Bitcoin is a revolutionary digital currency that is decentralised and operated on a state of the art ledger, called the blockchain. This digital technology certainly holds the future in its hands, offering an alternative form of currency to standard fiat currencies, like the Dollar, Euro, and Pound, to name a few.
Cryptocurrency is tied to coded algorithms on the internet, which are mined and then sold to investors, who can then either hold onto the currency in hopes of it growing in value, or using the currency to pay for selected goods and services around the world with minimal fuss and cost.
Because Bitcoin is decentralised, it is not controlled by any one server and therefore evades manipulation and control of by higher powers that may be inclined to corruption. There are no middle man mangers involved in the blockchain process, meaning that the sender and receiver of the funds are in full power over each transaction.
BITCOIN DESIGN IS A SAVING RECIPE
In a world, where every now and again a despot ruler takes control of a country’s economy, there becomes a desperate need for a device that can protect the people in the country on a monetary level. The problem is when a government system is in total control of all banking activities, how do you send relief to that country from outside of the borders? The answer is actually quite straight forward nowadays. You can send relief funds right into the correct hands through Bitcoin.
There are so many naysayers that are against Bitcoin protocols because criminals make use of the platform to launder funds and empower splinter cells across the world. What politicians and rebuttals forget is that the nature of the blockchain provides the perfect conduit through which great hope can be given to the public in countries where their currency is worthless and where they are in need of urgent relief.
Digital currencies and blockchains can help cut down on corruption in many poor countries, where the government skims much of the funds off the top, preventing the funds from actually going where they should. The transfer of funds is also made much more affordable in this way, ensuring more money is available to those in need, and less money is hogged by foreign exchange costs.
VENEZUELA: AN EXAMPLE OF BITCOIN’S POWER
The country of Venezuela is economically wrecked, facing hyperinflation of its currency and no hope of intervention from the outside world, because of their President, Nicolas Maduro’s iron fist chokehold in the prevention of humanitarian aid from foreign countries.
Venezuela is so devastated at the moment that even the upper-middle-class public, including top professionals in medicine and law, struggle to afford basic amenities and food to feed their families. There is much need for help and thanks to currencies like Bitcoin, non-profit organisations are beginning to get the aid that they need.
Relief organisations that take in Bitcoin donations, such as Give Crypto, Bitcoin Venezuela, and Eat BCH have helped to alleviate some of the suffering of the Venezuelan people buy bypassing Maduro’s control of the economy and its banking structures. However, more is going to have to be done on the cryptocurrency front to bring stability to the nation.
CRYPTO-INFRASTRUCTURE MUCH NEEDED
While Bitcoin provides a breakthrough channel for moving funds for aid, the long term goal would ideally be to create a crypto infrastructure within the country, so that people can start trading in a currency that is actually worth something.
Bitcoin is the ideal candidate because political influence has no bearing on the platform whatsoever due its decentralised nature, though it is noted that improved legislation in the area of cryptocurrency in the country would go a long way to strengthening their resolve to make cryptocurrency work optimally for the people.
BITCOIN’S USABILITY JUST GOT A BOOST
While many prominent people in the financial and tech industries have seen the merits in the blockchain, some of them have been sceptical about whether or not Bitcoin can actually work as a currency. One of the major concerns in this regard is its usability. While it obviously has a value, most Bitcoin investors tend to hold onto their asset in order to sell at the right time, rather than actually use it.
Things are slowly changing on this front. A classic example can be seen in Australasian countries, where have embraced decentralised currency and have even legalised paying salaries in Bitcoin. More and more companies are starting to accept the currency as legal tender, and more and more online casinos are becoming Bitcoin punters, as well.
The fact that it provides humanitarian relief needs is a massive boost for the currency, proving to the world that it can even serve the noblest of causes out there. Whether it is usable or not should really cease to be the question. Rather, people should be asking when it will become the dominant global currency.
Bitcoin’s blockchain is a grand resource that is set to change the shape of the future in more ways than one. It is designed to put the power into the hands of the people.
If adopted on a large scale it can protect whole countries against fiat currency recessions and prevent the effects of over-inflation in poor countries throughout Africa and South America.
As a first-class gambling company, we have seen in a very short time how well Bitcoin works on a transactional basis. The safety and security of the blockchain, together with its protocols to liberate those who live under imposed restrictions from high places, making it the ‘hero’ currency the world has been looking for, for decades now.
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