Topic: What problems can Bitcoin & Blockchain solve ?? - page 6. (Read 636 times)
I feel this two thing can solve many issues especially the problem which are related with financial system like money transaction or paying bills ,It also opens a income source for the unemployed people , and blockchain is a database system which provides security to the activities which are done by users.
I would really like these two things to make the world a little more fair. Bitcoin is a decentralized currency, so if people changed fiat to bitcoin or another decentralized currency, the financial system would become much more fair.
A blockchain opens up access to many things. For example, fair elections. Elections conducted on the basis of this technology will be 100 percent honest. And this is only a small part.
A blockchain opens up access to many things. For example, fair elections. Elections conducted on the basis of this technology will be 100 percent honest. And this is only a small part.
Suppose you want to hire a freelancer and you find someone from another country, you have to pay a fee of around 3-4% while making the payment to him. Using Bitcoin you will cut out the middleman and won't have to pay such high fees. also Bitcoin provides you security and privacy while doing online transactions which you don't get with other services. Not to mention the fact that you are the sole owner of your money and governments have no control over it.
Paypal has chargebacks in case of fraud that is the reason online stores have paypal and no other payment processors like paytoo, skrill.
What protection does bitcoin offer in case the seller is fraud (send defective products or does not ship the product & services)??
Suppose you want to hire a freelancer and you find someone from another country, you have to pay a fee of around 3-4% while making the payment to him. Using Bitcoin you will cut out the middleman and won't have to pay such high fees. also Bitcoin provides you security and privacy while doing online transactions which you don't get with other services. Not to mention the fact that you are the sole owner of your money and governments have no control over it.
Blockchain is a technology that allows anyone to send anyone else a piece of information, currency or data in a secure, transparent and anonymous way
Bitcoin can be used as a payment instrument as well as for exchange. It is also a useful investment vehicle with high profits. Blockchain is an extremely advanced security system that is gradually being introduced into the life of a smartphone
What problems in the world can Bitcoin and blockchain technology solve ?
The blockchain technology can solve many problems. It's a decentralised, immutable, trustless ledger (database)... There are tons of scenario's that pop to mind, basically any scenario where equal partners want to create a database between them, but don't fully trust one partner to run a classical database out of fear this one partner that hosts the db would tamper with the data.
You can use a blockchain database to store insurance information and share it between insurance companies and individuals; univeristy's can use it to store hashes of grades, titles, diploma's, so somebody interviewing for a job can immediately be crosschecked about the diploma's he/she claims to have;... and those are just 2 commonly known examples.
For bitcoin, the blockchain technology solves, amongst other things, the double spending problem. By storing transactions onto a decentral, trustless, immutable ledger, people can not double spend unspent outputs without their transactions getting rejected (given that the first transaction is already included in a block at the time the double spending transaction is broadcasted).
Even the people that hate crypto currencies see the potential behind the blockchain technology
What problems in the world can Bitcoin and blockchain technology solve ?
well there is a lot of problems that bitcoin solved like in the economy there is a lot of unemployed people, with bitcoin they acan work on their own no boss no qouta by doing trading, they also do bounty campaigns. and most i like is money remittance that can wire money anywhere , it can also aid the problems with money.so bitcoin has lot of problem that solved
What problems in the world can Bitcoin and blockchain technology solve ?
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