Much like science- bitcoin and blockchain don’t care about your feelings. They’re here to stay in a big way.
Despite the seemingly near cyclical doomsday scenarios put forth by bitcoin’s most vocal detractors, the happy fact of the matter is that both bitcoin and blockchain have yet to deteriorate. What was once touted as a fad, and now as a bubble, will eventually become just another assurity of everyday life.
Bitcoin adoption has been climbing, since its advent little over a decade ago. Entire countries are working to create better infrastructure and favorable legislation. New users and seasoned pros alike find comfort in the warm glow of their screens as the check in on their Bitvavo accounts- or those of any other favoured exchange platform. As numbers and graphs spill out of our news feeds and social media pumps out nearly 20 bitcoin related posts per minute- it has become obvious that the world is happy to embrace both bitcoin and blockchain into our lives. And frankly- we’re thrilled.
Bitcoin: The Financial Infrastructure We’ve Been Waiting For
Overtime, bitcoin has proven to be a stable and globally provocative market. As an asset, bitcoin offers a store of value closely resembling that of gold- a brilliant hedge to mitigate risk, and a commodity that cannot be manipulated or artificially produced. As a currency, it’s brought a non-sovereign, fully decentralized, and uniquely borderless payment system. While it is subject to local regulation, and can be subjugated to governmental oversight, as seen with growing KYC protocol enforcement as well as taxability, the digital currency has still retained nearly all of its most important ideologies and principles.
Fundamentally, bitcoin has brought to the world a viable alternative to overreaching governments and overspent, overinflated, fiat systems. Which- far too often- have historically devastated global populations. Creating what has become the epitome of democratic control framework, the artifice of libertarian expenditure, and the genuinely transparent financial system that nearly all political ideologies have been craving since trade became monetized. Giving a modicum of hope to just about anyone who spends their waking hours thinking about economic reform and global finance.
While compelling wording will only get you so far, the facts of the matter are that bitcoin alone accounts for $6 billion worth of daily online transactions. There are over 101 million cryptocurrency users worldwide. As of this year, bitcoin has outperformed many of the top legacy markets. And perhaps one of the most compelling statistics regarding bitcoin- it can reduce 30% of the costs associated with those going toward central bank infrastructure. The truth is, cryptocurrency is faster, safer, and cheaper than centralized banking systems.
Blockchain Offers More Than Just DLT
The utility of blockchain cannot be understated. Which is a bold statement indeed, but one that as time goes by, becomes ever more apparent. Blockchain is the functional unit behind bitcoins trustless ledger systems. It’s how validated transactions are recorded, and how those records are made public. Making it nearly impossible to duplicate, or fake. You know exactly where your money goes, where it will go, and how the entire system operates.
This manner of record keeping is incredibly useful in a myriad of different applications. It can be used in nearly every sector we hold dear- from healthcare to shipping and processing. The inter connectivity between blockchain technology and the Internet of Things is poised to completely revolutionize the way we live. The way we think about living. Lower costs, promoting security, and prioritizing speed, transparency and efficiency above all.
Adopting blockchain technology could save traditional financial organizations $12 billion per year. Let alone the strife it could save society. Making things like the 2008 subprime mortgage crisis and the events that created it, fully obsolete. Never again to be seen. It completely removes discrimination and injustice from account creation, lending practices, and contract formation.
What It Means for the Future
What does it all mean for the future? Well, probably not much more portent than it all holds for tomorrow. What it means is that we’ve already jumped the biggest hurdle to creating a global and truly democratic financial system. A fact that is nearly impossible to argue. It’s here, it’s helping millions create better financial security worldwide, deal with it.
Realistically speaking, continued adoption of crypto could indeed hold a brighter future for all, but listing the ways in which bitcoin and blockchain adoption could change our lives for the better far exceeds the word limit of this humble article. What is simple to see and takes very little explanation is the fact that the glass ceiling has been shattered. Pandora’s box is open, and no- you can’t put the toothpaste back into the tube. Bitcoin is here to stay, blockchain came to play. And we’re all a little bit bette