- July 24, 2021
- Posted by: Progress Ibrahim
- Category: Uncategorized
Can you tell me what interests you most about the internet? I will tell you in a moment what interests me most about the internet.
It is the fact that the internet or information technology has solved great problems. That is not all; it is also very interesting to see the huge innovations springing up as a result of the internet.
One among them is the Smartphone. With the Smartphone, you are connected to the world in real-time at all times.
Truly the world has become portable and a global village with our smartphones.
In addition, are you aware that many industries exist today because of the internet? Industries like e-commerce such as Amazon, eBay etc, hailing services such as Uber, Bolt, Vaya, and a host of other marketplace and shared business models.
The next wave of technology innovation is already happening. It is going to add more value and solve more problems than the internet does.
That innovation is Bitcoin and Blockchain which now supports some new industries such as Defi, NFT, Crypto etc
But, wait for a second, how will that happen? I will show you exactly how it will happen in the next section.
Ways Bitcoin will change the world more than the Internet
During the B-word conference, the Bitcoin conference was organized by Jack Dorsey. The event has very impressive entrepreneurs in attendance such as Elon Musk, Jack Dorsey and investor Cathie Wood.
They discussed a couple of bitcoin features that with them, the Bitcoin invention will change more lives and solve some of the problems left by the internet invention.
Here are the three of the foremost problems that Bitcoin will solve
There are many countries that their economy depends heavily on remittance. Examples of such countries include emerging countries such as El Salvador and Nepal.
One of the problems these countries faced is the high cost of remittance coming into the country.
What is the cost of the high remittance? It is due to the centralized nature of the financial system. Money has to pass through several mediums before it finally arrives at the expected destinations. In the process, the cost increases, this leads to many problems for the receiving economy.
When bitcoin becomes the native currency of the internet, sending money will become as fast as sending a chat or a tweet, even faster. When this happens life will become better for these countries, leading to economic growth.
Hedge against Global Inflation
How many burgers can $5 buy in 1970 and how many burgers can it buy today? The correct answer would be that fiat currency has reduced in real value while wages remain constant.
This is a serious problem because; people will not be able to live the lifestyle that they dreamed of. The reason for this is due to the unlimited money supply by the monetary system.
Imagine the Federal Reserve or central banks printing more money. This increase in money supply fuels inflation which will deplete purchasing power. You know what your purchasing power is your real power, without it you will die.
The Bitcoin monetary system is based on a currency supply of 21 million. It means that it can help any country hedge against inflation. The standard of living of the people will increase with Bitcoin.
Bitcoin Fix the Money Error
The central bank monetary system has errors. The errors range from devaluation to printing of massive volumes of fiat now and then.
The reason for this is due to the centralization system of fiat and it is less of an information system.
According to Elon Musk during the B world conference, bitcoin fixes this error because it is an efficient information system. An information system that is decentralized, open-source and has a scarce maximum supply
Though Bitcoin technology is still evolving, it has promising solutions for the world. With layer 2 innovations such as Lightning Network, these solutions are already being enjoyed by people.
This new information system will practically change the way many things have been, from inequality to a more equal society.The next Wave of bitcoin price will be determined by Jack Dorsey, Elon musk and Michael Saylor as explained in this article.