It is very difficult to imagine a world where smart phone technology is ubiquitous, and you may still find individuals who do not have access to enough financial institutions. In these contemporary times there are about 6 billion folks with limited or even no access to banking facilities. Difficult to fathom, right? Sadly this is the truth for many people in developing countries. Coupled with corruption, limited modes of transportation, and high transaction fees, bank accounts are a luxury that a lot of people can’t afford. Enter Bitcoin into financial freedom and this equation is simply the beginning.
Bitcoin is not only money for the internet; it is a programming language which allows for the decentralization of any information system. As said by Andreas Antonopoulos (2014), “Bitcoin is the web of money.” In order to appreciate this let us use the analogy of the internet; which allows any individual admission to a global communication and info network instantaneously. In this very same way, Bitcoin is allowing individuals’ instantaneous access to a totally free global financial network. The implication of a decentralized financial network free of the corruption of third party moderators is overwhelming. Ponder for a moment introducing six billion potential consumers to the global marketplace. The possibilities for economic growth and innovation are exponential. This exists because Satoshi Nakamoto, the inventor of Bitcoin, chose to create open source software that gave all users equal say. The performance of the Bitcoin network is its users, which currently exceeds the combined computing power of the top 600 super computers on Earth. This equates to a network, and that is for all intents of purposes, impenetrable. Basically, each individual computer acts as a voting node. These nodes vote on the validity of the current Bitcoin equation, otherwise known as the block chain. In order for the block chain to be verified, a majority of the voting nodes must corroborate if the equation is completed properly. This process happens in nanoseconds, meaning only some voting nodes will participate in every given block chain verification.
shiba inu coin cryptocurrency is chiefly thought of in the west as trendy, a means and also new technology of accruing wealth. Lately, the acceptance for crypto-currencies has grown rapidly within investment circles, hedge funds, and among the technologically inclined due to its rising value. Though Bitcoin is utilized predominantly inside these above mentioned groups, current buzz surrounding Bitcoin millionaires as well as the public hearings in York that is new regarding future regulation have catapulted the currency into the mainstream (NPR). However, limiting the Bitcoin protocol to these previously mentioned industries is very short sighted given the genius of Satoshi’s main goal. Bear in mind, the Bitcoin protocol can be applied to any kind of info system, such as the technique of voting. When applied to voting, there’s no longer the need for a third party organization to verify an election as this’s done by each individual voting node. This completely eliminates voter fraud and voting machine tampering. Individuals would be able to vote from the comforts of their own personal homes, using verifiable identification codes, through a transparent voting system.
We’ve observed that the Bitcoin protocol not only has the ability to shape the future of our global financial network, but of our voting, our phones, and the cable television of ours. Any process which is based on an unbiased third party mediator can be replaced by implementing the Bitcoin software. As the program is policed by all participating members, the possibility of corruption, or hacking the system is minuscule. Regardless of whether Bitcoin the currency ever blossoms into a legitimate mainstream form of financial transaction remains to be seen, however the revolution in software that Nakamoto has unleashed has only just begun.