Posted By: Admin

On: September - 14 - 2017

Category: Entrepreneurship, Bitcoin, Finance

Facebook       Google       LinkedIn       Pinterest       Twitter

Bitcoin’s Journey Toward Mainstream Acceptance Has Begun

Though Bitcoin was created eight years ago, the currency is just starting to attract largescale mainstream attention. The digital currency uses Blockchain technology for a safer and more efficient way of transacting online without the use of banks or credit cards.

In an interview by PBS, Don Tapscott discusses potential uses of Blockchain technology. Tapscott is the co-author of the book entitled “Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World.” Watch the interview here

Pundits and investing professionals have called Bitcoin a bubble, since the price has increased an unbelievable 700% over the past year. While many wonder if such growth is is sustainable, Tapscott explains that the technology that powers Bitcoin is so transformative as to render the question moot.

Indeed, with the rapid growth of Bitcoin, the days of bankers may be numbered. Digital currency disintermediates banks, provides services to the unbanked and is more secure.

Disintermediation

Traditional banking has seen fees grow steadily over the year, to the point where they make up about 40% of the average bank’s income, according to CNBC. Blockchain technology’s promise is simple: cut out the middleman (along with their exorbitant fees) and help secure financial transactions through a distributed ledger system. This results in fully decentalized transactions with relatively low fees.

Helping unbanked

Over 2 bln people are currently unbanked, and this number shows no signs of decreasing any time soon. Bitcoin is growing in popularity in developing countries, where it serves as a better, and bankless, way to send remittances. This is especially true in remote areas of the world, where banking centers are rare.

Better security and safe from chargebacks

Over $7 bln worth of chargeback fees are being shouldered by merchants each year. Bitcoin eliminates the ability for consumers to file fraudulent chargebacks, making it an attractive payment option for merchants. In cases where chargebacks might be genuinely warranted, companies such as Bitrated have developed an escrow-based system that gives both buyers and sellers recourse in case the other party doesn’t live up to their side of the transaction.

Blockchain technology is also secure, something many banks (and credit bureaus!) can’t say. Bitcoin’s Blockchain is secured with advanced cryptography that is mathematically unbreakable. While it’s possible that merchants or payment processors could be hacked, the Blockchain itself is secure.

When moon?

Bitcoin is such a radically different product that it takes time for people to truly understand it. The good news is that as buyers and merchants begin to gradually experiment with digital currency and understand its usefulness and advantages, adoption should grow rapidly.


We stricly abide by the FAIR USE ACT. Committee consideration by Judiciary Committee, Subcommittee on Courts, the Internet, and Intellectual Property on March 19, 2007. All content remain legal property of the legitimate author. The content of our website is a collection of news articles from various experts and news agencies in arears of interest which include and not limited to (BLOCKCHAIN, LEADERSHIP, MANAGEMENT, MARKETING, TECHNOLOGY, DEVELOPMENT, ICO, ICO REVIEWS, BITCOIN, ETHEREUM, BANKING AND FINANCE INDUSTRY NEWS, INSURANCE INDUSTRY NEWS, CYPTOCURRENCY NEWS, ETHEREUM, INVESTMENT OPPORTUNITIES, AND MANY MORE). The sole purpose is to provide accurate and timely news update, and to avoid misinformation. We trust and respect our news sources and will strive to ensure the accuracy of our content. This information should never be considered as investment advices and are the direct views of the authors and organizations involved. Always conduct your research. If you have any questions or you feel that this content should not be on our website feel free to contact us.

ALSO READ:

WHERE AND HOW DO I GET BITCOINS

WHERE AND HOW DO I SAVE MY BITCOINS AND CRYPTO CURRENCIES

WHAT DO I NEED TO KNOW TO START INVESTING IN BITCOINS AND CRYPTOCURRENCY

12 THINGS YOU SHOULD KNOW ABOUT BITCOINS

THE DANGERS OF BITCOIN

HOW DO I INVEST IN BITCOINS

NEWS SOURCE