No one can deny the incredible progress technology has made in the last few years. With the inception of digital currencies, different economies around the world changed utterly. When Satoshi Nakamoto introduced his academic paperback in 2009, nobody even expected that it would receive massive publicity soon. Today almost everyone is aware of bitcoin, which is why the concept is not alien at all. A lot of people use it to conduct transactions worth millions of dollars online. Here, in this article, we will guide you through a few ways, bitcoin has changed the world:
1. More Efficient Payment System
Nobody is interested in visiting the bank every day to receive payment and deposit cash. The procedure is hefty and is time-consuming. This is where bitcoin jumps in to help people who want to avoid the archaic process of financial institutions. Because bitcoin is not governed by any centralized authority, it can provide a faster and more efficient payment system to people across the globe. People often sell bitcoin in exchange for an excellent or service online.
2. New Crowdfunding Possible
Entrepreneurs have always dreamed of living in a world where crowdfunding is not an issue at all. Although this process of raising money is not mainstream but is making its way on several platforms. Some of the most successful crowdfunding campaigns have already taken place on GoFundMe, Kickstarter and IndieGoGo but each of them has certain limitations and restrictions. Contrary to this, ICO, which stands for Initial Coin Offerings, makes it easy for young entrepreneurs to grab secure funding on a single platform.
3. Alternative to Unstable Currencies
There’s no running away from the fact, the inflation rate in many countries has caused massive damage to the world economy. The inflation rate in Venezuela is around 40%, which is why they have to struggle to afford even essential items. This is the main reason why the citizens of this country have churned to bitcoin as a stable and eco-friendly choice. The bitcoin volume in the country is skyrocketing and has stabilized much of the families there. Trading in bitcoin makes Venezuelans eligible for a 15% discount.
4. Investment Opportunities
No wonder, bitcoin has opened several opportunities for investment in a short time. There are over 29000 bitcoin addresses around the globe with a staggering net worth of millions. Many people who bought bitcoin a few years back are now enjoying the multi-millionaire life today. Although bitcoin doesn’t offer its highest value of $20,000, there are still lucrative investment options for people globally. The best part about bitcoin is, it is a democratic platform that gives a chance to everyone to earn money. Visit www.bitmi.io to learn more about the concept.
5. Achieving Global Consensus
Bitcoin is the only platform that offers the entire world a chance to vocalize opinions at one single platform. History is proof enough, financial organizations have tampered with information because they have an interest in their own. Therefore, blockchain succeeds where other strategies fail. With the help of bitcoin and other digital currencies, people can easily reach global consensus in a short time. Hadn’t it been for bitcoin, the entire world would have never got the chance to agree on something mutually without any discrepancy.