Why Bitcoin Will Change The World

‘Digital Currency and the future’: Will Bitcoin change the world?

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Get Ready. Bitcoin has finally arrived. The world has access to its first authentic digital currency. It has been a long journey to achieve overnight success. The world has been waiting for a currency suited to meet the demands of the digital age. And now, it has it. Bitcoin does for the internet what traditional currency did for bricks and mortar business. It is a genuine 21st century currency, and a game changing economic innovation. Digital currency is the wave of the future in an increasingly digital world. And, Bitcoin is the exemplar of this new world. ‘Bitcoin’ and ‘Digital Currency’ are near interchangeable terms. Still, Forecasting into the future will always involve uncertainty. So, let us take a closer look at Bitcoin in the present. We can begin by looking at the unique innovations of this leading virtual currency. It delivers a new payment system. It has given birth to a new industry. And, it even introduces a new organisational structure. Working in Bitcoin’s favour to accomplish change is the overall importance of the economic system it seeks to influence. These changes may take place directly or indirectly. It will either happen through Bitcoin itself or another digital currency that it inspires. To paraphrase respected investor Mark Andreesson, “Bitcoin is at a similar position to personal computers in 1975, and the internet in 1993”. In other words there is huge growth potential on offer. It is a science fiction concept steadily becoming part of everyday life.

Bitcoin’s most obvious contribution is to deliver a new payments system. It is a payment system which matches the proliferation of the internet and the online world. It is the world’s first digital payment system. It allows instant payments without processing delays and transaction fees. Payments are delivered simply from one Bitcoin address to another. This eliminates the need for 3rd parties and intermediaries. It cuts out the ‘middle men’ of the financial system. Instead, users are ably protected by complex computer algorithms. It delivers a more streamlined and efficient process. Just as importantly, Bitcoin transactions are not taxed. This is because unlike traditional currency, Bitcoin is not monitored by government departments. This is attractive for purchasers who benefit by paying lower prices for Bitcoin purchases. Secondly, It is another step towards realising a global currency. It is a new instrument for globalisation. 1 Bitcoin holds the same value regardless of nationality. This helps to further break down national borders. Thirdly, It also supports micro payments. This is attractive to merchants offering low cost, high volume transactions. It does this by heavily reducing transaction fees, as above. It also gives people options. There is now one more way people can exchange goods and services. Major brands such as Richard Branson’s Virgin have already made headlines in accepting Bitcoin as payment. Further, court rulings in the United States have determined virtual currency to be a reasonable form of payment. The case of ‘Bitcoin Savings and Trust vs. Security Exchange Commission(USA)’ is the first major court case to declare Bitcoin legal tender. These are important ticks of approval for digital currency’s progress. Also, the introduction of Bitcoin ATMs(Automatic Teller Machines) hints at an ability to co-exist alongside traditional currency. So, the world has witnessed its first digital payments system. It has successfully wiped away longstanding market imperfections such as taxes, transaction fees and processing delays.(continues...)

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