It’s turned aside the bitcoin technology from its social course or was never there?
Many people say that bitcoin technology is in some ways a kind of of the system, a Savior of the world, bitcoin can be solved many problems that affect the countries oppressed populations, it is the chance we have citizens to create a better world and be free.
Although all of these statements may be very altruistic, the reality that looms is a little different. Although it’s not right that the bitcoin is only used by crooks and terrorists, neither is the savior of the world, at least not for now.
There are millions of potential uses in which the bitcoin is used for good, as for example, people who face significant barriers in the functioning within the formal banking system, and these people are very different from hackers and terrorists such as those who tend to be described as the prototype of user Bitcoin. Also, a bitcoin user could be migrant workers from low-wage that use this technology to send money to their families, or it could be the case of activists who receive money from abroad during turbulent times, or professionals who need to gain entry to the global trade markets to those who otherwise could not access, by the constraints imposed on their countries.
However, most of the traffic of bitcoin users in underdeveloped countries comes not from accounts at all, but small and medium-sized companies that have identified technology as a cost-effective means of carrying out e-commerce and foreign trade. And in some cases, the potential of the bitcoin is reduced as one more way to earn money.
These use cases do not heat up the heart in the way in which the history of a releasing system, and savior of the world does, because its point to a not-too-distant future more realistic for Bitcoin on the developing world as a powerful tool for early adopters, who is likely to be upper middle class entrepreneurs with the capacity and the opportunity to build international business through transactions and online trading.
This doesn’t mean that the Bitcoin cannot serve the people who need it. Bitcoin has the potential to drive the conversation about financial inclusion in very interesting ways, but not in the way that is being currently discussed. Bitcoin network requires large amounts of bandwidth to function and uses huge amounts of energy, which makes it difficult for people in the developing world to participate in mining or the use of the network in a reliable manner.
The challenges of financial inclusion in underdeveloped countries are diverse, from the cost of sending and receiving money, to the difficulty of doing business across borders. Perhaps Bitcoin could stimulate financial innovation on these sites. However, there are no guarantees. Understanding first what Bitcoin can do for people in the developing world will require a better understanding of the people who live there.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.