The information era or computer era has brought tremendous advancement in this world. Almost everything right now is just a click away, from getting a cab at your doorway to purchasing your favorite shirt from your favorite shop. Even the financial system is dramatically evolving, thanks to Bitcoin. Soon we will be saying goodbye to over-the-counter transactions, long queues, and manipulated figures. Why? It’s because the role of Bitcoin is to change the game for the better.
- Peer-to-Peer transactions
In the traditional banking system, people use fiat money which can be printed and regulated by banks. While it can also be stored in cards such as debit or credit cards, still, a middleman is needed should a costumer encounter complicated proceedings. Meanwhile, the Bitcoin system doesn’t work this way but rather on the concept of peer-to-peer transactions. This way, the two end users are given the privacy that they deserve, no other intercessors or any banks involved.
- No queue and unnecessary fees
Admit it; lining up even in a fully air-conditioned room is simply boring and a waste of precious time. Why go the extra mile if you can do it without leaving your house or your work? Making every transaction happen digitally and queue-free is another amazing role of Bitcoin. You won’t even have to pay extra fees except for the minimal charges by your Bitcoin wallet provider.
In contrast to today’s traditional system, Bitcoin offers a smarter, cheaper, and more practical banking system. Just imagine it can even save so many people from being bank-robbed because with Bitcoin, your anonymity as a user is crypto-secured!
- Can’t be manipulated by anyone.
Yes, this is perhaps the best role of Bitcoin as its creator, Satoshi Nakamoto, wanted it to be, a high-tech currency system, free from the manipulative hands of the government or any capitalist entity. In the current fiat system, the government and banks decide whether they would supply more money or not. Furthermore, they even have to follow a reserve requirement, or else the economy will suffer if they make a wrong move. Bitcoin, however, is a scarce resource like gold. It can’t be reproduced by any banks, unless Nakamoto decides to do so which is very unlikely.
