Last updated on January 2nd, 2018 at 12:00 am
If the world economy is a game of Monopoly, then the players should eventually get tired of the fiat currency system. What’s more fascinating is that we have a solution right in our grasp, but the world economy is not quite ready to adopt it. Some of you may have guessed what I am talking about: Bitcoin.
The way we are using Bitcoin falls short of its possibilities. If cryptocurrency were a part of nature, then we would only be using its fruits, while a number of overwhelming possibilities would still be hidden in the seeds. Let’s talk about some of the possibilities of the Bitcoin technology.
Peer-to-peer global monetary system
The days of government-controlled ‘money’ are over. In the 21st century, you are the controller of your own money. Since the dawn of civilization, the use of a local currency has turned into a tradition. People used to trade physical tokens and objects among them, but now they can use digital currency. You are free from any government regulation and fees. It is a currency made by the people, belonging to the people and for the people.
The blockchain is Bitcoin’s public transaction ledger, which keeps track of all the BTC transactions. This crypto technology gem has been applauded by experts around the world. The possible applications are so vast that people and companies are already trying to integrate blockchain with many fundamental parts of our daily life. No need to create paper trails, to hire a lawyer and to keep records: the blockchain is simple and transparent. It is truly a technology for the 21st century.
Flexible transfer system
Do you even know how many ways there are to transfer your Bitcoins? You might have already used online wallet services – which include desktop and smartphone-based wallet – or paper wallet services to transfer Bitcoin from one wallet to another. But do you know you can send transfer bitcoins by SMS, for instance? It doesn’t get any simpler than that.
Other alternatives to Bitcoin
Bitcoin was the world’s first ever cryptocurrency, but not anymore. Since the creation of Bitcoin’s technology, other developers have been drawn by the success of cryptocurrency and introduced alternative digital currencies, called ‘altcoins’. Each altcoin has distinctive features that may be integrated into Bitcoin at some point (check Litecoin’s example). Soon you won’t have to depend on Bitcoin alone to accomplish your cause: you can choose any altcoin of your liking.
Governments no longer control your money
There’s a reason why governments and their agencies like the fiat system. It’s because they get to control people’s economic freedom at will. Well, it’s safe to say that those days are over. You won’t have to pay for their malfeasance anymore. You are no longer the slave of government-initiated inflation. Time has come for a currency that is free from any government regulation, manipulation or fixed interest rate. The fear of unlimited currency being worthless at some point has disappeared thanks to the introduction of Bitcoin. The cryptocurrency has a limit of 21 million coins that will always exist no matter what.
Bitcoins are much faster than any other fiat currency. When it comes to speed, the fiat currency system is nowhere near the promptness of Bitcoin. Whenever you need to exchange from one fiat currency to another or to make a transaction, the wait is sometimes unbearable. In the era of speed and precision, you can either get through the banks, their questions (not to mention their fees) and wait an eternity for their approval, or you can just use Bitcoin to transfer millions of dollars, for negligible fees, in a matter of seconds.
Investments made easy
Suppose you are looking for small business startups to invest your money. Finding a new business looking for investments is easy, but the associated paperwork can be a pain. On the other side, Bitcoin can offer a simple solution. Just use the QR code to make the transaction and save the trouble of filling out checks, presenting ID or signing documents.
Payments made easy
Freelancing is one of the most preferable careers right now and making payments smoothly is a part and parcel of this profession. Sometimes the clients face problems when making small payments to an author or content creator due to the high fees. With Bitcoin you can simply make the payments without a middleman: anywhere, anytime and with less costs.
Freedom for your wealth
People still invest in ‘gold’ or ‘bonds’ as a way to save money an grow their wealth. But when you need to transfer your gold across the border or withdraw your bonds, you’re sure to draw some attention. Or worse, you might even get robbed. But if you use Bitcoin, then you can just store your money in a digital wallet, and take your property anywhere in the world without a single question being asked. Simple!
Transactions fees are reduced
With Bitcoin wallets you can easily make transactions as many times as you want, as big or as small as you wish. No need to fill out extra paperwork! Just create different wallets and handle transactions without having to worry about any charges per transaction.
Your bank at your doorstep, anyplace, anywhere
People with no access to the internet, let alone ATMs, find it hard to enjoy the advantages of the modern banking system. For those people, Bitcoin technology is introducing the crypto banking system. You can just buy, sell and trade worldwide with a simple SMS via your phone. No more banking fees or credit card.
Bitcoin is more legit than fiat currency
Anyone who knows about fiat currency, may also have heard about the counterfeit business. With new technology and advanced tolls, making fake cash is as easy as making ice from water. But Bitcoin is as real as it gets. You can’t counterfeit BTC since there is no such thing as a fake Bitcoin.
Transparent economy system
Have you ever wondered, about how the government uses the money they collect from you? Even if you have, there’s no way to find out the true record of their transactions. But that could be done using the blockchain technology. The blockchain is a technology that keeps track of every single transaction without the trouble of paperwork. Bitcoin could be ledger of a government’s budget, spending and earning.
The future of money
Bitcoin technology is a very unique and unsettling invention, with endless possibilities. It is free from any centralization, authority or a regulatory system. It doesn’t need any help from other currencies to make it look good. It can create its own existence and save the world economy from the downside of the traditional fiat currency system. In recent times, the Bitcoin network has faced many ups and downs, while raising questions among the community about its resilience. Still, everyone needs to keep in mind that this is a currency that has been operating worlwide only for half a decade. It is still adopting and struggling to make its mark. But with proper time and management, we can help Bitcoin to become “the future of money.”