Over the last few years Bitcoin has grown to become an important alternative to bank controlled finance, with more and more mainstream websites and businesses beginning to accept payment in the cryptocurrency. Bitcoin is an open-source, software based currency system, that allows users to transfer funds through a public, distributed ledger known as the ‘blockchain’.

Since the international community has repeatedly failed to address global financial failures, Bitcoin stands to provide a meaningful alternative to bank controlled finance. As a truly independent currency, the bitcoins on the market are not created by a central bank, they are created through a process known as ‘mining’. In the early days of bitcoin this could be done with a standard PC but the mining ‘difficulty’ has significantly increased due to increasing complexity in the algorithms involved, this means that costly specialist hardware is now needed to mine bitcoins.

Bitcoin provides an alternative payment method, via peer-to-peer transfers which are essentially free (a very small fee is paid to the bitcoin network which is distributed to miners). Here’s five reasons why you should get yourself a bitcoin wallet today...

1. Alternative payments

Most modern e-commerce facilities require significant fees to be paid which can be a significant drain on profits to small online enterprises. Bitcoin is an open-source currency solution which allows funds to be transferred to pay for goods/services for essentially free! It’s also outside of the control of governments and banks; it’s value is related to the bitcoin communities spending/saving habits.

2. Peer-to-peer transfers (no commission,immediate, secure, anonymous)

With a Bitcoin wallet you can transfer funds to anyone, anywhere without paying for the privilege! In a continually globalising world economy, it should be easy to send money to people wherever they are; Bitcoin ensures it is simple to transfer capital in a direct peer-to-peer fashion.

3. Easier than ever conversions

As the bitcoin market grows it is becoming easier and easier to convert between bitcoin and other currencies. Lots of exchanges
the lower the costs to the user.

4. Money Transactions

With the introduction of Bitcoin debit cards, it is now possible to make purchases in any currency using bitcoins. Card providers will deal with all the complicated conversions and ensure that merchants receive the correct funds in their chosen currency, by taking bit coins from your wallet and instantly selling them on an exchange for that currency.

5. Cash out bitcoins

Bitcoin debit cards also make it easier than ever to cash out bitcoins for any fiat currency at ATMs all around the world. Once again your card provider deals with all the behind the scenes conversions and you can cash out bit coins whenever you need them.

6. Secure online bitcoin storage

It’s now easier than ever to store your bitcoins securely online. Many services exist which will allow you to have precise control over your bitcoin wealth, whilst never having to rely on your own security systems to keep it safe. Companies offer high security storage, backed up by large offline bitcoin stores, so you know your funds are safe with them.

There’s never been a better time to get involved with Bitcoin - Don’t delay get yourself a Bitcoin wallet today and join in with the cryptocurrency revolution!!

Author: George is experienced professional with PE/VC and corporate finance background. Currently, has founded Bitcoin Wallet startup Cryptopay.me.