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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.
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Location: Toronto, ON, Canada

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