Assalamualaikum beautiful people, welcome to my participation in #steemcryptochallenge.
Hello friends. I hope you all are doing well. I do love and believe in Bitcoin and I am going to explain it why.
What Is The Problem Bitcoin Solves
This is the major reason to get the point of post, and why I love Bitcoin.
Bitcoin makes the barrier to entry for getting a bank account zero. Open a Bitcoin wallet and you are good to go. The Bitcoin protocol can increase the reach of who we can send and receive money from.
Bitcoin reduce the third party's earning chance, in other words it saves us from much fees during the process of sending money to other. Bitcoin's transactions save our time.
Bitcoin is first ever decentralized money which can't be in control by any government or central bank. As we see there are too many things those are controlled by government or banks. Bitcoin is the currency of who purchase it or who holds it.
The fastest transactions from one corner to another corner of world, through internet only, this was biggest miracle and also this was great problem got solved by Bitcoin. The current system of money transfer is centered around banks.
Bitcoin doesn't require a Bank account, it is the mass win.
Now it is the time of Bitcoin uses by covering, how bitcoins can be used and how bitcoins are in use.
Banks can use the Bitcoin protocol to make money transfer instant. For example: International money transfer usually takes 5 or more working days. That's because the banking system was designed pre-internet. Money has to be routed through a bunch of different checkpoints before it reaches the recipient.
The Bitcoin protocol runs over the internet. The recipients will receive your money instantly. For this purpose Banks can make their own internal cryptocurrency pegged to their state currency. So one bank coin could equal one US dollar always as stable currency. And bank coin could piggyback off the speed and the security of Bitcoin blockchain. The user will get all transactions in their currency of choice. This technology would not only make money transfer instant, but it would also allow you to send money directly to Bitcoin addresses. People will not receive or send money with traditional bank accounts only, but people with standalone Bitcoin addresses as well. Basically anyone having a phone connected with internet, holds a bank account.
We can use Bitcoin to purchase things, nowadays. You can find many websites giving and accepting payment in Bitcoin, which is really the big use of Bitcoin. Bitcoin allows people to get paid with really very small amount or micropayments. You could get paid by the hour, minute or even a second.
Bitcoin help you to grow and take a start. Bitcoin is can be a global basic income.
To be continued...