In 2008, a completely digital currency was born, called Bitcoin. Not only did Bitcoin become the first cryptocurrency, but it also gave the world blockchain technology, which made the concept of cryptocurrencies possible. As a result, it changed the face of the financial sector. But has this change really happened? And if it has happened, could Bitcoin be the alternative fiscal power that we have been waiting for?
Bitcoin for Cross-Border Payments
Recently, JPMorgan release a fiat backed digital coin, JPM Coin, at the same time IBM unveiled its blockchain-based payment network. At the moment, the payment processing landscape is a giant maze of relationships, but Bitcoin came on to the scene edging out all these players.
Hot on the heels of an inefficient market, Bitcoin implementation of blockchain technology enabled almost instantaneous transfer of value across borders without relying on banking intermediaries. Moreover, Bitcoin also significantly reduced the capital costs and clearing fees associated with sending and receiving money.
Bitcoin as a Store of Value
Arguably the most common use case for Bitcoin is as a store of value. Similar to gold, Bitcoin is seen as a good hedge against inflation. Moreover, since Bitcoin is an appreciating asset, it retains its worth or increases its purchasing power over time. Ignore how volatile Bitcoin prices are and draw a line that connects the lowest Bitcoin prices have been by year by year, and you quickly realize that Bitcoin is actually the best performing asset over the past decade. Bitcoin is a beautiful piece of technical design, elegantly engineered to be resilient.
Bitcoin for Humanitarian Aid
Bitcoin can also become a great platform for donations. First, the blockchain is immutable and transparent. Hence, donors can verify the destination of their contributions, ensuring all funds go to their intended recipients. Second, Bitcoin is cheaper and more efficient than using international money transfers, which are not time-sensitive. At the moment, there are already some small humanitarian efforts underway where Bitcoin is used to get money into the hands of the needy directly.
Bitcoin the Currency for Circumnavigating Politics
Bitcoin’s censorship-resistant characteristics make it the ideal payment course where payment processing companies have succumbed to political pressure, thereby refusing payment processing. For instance, companies such as WikiLeaks, which is currently under a blockade, rally behind the use of Bitcoin for donations. Also, Bitcoin is used to empower women in nations where they are routinely suppressed. The value of Bitcoin cannot be understated.
What Is Coin Cloud?
Coin Cloud is a Bitcoin ATM company based in Las Vegas, NV. With over 650 locations nationwide, Coin Cloud boasts the largest two-way network of Bitcoin ATMs in the world. Having traded $82 million in bitcoin since its inception, Coin Cloud are experts in bitcoin and their hardware, software and live support team are here to show for it. To learn more about Coin Cloud or to find the nearest Bitcoin ATM to you, please visit CoinCloudATM.com.