Good article, especially to introduce bitcoin in simple language to people who have no idea what it is.
Topic: [2014-05-08] - Virgin.com - what-is-bitcoin-and-how-can-it-change-the-world (Read 494 times)
May 09, 2014, 07:30:40 AM
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May 08, 2014, 08:55:27 AM
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Leal notes that all ‘merchants would realize sizable savings’ by using Bitcoin, but small merchants will benefit most. They ‘can reduce their payment processing fees by at least half’. For a business that runs on low margin that is a compelling number. These kinds of savings are irresistible.
Then there are those who are currently shut out of the current financial system. 53% of the world's population is still 'unbanked' - they have no use of formal or semi-formal financial services. Most of them will have a mobile phone before they have a bank account. With Bitcoin - and other forms of digital payment - these people suddenly have means to make and receive payment over distance. How much untapped potential is there waiting to be freed when the unbanked start to get access to basic financial services?
Then there are those who are currently shut out of the current financial system. 53% of the world's population is still 'unbanked' - they have no use of formal or semi-formal financial services. Most of them will have a mobile phone before they have a bank account. With Bitcoin - and other forms of digital payment - these people suddenly have means to make and receive payment over distance. How much untapped potential is there waiting to be freed when the unbanked start to get access to basic financial services?
Not too bad of an article, and made a couple of good points above, but no mention of the real negatives of the money-printers that are the centralised banks.
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