It is challenging to imagine a world where mobile phone technology is ubiquitous, and you may still find those who don’t have access to enough financial institutions. In these modern times there are roughly six billion folks with limited or no access to banking facilities. Difficult to fathom, right? Sadly this is the truth for lots of people in developing countries. Coupled with corruption, limited modes of transportation, and high transaction fees, bank accounts are a luxury that many individuals cannot afford. Enter Bitcoin into financial freedom and this equation is only the beginning.
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Bitcoin is not only money for the internet; it is a programming language which allows for the decentralization of any info system. As said by Andreas Antonopoulos (2014), “Bitcoin is the web of money.” In order to fully grasp this let us use the analogy of the web; that allows any individual admission to a worldwide communication and information network instantaneously. In this same way, Bitcoin is allowing individuals’ immediate access to a free global financial network. The implication of a decentralized financial network free from the corruption of third party moderators is overwhelming. Ponder for a moment introducing six billion potential consumers to the global marketplace. The possibilities for economic growth and innovation are exponential. This exists because Satoshi Nakamoto, the inventor of Bitcoin, chose to create open source software that gave all users equal say. The power of the Bitcoin network is the users of its, which currently exceeds the combined computing power of the top 600 super computers on Earth. This equates to a network, that is for all intents of purposes, impenetrable. Basically, each individual computer acts as a voting node. These nodes vote on the validity of the current Bitcoin equation, usually known as the block chain. In order for the block chain to be verified, a vast majority of the voting nodes must corroborate if the equation is performed correctly. This process happens in nanoseconds, meaning not all voting nodes will participate in every given block chain verification.
Bitcoin is primarily thought of in the west as popular, brand new technologies and a means of accruing wealth. Recently, the popularity for crypto currencies has grown rapidly within investment circles, hedge funds, and among the technologically inclined due to its rising value. Though Bitcoin is utilized predominantly inside these aforementioned groups, current buzz surrounding Bitcoin millionaires and also the public hearings in York that is new regarding future regulation have catapulted the currency into the mainstream (NPR). Nevertheless, limiting the Bitcoin protocol to these previously mentioned industries is very short sighted given the genius of Satoshi’s primary goal. Bear in mind, the Bitcoin protocol can be used to any kind of information system, such as the technique of voting. When applied to voting, there’s not the need for a third party organization to verify an election as this’s done by each individual voting node. This completely eliminates voting machine and voter fraud tampering. Individuals will be able to vote from the comforts of the own homes of theirs, using verifiable identification codes, through a transparent voting system.
We have observed that the Bitcoin protocol not only has the ability to shape the future of our global financial network, but of our voting, the phones of ours, and our cable television. Any strategy which is based on an unbiased third party mediator can be replaced by implementing the Bitcoin software. As the program is policed by all participating members, the possibility of corruption, or hacking the system is minuscule. Regardless of whether Bitcoin the currency ever blossoms into a genuine mainstream form of monetary transaction remains to be seen, however the revolution in software that Nakamoto has unleashed has only just begun.