Thanks to the wonderful and knowledgeable Andreas Antonopoulos I am constantly learning more and more about Bitcoin. With the scale and breadth of Bitcoin as a payments network, remittance network, tipping network, store of value, etc. It is hard to remember what Bitcoin is and what it could one day become. Andreas is constantly coming up with new analogies to open the mind and get you thinking about what Bitcoin is. What has really hit me hard is him calling money a content type or message and the medium it is transported through does not matter as long as it is safe, secure, fast, cheap and efficient.
The qualities mentioned above used to be represented by the banking systems we used, but with the relentless march of time newer technologies are ready to take their place. The financial institutions we use and the central authorities we trust to issue money are no longer fit for purpose. They are too slow, bloated and inefficient in comparison to the faster, more secure and cheaper Bitcoin network.
As Bitcoin is encrypted your transaction is safe and will get to the recipient in a secure manner. The transaction sends no sensitive data and cannot be blocked as the network is distributed with no central point of control or failure. Once this message is sent to the Bitcoin network it is propagated and registered on the Blockchain. Money is now simply digital content that is shared via a digital message (the transaction) and can travel anywhere the sender chooses in a frictionless way. There is no easier way to send money worldwide!
In today’s highly connected world that operates 24/7, it makes sense that we would use money that can operate in the same way. A local currency cannot compete as it is too politicised and controlled by a central authority that has its own views and opinions about how you use its money and who you transact with. This does not fit in with today’s globally connected world where economies, industries and content must operate at a global scale to thrive and flourish.
With Bitcoin being a global payments network, trade will open up to everyone across the globe with an internet connection. The world will prosper more as a result and we will see more innovation. Control of money will move from the hands of politicised and centralised institutions and in to decentralised systems that have no political leanings, no preference to race, gender, or country. Bitcoin cannot be cheated, inflated, manipulated and coerced. A fair system will exist for all.
As the Bitcoin network is scalable, it can be used by people in 1st world countries to those in 3rd world countries. Money will become decentralised, and will help us all more socially. New possibilities will arise and Bitcoin will allow for a small payments network, a consumer to consumer network and much more that is not possible with today’s payment networks. Older generations will dismiss and fight Bitcoin at first but the younger generation will adopt and push forward with the open and transparent Bitcoin network. Safe and sound money will suddenly be open to all and not just the minority.