Skip to main content

Bitcoin for the Everyday




People coming into this community may have a bit of a disconnect from bitcoin to "real currency", in other worlds, our conventional currency system that's already set in place compared to this new more streamlined process.

Now let's bring these two into prospective.

Modern Banking

Banking with local currencies (CAD for me), has made leaps and bounds as far as upgrading into a more digital environment. With features like email money transfers and online transactions between your personal accounts, there has been some serious movement in the online banking space. This being considered, the time from start to finish from an email transfer, it takes a good deal of time to send any amount of money. There's also the issue with having to deal with a very inefficient system to do any complicated service like opening an account.

Cryptocurrency

Now enter, crypto (specifically bitcoin). You can create a wallet (or "bank") in less than a minute, and transactions between wallets can happen in a fraction of the time as banks. In a world where your personal information is floating around way too much, bitcoin is anonymous. Why continue to throw around your personal information, after all, it's "personal".

Transaction methods are much more diverse. You can copy and paste a wallet address (similar to a bank's direct deposit information), or you can even just scan a qr code and it will input the address automatically. Now if we look at this even from an efficiency perspective, It's not even a contest.

The final point I'll make is adoption. Sure, bitcoin isn't accepted everywhere, but adoption is increasing and there are bridging platforms like Xapo and Shift Payments (and others). With these services you can pay in all the familiar ways, but with bitcoin. This platforms bridge that adoption wall that some businesses don't want to cross, and you get to use the currency you want.

Conclusion

At the end of the day, this currency change is only stopped by people who think that the currency infrastructure can't work on a world scale. But, it does, and it's proven effective and efficient. As more young companies take the reigns to new bitcoin platforms, I think adoption will increase even further. I expect that Bitcoin will become a currency that is accepted almost everywhere in 3-5 years. We live in an exciting ages with rapidly changing technology, I think we should be taking advantage of it.
Labels:
Location: Toronto, ON, Canada

Comments

Post a Comment

Popular posts from this blog

StorjShare - Get paid for your unused storage

What is it? StorjShare is decentralized cloud storage. Think of Dropbox, they are a company that provides cloud storage where the data is stored on their hardware (inside of data centers in server rooms). StorjShare differs from their service a fair bit. Instead of having a server room, or data center where all the data is stored locally, StojShare stores data to any storage device that is connected to it's network. This kind of distribution of storage is also very optimal for transfer speed because you could be saving your data on a computer in your neighborhood which is certainly much faster than relying on a server possibly on the other side of the country, or possibly further. Now you might be thinking "Well, i don't want my neighbors to have my photos of family.", worry not, one of the most interesting concepts in this protocol is the encryption of your stored files. When you save a file to the network, the file is actually saved in "shards"
Post a Comment
Read more

BTC-Flow

Today I'll be giving a bit of a look into BTC-Flow . It's a game based bitcoin faucet that has me pretty into it. No more of the jumping from site to site clicking your way through pop ups and other fun activities. The concept of the game is that you run a  company. At first, your company mines bitcoin and has a earning rate of 0.0000015 BTC/Min and your max capacity is 0.000012 BTC. Your part in running this company is getting the bitcoin from your company either before or after your max capacity is hit. You then need to click once your bitcoin capacity is reached to put that balance into your main bank. From here you basically repeat this as much as you'd like. If you really enjoy this, you can "level" your business with bitcoin to increase capacity and earning/min at any point. If you like faucets, you need to check this out . BTC-Flow.com
5 comments
Read more

GAWMiners Releases Information About Project HashCoin

GAW released some information and their White Paper for their coin code named " HashCoin ". They're developing a new platform that encompass Zencloud and Hashtalk called "HashBase", and with this large development process, this coin is just another brain child that GAW is pursuing. The basis of the coin is to become in my opinion a less volatile bitcoin, that is widely accepted by merchants. Now, obviously, to do this they are going to need serious merchant adoption and for merchants to adopt, I think they're going to need to see that it's not volatile first hand. I see issues with it, but they are a good and very well off company, so I'm sure they've thought through the problems with their strategy. If you're interested in the specifics, please check both GAW's site  and a release of the information from and Cryptocoin News . This coin seems like it's going the route of more institutionalized currency, like USD or CAD (
Post a Comment
Read more