The cryptocurrency is now reaching the $15,000 mark in the past few weeks and is looking to be on a rise in the future. So, is it the right time to hop into the roller coaster? Or should you wait and first understand the nature of the cryptocurrency.

The concept of Bitcoin is slowly starting to make a dent on the minds of the people. It is not easy to totally understand Bitcoin as one needs to have a thorough knowledge of Finance, world economy, history, Politics and not to mention be completely tech savvy. Right from mining coins using Blockchain methodology, to transacting between two peers, understanding Bitcoin needs patience and clarity of thought. You are in charge of your own financial status. There is no third party involved in between the transactions. Hence, this becomes the most secure transaction in the world. It is like the age-old barter system- the exchange is between two people only, in a mode that is private between them.

How is the Transaction Private?

Bitcoin works on the principle of the decentralized peer-to-peer only transaction. Hence, there is no involvement of any third party that would know about this. In order to do a transaction using Bitcoins, you would need a public key and a Private key. The public key is used to share to anyone who wishes to scan it to pay you. It is just a public QR code to scan for payment. The Private key, however, has a different use. It hosts the cryptography of your Bitcoin balance. It is the most important asset of your bitcoin financial transactions. If you lose out the QR code of your private key accidentally to the public, then they can scan Bitcoins out of your balance.

Thankfully, certain private firms like Bitcoin Profit assist you to make the right decisions, and at the same time safeguards your Bitcoin transactions. This is not the centralization of Bitcoin, but an assist for you to succeed in your bitcoin financial goals. It is important that one should be careful about transacting using bitcoins. Being decentralized means that there is no way you can get your Bitcoins back, if they were involved in an accidental breach, unlike any other credit card fraud where the bank safeguards your money against any such fraudulent transactions.

Money for All

Being a first time Bitcoin investor, you must understand that with all the security that runs with the transactions, Bitcoin also makes sure that people who do not have access to the banking system at all, also get to transact towards financial independence. So you can freely transact with anyone who just has the Bitcoin app and the keys to exchange. This in itself is revolutionary, since it eliminates the need of a third-party bank to create a common system first for the unbanked population, in order to enable them to transact.

According to the World Bank, there is about 2 Billion unbanked population in the world. Bitcoin can help in bridging the gap between the unbanked and their right to financial self-reliance.