Despite naysayers, Bitcoin is already changing finance

Many people are afraid that Bitcoin adoption has begun to stagnate. In many ways, this is true. What these people often don’t take into account, though, is just how much Bitcoin has already grown from its humble beginnings as an obscure, fringe subculture just 5 years ago to a near household name today.

In many important ways, the Bitcoin revolution has already begun. For instance, Bitcoin has now made it possible to send money internationally with miniscule fees. With a required fee of just .0002 BTC, or about $0.87 at the time of this writing, you can send any amount of Bitcoin to any address that could be owned by a person literally anywhere in the world. Further, since created wallets that allow you to send and receive the cryptocurrency via text message, users don’t even need internet access to utilize the “internet” technology anymore! This has allowed Bitcoin an opportunity to be used where it perhaps needed the most: impoverished countries, such as Somalia, whose unstable currencies have prevented residents from creating any sort of sustainable wealth.

Bitcoin finance
How Bitcoin Is Changing Finance?

Bitcoin has also provided an opportunity for the unbanked to finally take control of their finances.

Using Bitcoin as a sort of savings account, they have a way to securely store their money in digital form on their computers (perhaps with their file backed up to Google Drive just in case). And, since P2P lending has arrived, the unbanked can even earn interest on their savings; such as would be possible with a traditional savings account.

With innovation coming almost daily to the cryptocurrency world, the future still looks bright. For instance, Decentralized exchanges are just beginning to come into their own, bringing with them the potential to topple long-standing giants in P2P e-commerce, such as eBay and Amazon; who depend on ever-increasing fees for their profitability.

Just remember that Bitcoin is still in its infancy. Lots of smart and powerful people believe it can greatly improve people’s lives and are working to make their beliefs a reality. To the moon, Bitcoiners!

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