Blockchain technology and Bitcoin introduces permanence and solid certainty in the digital world. Three aspects are needed to build a modern society. The first is memory. The second is communication and the third part which backs up the other two is trust. Trust is all-important. We trust our banks to keep our money secure and t we put our faith in Google with our personal and work emails. We trust the courts to make solid legal decisions and maintain proper records. Memory and communication are of limited use without trust.
Overall these different institutions do not let us down on trust. Banks and courts are highly regulated. However, this trust is still a human affair, and thus can be regularly betrayed. Faith costs money. We pay these institutions a trust tax, which in practice translates to robust legal agreements and insurance premiums.
This is where the strength of bitcoin and Blockchain comes in. It integrates trust on an infrastructural level into any services created on the blockchain. Trust normally has to be enforced via laws, other weaker, fallible institutions. Replacing these with nonhuman cryptography promises a revolution in the way we enable faith is an important entity.
The right to be forgotten is suddenly relevant. A law that grants individuals, under certain instances, the right to demand of websites that they delete information about themselves. But in a system like a blockchain, policing the right to be forgotten becomes technically impossible. You might think that this is an important and necessary thing we have to do in order to protect people’s rights. You may believe it is impinging on your individual freedom. Blockchain technology, however, has no opinion. Bitcoin takes no emotional stance and it protects our memories from editing, mal-intentioned or not and with no thought about consequences.
If you are comfortable with the online payment, then the usage of Bitcoin is a good option. However, investing in Bitcoin is a gamble that should be kept in mind before you hope to make a quick buck. Bitcoin is convenient as its virtual money where bank accounts and wallets are not needed. The price has not been steady which makes it unreliable.
There are many economists that have shared the fact that it is a good opinion to work with the progressive economy of the world. The new concept of bitcoin is all set to allow you to have the financial freedom to carry money in your virtue account and enjoy freedom.
However, as the positive effects of Bitcoin are discussed, it is necessary to discuss the negative impacts too. If you are planning to invest a larger amount in Bitcoin, are you sure about the authenticity and stability of this virtual transaction? As you are a good investor, you should be aware of the stability of the currency and must be sure you want to gamble before putting your hard-earned money in a virtual account. Governments have expressed concerns that the unaccountability of Bitcoin allows criminal organizations to stash large sums of illegal funds.
As we move towards a conclusion, we will find that there are equal benefits as well as doubts with the Bitcoin.