You have likely seen a Bitcoin ATM in Kansas City, KS. If you are familiar with Bitcoin use, you may have even given the ATM a try. Although Bitcoin is gaining in popularity and adoption, there are still a lot of people who have questions about what it is and why it has become so popular.
At its most basic form, Bitcoin is a consensus network that allows people to make payments using a completely digital currency. But doesn’t digital currency already exist? To an extent the answer is yes. When you make a transaction from your bank, it is a completely digital transaction. But what the transaction represents is a fiat paper currency.
However, when you go to a Bitcoin ATM in Kansas City, KS, and get Bitcoin, you are getting a currency that is 100 percent digital. There is no physical representation for Bitcoin. What makes Bitcoin unique is its peer-to-peer nature.
For example, when you want to make a transaction from your bank to another bank, the transaction is done by your banking institution. They tell you how much you have to pay in fees and how long the transaction will take. With Bitcoin, none of this exists. It is a simple exchange between you and the person or business you are doing the exchange with. There is no middleman. The peer-to-peer nature of Bitcoin is one of the reasons why it is so popular.
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