The points shown above are positive points for Bitcoin, but they are not enough to describe Bitcoin as suitable for global adoption. If the number of users increases, the fees will increase and the person will need more time to wait, or at least pay higher fees. It is true that Bitcoin is being developed to increase scalability, but we are still in the growth phase.
Bitcoin offers an option for those who do not want to trust a third party and conduct transactions directly between the sender and the recipient without the need to fully trust an intermediary service, with the ability to verify everything yourself and have complete control over your money, even if a third party tries to confiscate it.
Topic: The Impact of Bitcoin on Economic/Society Growth - page 2. (Read 298 times)
I like all that the OP has said and I agree with them. My opinion is that the impact of Bitcoin in economic and societal growth can be gauged from an individual perspective. Let me tell, in my country, Bitcoin has made more millionaires and made Gen Z financially free and independent than any other source of income. From the psychological view people who hold Bitcoin are more happier than those who don't . The prospect alone of your assets increasing in value if you hold for long term is the reason. Bitcoin has lead young people in my country to self development in Blockchain development, cryptocurrency education, software engineering, community development and management, and cyber security.
There was a time my country was suffering from money scarcity due to the changing of old naira notes and to get access to your own money was a problem but I can testify people who got bitcoin sold there bitcoin and they lived there normal lives despite the economic situation at that time.[/li][/list]
Bitcoin does not solve this problem of money scarcity. If you hold Bitcoin, you will still need to convert it to fiat which is acceptable by merchants as an acceptable medium of exchange.But there are actually third parties involve in Bitcoin transactions and on Bitcoin network.
Transactions between two sides, buyers and sellers, senders and receivers must be confirmed by Bitcoin miners who do both tasks, mining new blocks and confirm transactions waiting in mempools. Bitcoin full nodes validate those transactions and check whether they belongs to a longest chain.
Miners and nodes do not count as third party in this context.Transactions between two sides, buyers and sellers, senders and receivers must be confirmed by Bitcoin miners who do both tasks, mining new blocks and confirm transactions waiting in mempools. Bitcoin full nodes validate those transactions and check whether they belongs to a longest chain.
The white paper referred to third parties in the financial system, like central points that the transaction has to pass through. Those central points have full autonomy over the transaction and can perform acts against the wishes of the buyer or seller. Even when not selling those third parties has full access to the funds any of the other parties have in their custody. Such parties do not exist in Bitcoin.
Miners are scattered all over the world and there is no single point of failure where your Bitcoin has to pass through, so no single miner can affect the outcome of your transaction. They also only come into play during a transaction, not before it after.
On October 2008 a white paper document was created by Satoshi Nakamoto, a digital cash that can be transferred, peer to peer with no third member involve.
But there are actually third parties involve in Bitcoin transactions and on Bitcoin network.Transactions between two sides, buyers and sellers, senders and receivers must be confirmed by Bitcoin miners who do both tasks, mining new blocks and confirm transactions waiting in mempools. Bitcoin full nodes validate those transactions and check whether they belongs to a longest chain.
The magic of Bitcoin network is its decentralized, censorship resistance which make it better than bank transfers and altcoin networks.
https://howmanyconfs.com/
It helps you to understand the powerful strength of Bitcoin network compares with altcoin networks (only Proof of Work altcoins).
"How many confirmations are equivalent* to 6 Bitcoin confirmations?" and its table shows how strong Bitcoin network is.
Those figures are only estimations and if you use altcoin blockchains to move your fund, you can not think like "I am safe if I use Dogecoin network and wait about 13 hours to get similar safety like with Bitcoin blockchain. After you make your transaction, if something is wrong with Dogecoin network, you can lose your money after a few minutes and you don't have to wait for about 6 hours or 8 hours to lose your fund.
On October 2008 a white paper document was created by Satoshi Nakamoto, a digital cash that can be transferred, peer to peer with no third member involve.
As bitcoin continues to grow and everyone gets to adopt and know this knowledge
Impact of bitcoin in our society today are:
As bitcoin continues to grow and everyone gets to adopt and know this knowledge
Impact of bitcoin in our society today are:
- Bitcoin transaction saves time and stress. It makes transaction fast and safe, most especially international transactions. Bank transaction has failed there customers several times maybe because of network or something else,another example: people collecting money from ATM machine can testify to this, sometimes you will need this money urgently at that particular time but getting to the bank seeing the queue and population not only that the ATM machine will disappoint you, I have been in this situation before where my card got swallowed by the ATM machine. There was a time my country was suffering from money scarcity due to the changing of old naira notes and to get access to your own money was a problem but I can testify people who got bitcoin sold there bitcoin and they lived there normal lives despite the economic situation at that time.
- Bitcoin has also supported in our technology world today, knowing we live in a digital dispensation so bitcoin has also contributed to the development of technology using our phone to transfer digital cash fast and safe
- The help of bitcoin and other cryptocurrency has helped a lot in our society today knowing the fact that bitcoin is not a scheme you go in and make money fast. But beening patient and investing properly will make you forget your sorrows in the long run
- Scam for example scammers are in fiat than bitcoin, some bank workers are also involve in frauding their customers. A lady was living in UK years and was sending money to her Nigerian Bank as savings and from her calculation, she had sent $87206.74 which is equal to #68,000,000 and she came, she saw only #3,000 which is also equivalent to $3 in the account and she sued the bank to court and won the case
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