Bitcoin’s meteoric rise has rattled many government regulators and investors, raising questions about its real agenda.
Bitcoin is a phenomenon that has constantly faced criticism from regulators and investors worldwide. Bitcoin has inspired significant transformations across multiple global economic sectors, unlike even the internet. Users initially considered Bitcoin a means of payment, but it now supports several other real-world applications, including investments and innovations.
Experts believe we will discover even more real-world uses for this virtual currency in the future due to its growing mass adoption. However, Bitcoin remains a new and unregulated transaction medium with unique characteristics that could disrupt economies. That raises questions on whether Bitcoin has any hidden agenda. Nevertheless, here are Bitcoin’s fundamental goals.
Democratization of Monetary Systems
Bitcoin came into the limelight in 2009, right after the 2008 financial crisis that rocked the globe. While various factors caused the turmoil, several experts and researchers cite government and institutional bureaucracies as the leading cause of the crisis. That is one of the most significant problems underpinning the flow of capital and development worldwide.
Seamless Cross-border Payments and Investments
Bitcoin seeks to eliminate the governments’ absolute control over monetary systems and promote the free movement of capital around the globe. That is why it runs on a decentralized peer-to-peer network that connects the parties to a transaction without intermediaries. It enables corporations, merchants, and individuals to send and receive payments across international borders without going through any financial institution.
Bitcoin has eliminated the need for using banks and money processors to send and receive payments. For instance, transacting Bitcoin does not require bank accounts. Instead, Bitcoin users only need a crypto wallet, which you can easily download to your phone even for free. Unlike the traditional systems where banks and money processors are the sole financial custodians, various alternatives and platforms exist for acquiring and transacting Bitcoin.
Crypto exchanges such as BitIQ are the most reliable marketplaces for buying and selling Bitcoin. However, you can also acquire Bitcoin through mining, affiliate marketing programs, Bitcoin faucets, and accepting it as payment in your store. Several ways also exist for investing in Bitcoin without buying the actual coins, including buying shares in companies with interests in crypto and ICOs.
Bitcoin’s decentralization also eliminates restrictions on how and where users can spend it. Thanks to its increased global adoption, several merchants and companies now accept Bitcoin as a legitimate means of payment and investment asset. It enables users to transfer funds and acquire wealth worldwide, with maximum autonomy.
Enhanced Transactional Security
Instead of third parties, Bitcoin’s blockchain verifies and validates all transactions on an irreversible digital ledger. It enables users to bypass government restrictions and institutional bureaucracies in financial transactions. Bitcoin’s decentralized network creates a trustless environment where anyone can transact without external intervention.
The blockchain encrypts all the validated transactional data, but the ledger is accessible to all users on the network. Its irreversibility prevents fraudulent transactions such as double-spending, making it virtually impossible for anyone to manipulate payments. Third parties’ absence in Bitcoin transactions also protects users’ data from theft by bad actors.
Lower Transaction Fees
Bitcoin’s democratization of monetary systems has also significantly reduced the costs of moving money internationally. Bitcoin transaction costs are usually lower than credit cards and debit cards because the payments do not involve intermediaries. Besides, all Bitcoin payments are digitized, reducing the charges further. The lower transaction costs reduce the financial burden of moving money across geographical borders, standard in traditional remittances.
Overall, Bitcoin is still in its infancy, and there are several things about it that we may not know just yet. However, nothing suggests Bitcoin has any hidden agenda besides those discussed above.