5 Incredible Ways Bitcoin and Blockchain Will Change the World

5 Incredible Ways Bitcoin and Blockchain Will Change the World

Many people see Bitcoin as just another stock or asset that they can invest their money into. This misconception is driven by a fundamental lack of understanding in what Bitcoin actually offers and where its potentials lie. At its core, Bitcoin is a digital currency, or a cryptocurrency, but to compare it to any other existing fiat currency is doing Bitcoin a disservice.

There are many ways that Bitcoin and the technology it is built on, blockchain, can alter modern society as we know it. Here are five incredible ways Bitcoin will change the world.

1) A Push for Privacy

Recent history has taken away much of the privacy that we have. Dozens of companies have access to our personal data—including everything from our name, age, to even our hobbies and interests—and this data is regularly sold to companies for advertising and other purposes.

Blockchain returns privacy to the individual, in purchases and whatever other uses come up in the future. Cryptocurrencies allow you to make transactions that aren’t logged by any central institution. Fiat currencies track every transaction you make, in a store or online. While some may say that there is no reason to have this kind of privacy, cryptocurrencies provide a sense of privacy that the modern world has lost.

2) Quicker, Faster, and Cheaper Transactions

Bitcoin may still have some problems—high transaction fees and slow transaction times—but as cryptocurrencies continue to find mass adoption, other currencies running on blockchain technology will solve all the smaller issues that currently plague Bitcoin. This will lead to a more efficient financial environment for everyone making transactions worldwide.

With quicker, faster, and cheaper transactions, the global economy will continue to expand and thrive, as more people find it easier to make transactions across the Internet.

3) The Removal of Intrusive Companies

Think of all the possible problems that can come up when making transactions, online or in stores. PayPal takes a small percentage for every transaction between the client and the freelancer; banks may deny you a purchase for reasons that aren’t very clearly explained; Western Union takes at least 10% off every payment that is sent back home.

Financial institutions have become standards in our lives, but these are standards that cryptocurrencies and blockchain technology can effectively cut out. Trading 101 teaches us to find the best deals possible, and many of our transactions are made costlier with the hundreds of financial institutions involved. The services they provide are free and natural on blockchain technology. No longer are users at the mercy of these companies, once cryptocurrency adoption becomes more widespread.

4) Increased Accessibility

One of the major positives of Bitcoin and similar cryptocurrencies is that it allows every individual to be their own bank. When storing large amounts of money, it is always recommended that we deposit our assets in a bank account. The problem, however, is that bank accounts aren’t always accessible to people around the world. Some people in third world countries and more rural areas have difficulty opening a bank account, with stringent requirements and official documents that stand as a barrier between them and the modern world.

And not having a bank account can be terrible in this day and age—it cuts you from the possibilities of online transactions. With Bitcoin, everyone can be their own bank; as long as they have access to Internet and a mobile phone, they can own a Bitcoin wallet.

5) A Trustless Economy

We are forced to trust financial institutions with our money all the time, to the point that we no longer realize that we are granting this trust. Bitcoin allows us to evolve into a trustless economy; no longer do we have to trust banks and financial institutions to be honest and work for our benefit. Bitcoin takes away the need to trust, as it gives us the same functionality with none of the possibilities of fraud or error.