Although Bitcoin is already 8 years old, his path to widespread distribution and continuity is just beginning. Over the past year, his value jumped 7 times, largely due to the fact that he managed to attract the interest of the average man.
Fortune's network is based on block block technology that provides secure and fast transactions without the need for banks and credit cards. And in an interview by Don Tapscoat, the author of the book "The Blockchain Revolution: How Technology Behind the Bitcoin of Money, the Business and the World" discusses its potential applications. You can watch the interview in English here.
As Bitcoin gains momentum, many professional investors condemn him to be a balloon that will burst at the moment, and many are wondering if such growth is healthy. Meanwhile, Tapskot explains that the block technology is so revolutionary that their question is far from meaningless.
With the rapid spread of Bitcoin, banks can get out of the game. The virtual currency removes the need for an intermediary, provides the opportunity for remittances to those who do not have easy access to such a service and offers generally more secure transactions.
Removing an intermediary
Bank fees are rising sharply, and at that time they account for about 40% of their income. And Bitcoin's promise is simple: to remove intermediaries (along with their high fees) and to support financial transactions through a decentralized system that keeps absolutely all the moves that have ever been made with cryptocurrency.
Financial services for those who do not have access to them
In the current modern world, over 2 billion people do not have a bank account, and their number does not seem to decrease. At the same time, Bitcoin is gaining momentum in developing countries, where it offers a better way to send money, especially in highly isolated locations where banks are rare.
Safer transactions
Every year, traders pay over $ 7 billion for cashbacks to their customers who have submitted fraudulent requests to receive the money sent back. Bitcoin also has an answer to this problem, as Bitcoin transactions are irreversible.
There are, of course, cases where money can be returned. That is why there are different startups and companies that offer escrow systems, guaranteeing both parties that if their obligations are not met, they will get their money back. It is also developing the technology of "smart contracts", which should allow the creation of such a service on the Bitcoin network.
Transactions are also safer. From a mathematical point of view, Bitcoin's network can not be hacked.
When will Battlefield reach new peaks?
Bitcoin is something so different from anything we know up to now. Therefore, it is normal for people to be initially distrustful until they understand the technology. The good news is that consumers and retailers are starting to experiment with the cryptocurrency and realize its benefits, and Bitcoin's distribution and stability is growing.
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