In the part one of this post, I talked about Bitcoin and how it is transparent compared to banks who are only concerned with making money for themselves. In the post, I made it clear that Bitcoin as a coin and the Blockchain as a technology is transparent and more trustworthy compared to banks as an organization. In this post, I will further look into why Bitcoin remains the King of currencies and why the technology will bring a new way of money.
Bitcoin the Public chain with Discretion and Privacy
Not everyone likes to associate themselves with whatever they do, just like the founder/s of Bitcoin who wanted to be anonymous while creating a revolution in the financial world, so does a lot of people want to be silent about so many of their doings. Bitcoin is a public currency on a public chain but no one can be traced back to it from a wallet (especially when it has to do with cold wallets). The difference between Paypal, and Bitcoin is anonymity.
I remember two years ago, I was talking to a person to support the non-profit organization whose goal was to feed hungry children. The person was very reluctant to do so because he said to me that charity is supposed to be a thing of anonymity but when I transfer funds from any of the financial services, I will be tagged to it and I do not want to be tagged. Immediately, I knew there was a solution to his problem of being known and that problem was going to be solved with the Blockchain. I went to charity organization and asked them to get a Bitcoin wallet which I do not know till date and also asked the person to get a bitcoin wallet which he did and he was able to fund the organization without being traced. Everyone saw the coins leaving a wallet and going into another wallet but no one knew who owned the sending wallet as well as the receiving wallet. The beauty of Bitcoin and privacy
Low fees for international Large Payments
Have you tried wire transfers? It can be very costly as it has to do with two or more financial institution converting two or more currencies across borders. This long list of procedure have made transferring expensive to anyone and the more the volume of transfer, the more the charges but impressively, Bitcoin brought a disruption with low fees to transfer of funds, anywhere around the globe, no matter the quantity while saving time. This has facilitated a lot of international trade around the globe as businesses now receive Bitcoin for trades.
The Future of Bitcoin
It is no doubt that Bitcoin has the first mover advantage over all other coins and tokens and this has made Bitcoin the major pair for coins on exchange. The rate at which the Blockchain technology and Bitcoin as a currency has gotten awareness in the last decade is impressive, currently, there are about 1.1 million active Bitcoin address on a daily transacting at one point or the other and there are about 33 million bitcoin addresses available currently. BItcoin has a strong future in terms of being used for transactional purposes but not in terms of daily micro transaction. I will say that in terms of daily micro transactions, it is advisable to use Steem, hive, Tron but Bitcoin will be regarded as an investment instrument in 10 year to 20 years because its total supply is small compared to Amazon stocks but it will create a new way of seeing money. It will be the fiat killer and will be a better investment compared to gold. I will say that by 2050, the richest people in the world will have Bitcoin as part of their assets as a security investment with little inflation and so, it will be viewed as a store of value in the future.
Thanks For Reading
Greetings my dear friend @gbenga.
I have a question about it:
How do you think this anonymity can affect people who buy and manage to possess large amounts of BTC?
I'm asking you because I believe that this anonymity can be used for drug trafficking money that can be easily laundered.
Greetings and thanks for sharing this important post.
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