Here’s why Bitcoin can Change the World

Well, you already know it; Bitcoin is as volatile as it is real. The volatility can be quite crazy, I know — 800 percent increase in value in one year and 80 percent decline the next. But, like it or not, Bitcoin and its blockchain technology are here with us and aren’t going anywhere any soon. Here, I’ll highlight some of the reasons Bitcoin can and will change the world. The concept and exchange of money is constantly evolving In the days of our forefathers, exchange of goods and services were by trade by barter; later, the precious metals came on board and became legal tenders. For convenience and other reasons, the governments of various nations introduced fiat money, and it became the mainstream form of exchange. However, the dominance of paper currency has been significantly reduced by the emergence of credit cards and cashless policies. Presently, blockchain technology is looking like the next trend. Blockchain method promises to be a faster, more efficient and direct peer-to-peer exchange system — with no middle man in the transaction process and thus, reduced cost of a transaction. Bitcoin, being the most popular blockchain application, is set to replace the credit cards soon and become the main mode of exchange in this our technologically driven cashless world. It has no central exchange and is not regulated Bitcoin is international, not limited by the boundaries of any country. You can use Bitcoin from any part of the world. There is no central exchange for Bitcoin transactions, and they’re not regulated by any government. Transactions occur via the blockchain technology which is dependent on the world’s computers — supported, maintained, and regulated by the public. In essence, Bitcoin is the people’s currency — the currency of the people, by the people, and for the people. Transactions happen in real time and take no time Bitcoin transactions occur in real time. Unlike bank and credit card transactions that are recorded and processed over time, transferring Bitcoin from one account to another occurs instantaneously and the transaction is completed there and then within seconds. In other words, the transactions happen in real-time. This can save a lot of business time. The cost of a transaction is very low Transferring money from one bank to a different bank in the same country can costs you quite a significant amount of money let alone international bank or wire transfers — costs up to 3 percent or more of the transferred amount. Bitcoin transactions, on the other hand, cost cents or even a fraction of a cent. With Bitcoin, you can save more than 3 percent of the amount transacted; if you add them up for all the transactions you make in a year, it will be a lot of money wasted on transaction costs. Bitcoin transactions are transparent and secure In addition to being fast and cheap, the transactions are transparent and secure. You can easily confirm your transactions on the blockchain records. This is one of the beautiful features of blockchain technology — being able to confirm your transactions in no time. Anyone can use it Bitcoin has no restriction on who can or can’t use it — anyone can. It doesn’t matter how old the person is or where he is, once the person has access to the internet, he can create a bitcoin account and transact with the rest of the world. There are more people in the world with mobile phones than there are with bank accounts. Since Bitcoin transactions just need a phone and an internet connection, Bitcoin can help people in remote areas to transact at no extra cost. It is gaining wider acceptance by the day Many popular online stores now consider Bitcoin a legal tender and accept it for their goods and services. Even some tech giants are now allowing customers to pay with Bitcoin. People, presently, see Bitcoin as an alte ative to the major currencies like the Dollar and Euro and use it in place of them for their transactions especially the cross-border transactions. In conclusion, Bitcoin puts the control and regulation of money in the hands of the people. But, more importantly, the blockchain technology that comes with it will revolutionalize the way financial transactions are conducted. Make no mistake about it, this Bitcoin era is still in its infancy — a lot is still to come.