Does the world need Bitcoin? (press release)
The Bitcoin developers launched it after the 2008 financial crisis as a decentralized, peer-to-peer digital currency that would solve the shortcomings of paper money. Bitcoin has so far lived up to that proposition, facilitating faster, safer, and relatively cheaper international money transfers. It has shown a stellar performance over the years, outdoing several conventional asset classes, including precious metals.
Bitcoin has inspired the growth of an entire global industry of cryptocurrencies, worth over $2 trillion and attracting millions of users worldwide. Several mainstream financial institutions, businesses, investors, and individual consumers use Bitcoin to store value and a payment method. Its adoption has also significantly increased over the years, with some governments, such as El Salvador, making Bitcoin a legal tender.
Bitcoin is now the world’s largest cryptocurrency, with roots in various key global economic sectors. Here are the main reasons why the world needs Bitcoin:
Increased Access to Capital
Bitcoin facilitates increased access to capital because it is a decentralized currency, not bound by any government or institutional restrictions. No central body or authority regulates Bitcoin transactions, allowing users to send and receive money across international borders at their convenience. The currency is available online only, meaning users do not have to open bank accounts or go through financial service providers to transact Bitcoin. Besides, Bitcoin payments take a few minutes to process, enabling users to send and receive money across far-flung geographical areas quickly. That is more convenient than banks or other institutions that usually take several hours or days to process cross-border payments.
Many people around the globe have remained poor because the traditional financial systems mainly favor the developed regions and elite members of society. That is why most parts of the world still do not even have banking services. Conventional institutions such as banks also impose strict requirements on the less fortunate, secluding them from the global financial platform. Bitcoin promotes financial inclusion because it is a peer-to-peer currency whose transactions do not involve any intermediaries.
Bitcoin users only need a smartphone, tablet, or desktop and internet access to transact. Besides, many platforms such as bitcoinsmarter.org now exist, bringing Bitcoin closer to the public. Those platforms facilitate various economic opportunities, including Bitcoin trading and investing. That enables people without access to banking services and the unemployed to engage with the rest of the world on financial matters.
Low-Cost International Remittances
Many families and communities around the globe, especially in developing economies, rely on international remittances to support their livelihoods. However, the cost of moving money across international borders has been very high, mainly because of the multiple parties involved in the transactions. Banks and other conventional remittance service providers usually use third parties to process cross-border payments, resulting in high transaction fees.
Bitcoin transactions bear relatively cheaper fees than ordinary bank transfers, credit or debit card payments. The transaction costs usually range between 1% and 5% and could even go lower based on the amounts transacted and the frequency of transactions.
Bitcoin investments are intangible but more lucrative than most assets. That is why Bitcoin’s network also offers greater security for all its users. Its underlying blockchain technology validates and compiles all transactions on a digital public ledger. That facilitates transparency between the parties to every transaction, eliminating the risks of fraud. Besides, the catalog is irreversible, and users cannot alter the data after validation, making it imperative for the parties to uphold every deal conducted in Bitcoin. Blockchain technology has numerous applications outside finance, including smart contracts, supply chain management, and counterfeit product detection.
The above reasons prove the world needs Bitcoin. However, do a little research to learn more about Bitcoin and the crypto market before investing.
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