people and bank users, it's not so complicated.


Merchant / Company Adoption

Just as you might think, companies and businesses have began accepting and using bitcoin day to day, this means the customers are able to pay with bitcoin. When customers gain the ability to pay with bitcoin it becomes more of a priority to pay with it as opposed to USD or any other local currency.  Some large scale companies that have started their acceptance of bitcoin are Amazon, Newegg, and TigerDirect. Keep in mind, this is just the beginning. Paypal has been in talks with accepting bitcoin for some time and has released that they WILL be accepting bitcoin. This is huge.


No Currency Exchanges

You will NEVER need to convert your currency. Traveling abroad? No worries, bitcoin is it's own decentralized currency, meaning spending it in one country has no extra costs, no currency conversions and is just one less fee that you need to concern yourself with.

A Little Thing Called The Blockchain

The blockchain in essence is a chain of transactions and users transacting to keep all transactions with 100% transparency.

A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency's block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
Every block contains a hash of the previous block. This has the effect of creating a chain of blocks from the genesis block to the current block. Each block is guaranteed to come after the previous block chronologically because the previous block's hash would otherwise not be known. Each block is also computationally impractical to modify once it has been in the chain for a while because every block after it would also have to be regenerated. These properties are what make double-spending of bitcoins very difficult. The block chain is the main innovation of Bitcoin.



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Location: Toronto, ON, Canada

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