How Bitcoin Reduces Unemployment

How bitcoin reduce unemployment

World can be agree or disagree with usage of Bitcoin but there is a good thing about bitcoin is IT REDUCE UNEMPLOYMENT. Bitcoin is a digital currency. It is the first decentralized currency, it works without a central bank and a single administrator. No one knows who actually created it. They first appeared from a developer named Satoshi Nakamoto, in 2009. It is supported by a source code. This support code has highly complex algorithms to prevent creation or duplication. They can be used to trade goods and services. They vary in value every day and one needs to constantly check sites to keep up with the real value. The value of each bitcoin is in the bitcoin itself. They can be programmed to be used only for specific purposes.Each Bitcoin has a unique ID. Bitcoin can either be purchased or mined by powerful computers. They operate on open transaction ledgers called blockchain. To buy them you need to purchase them from exchanges that allow you to buy them in cash or credit card.

How bitcoins can help curb unemployment

  • Since the transaction fee is very low, it allows people who have low incomes and those unemployed to trade.
  • Since it is digital money and requires no certification to trade, one can start with no prior certification and they can start earning.
  • Bitcoin exchange websites are easy to use and anyone can easily navigate through which ensures those who are unemployed and have no prior knowledge of how it works to easily use.
  • Bitcoin is fast spreading and its price in gradually increasing, therefore people who can invest and get huge returns.
  • Since the introduction of bitcoin increase in employment opportunities has been noted as more investors are opening firms worldwide.

I would, however, recommend you do not invest all your money in it as no one knows its future. It is, however, important to note that like any other currency, bitcoin also has its risks and research should be intensively carried out before venturing into the trading.

Below are some of the advantages and disadvantages of trading with bitcoin and investing in it.

Websites to buy and trade bitcoins

 

Bitstamp

It is one of the most reliable exchange websites. The verification process takes less than three hours if you have all the right documents; passport sized picture, ID, drivers license, scanned copy of passport or proof of residency.

BTC-e

It is located in Europe. Its verification process is straightforward and their website is easy to use and navigate through.

Coinbase

It is the world’s biggest broker. It has a knowledge base and email support system. Bitcoin transfer speed to your wallet depends solely on your country of residence.

ItBit

It is based in united states and Singapore. Its security is very strong. Its FAQ offers answers to almost all exchange questions.

Bitfinex

It currently has the largest volume of bitcoin exchange. Withdrawals from Bitfinex can take up to 12 hours while trading usually takes anywhere from a minute to two hours.

LocalBitcoins

It has one of the most secure ways to purchase bitcoins and it provides many ways to purchase. In some countries, it is the only way to buy bitcoins.

Coinmama

It has great customer service and it is available in many countries.It allows various payment methods such as cash, western union and credit card payment.

BitPanda

It is based in Austria. It allows various methods of payment. Transactions are quick and the website is easy to navigate.

BitQuick

It is highly accessible and easy to use. It has a resourceful and highly responsive customer support team. It boasts of smooth transactions.

Bittrex

It is one of the safest exchange websites out there. It has automated features and the website is very easy to use. Verification is required for purchases and withdrawals.

Poloniex

It is second most popular exchange website measured by volume. It offers a variety of coins for trading. Cryptocurrency is the only mode of payment to and from the exchange website.

Binance

It is popular for its crypto to crypto exchange services. It is also known for its variety of trading coins.Its customer support is very responsive and able to answer most of the questions.

Gemini

It is designed to be highly user-friendly, it is very easy to use. It has very well explained FAQs. It has a solid backing from the public for its transparency and security.

Coinsecure

It is based in India. It has automated bitcoin withdrawals and deposits. It is the only exchange in India to offer REST API. It allows you to trade coins for Indian rupees.

Bitmex

It is easy to use but appears too complicated for new traders. It has 24-hour customer service support from emails to live channels. It has good liquidity and boasts of advanced features and security.

Advantages of bitcoins

 

Cheap and quick transactions

There are very low transaction fees And very quick as there are no institutions involved or documents involved. The purchases are not taxed as they do not involve the government.

No geographical limitation

Since bitcoins are digital, travelers can have easy access from wherever they are without any curb some process of foreign exchange. Traders can do transactions from any remote area as long as they have an internet connection.

Reduced risk of inflation

Unlike other currencies bitcoins run a low risk of inflation as it is not government owned. Its value is not affected by external factors. Most currencies depend on government and they could easily fall.

It is untraceable

You do not have to worry about funds been traced back to you which will help maintain the security of your funds as your transactions and personal details are not shared with the public.

Security and control

Unlike other currencies, a trader cannot charge you differently. You also the advantage of having total control of your transactions. There are no third user interruptions, therefore, you have complete freedom.

Easy international transfers

Deposits and withdrawals usually take less than 12 hours. It is faster compared to other methods of payment as they only involve peer-peer and do not require authorization that is common with third parties. It makes it one of the easiest ways to quickly do international transfers.

Disadvantages of bitcoins

 

It is easy to lose

If you are not careful and made a wrong transaction you will lose bitcoins. If your wallet is hacked into and tampered with, you lose all your bitcoins. You run a higher risk if your bitcoins are stored in an online wallet.

Increased criminal activity

Because bitcoin is untraceable, many criminals will opt for this mode of money transfer as they have no risk of any funds been traced back to them.

It is difficult to trade

Since it is fairly new, it is unlikely that you would go to a local farmer and purchase tomatoes with bitcoins. Not many people know about it, therefore making it inconvenient as the only means of currency.

It is still in its developing stages

As it is still in its developing stages at the moment, there are a lot of issues that may arise as a result. This makes it unreliable as some features are not installed yet.

 

In conclusion, investing in bitcoins is a wise choice as their value is continuously increasing as they are mined more. The earlier you invest in them, the more value and profit you will have later on as people continue to get them.They are the gold of the internet.

Read Also – What is Virtual Assistant? How Can They Help Your Business

Leave a Reply

Your email address will not be published. Required fields are marked *