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How Bitcoin Can Change the World?

Posted on 19th Jul 2019 11:57:30 in Blog, Bitcoin

Cryptocurrencies aren’t just a virtual thing people talk about, they are being applied to various uses. Ever since they were introduced to the online trading community, cryptocurrencies have been growing both in numbers and in value. They take the business to areas that were never touched before by a human. People are divided on the topic of cryptocurrencies, one group believes they will change the way we make transactions, view money, or do business. On the other hand, some people don’t believe in virtual money and don’t want to get involved in that way of conducting business. In this article, we will talk about how bitcoin can change the world, and I will try to examine its potential and the challenges it may bring to our society. Will Bitcoin be the start of a new era of conducting business, or will it also affect our everyday lives?

What is bitcoin and how can you get it?

Bitcoin is the most popular cryptocurrency. In the real-world, people earn money by working, trading, selling things, or exchanging currencies. The business that we know today has been in development since the dawn of civilization. It never stopped evolving, and it brought us to the point where we can trade and pay for things virtually, with no money in our hands. Earning money in the virtual world can be done by:

  • Mining
  • Selling goods online
  • Purchasing bitcoins using real-world currencies

Once you’ve earned or bought your bitcoins, they reside in safe online wallets. If you are a wallet owner, you can use Bitcoins for any kind of transaction that is accepting them. Every transaction is tracked through bitcoin networks called blockchains, which validates the transaction.

Bitcoin On Textile
Bitcoin helps people move funds across borders

Is Bitcoin used by everyone?

The primary usage of every currency is for transaction-based trades – selling and buying stuff. Bitcoin is not yet accepted by everyone, whether they are buyers or sellers. We all know banks are controlled by the government, and people who want to receive or send funds without being controlled use Bitcoin. This is just one of the ways Bitcoin can change the world. It is not the answer to all problems, but it does help a lot of people move their funds across borders using just a computer and the Internet.

What kind of marketplaces use bitcoin?

There have been times when a lot of popular payment systems like VISA and PayPal stopped supporting donations to some organizations, one of them was Wikileaks. Despite all that, people found a different way to send funds - they started using Bitcoin. Not many people realize that Bitcoin is already a part of the change.

And of course, there is dark web where a person could buy almost anything using Bitcoin. Yes, some things are not allowed, but you can still get them using your online wallet. Not every market on the dark web is illegal, they are simply digital marketplaces that use Bitcoin as a method of payment because of its anonymous characteristics. Most of the markets on the dark web can easily become illegal because of the products they allow vendors to sell. Digital marketplaces allow the trafficking of drugs, weapons, organs, and many other illegal items. It is then that they break the law and the government can quickly react. 

Bitcoin can strengthen e-commerce

The number of people who shop online is growing every day. Shopping online has actually affected a lot of people. Especially with the appearance of cryptocurrencies, which gives individuals more reasons to become used to online shopping. As it reduces the risk of fraud, both sellers and shoppers have fewer concerns regarding the safety of their personal information. For example, if you own a moving company, you can think of ways to include cryptocurrencies in your business. Calculating your moving expenses online in Bitcoin can be a feature that will make your company the leader in that field. Bitcoin represents a rare combination of technology and finance with a global reach. Its real potential lies in the secure system that keeps records of transactions and which could change the financial ecosystem.

Woman holding a Bitcoin in her hand
Bitcoin makes everything easier

Future of Bitcoin

Through digital labeling, there is a possibility to eliminate third parties and their costs. For example, to transfer the money, you need a bank that will take a cut for providing services. Bitcoin allows free transactions, beyond geographical boundaries.

Another way Bitcoin can change the world is through mobile payments. Apps that could enable money transactions with no fees could be a breakthrough. Cryptocurrency transfers are highly cost-effective and occur in real-time, compared to money transfer firms like Western Union, which charge high commissions and do not process on time.

Bitcoin can change the world in the future by bringing stability to unstable real-world currencies. The next step would be to phase out the currency exchange system, which will give people more control over the funds.

Will Bitcoin last?

There are many concerns and possible risks of using Bitcoin. Because it is virtual, it’s subject to cyberattack and theft by cybercriminals. Shady business owners love that it is anonymous because it gives them the comfort to do illegal stuff and make money off it. But this system is not really different from the ones we rely on today.

Person holding three round coins in their palm
Cryptocurrencies are revolutionizing the future of business, services and payments

Much has been said about how bitcoin can change the world. Overall, bitcoin has excellent potential. Especially, the underlying technology – a blockchain that will raise awareness on problems regarding the law, economy, sociology, and technology. While there are many other cryptocurrencies, Bitcoin may be the one to last. Even if it doesn’t, the technology which it is based on will continue its growth and it will evolve in the coming years. Cryptocurrencies are revolutionizing future payments, services, and business. At this moment, Bitcoin is way ahead of the other cryptocurrencies, and its existence forces us to look at its possibilities and defects. There is a big chance for it to become a universal currency. Chances are that we’re on the path to a world where virtual currency will become the dominant force.

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