Bitcoin has no specific purpose, or specific goal in mind. Why bitcoin? Why should I use it? What's the point? Are all common questions from newbies.
Bitcoin has no specific purpose, or specific goal in mind. Why bitcoin? Why should I use it? What’s the point? Are all common questions from newbies.
Generally speaking, bitcoin was invented as an experiment with the idea of putting the powers of cash into the digital realm. Currently, all electronic transactions have to go through banks and wire transfers. Even the instantaneous action of swiping your card is only authorizing someone else to pull money from your account. Online, credit cards have been our only option, and they have NOT been working out over the years…
As a society, we have already accepted digital currencies into our daily lives. Bitcoin is nothing new in terms of this, but it aims to provide a better money system for us.
Our current systems suck
Credit card hacks are getting more and more sophisticated, and the exploits leave the options for criminals to make more than us hard working citizens. Credit card companies essentially employ these criminals by pushing out technological systems that are inadequate for digital use cases.
Banks don’t make the situation any better. http://www.usatoday.com/story/tech/2015/02/15/hackers-steal-billion-in-banking-breach/23464913/
Banks harm the financial ecosystem by stealing from the poor, inflating our economies and literally hold our money from us (looking at you Greece).
Not to mention these interstate and international banks that hold laws that don’t apply to you, against you. The medical marijuana industry in the United States has been at a big fork in the road as to how to handle their cash management, because banks won’t accept it. Even though these entrepreneurs are acting completely within the law of their home land, banks are sending them away.
In general, I believe bitcoin aims to put the power of money back into the peoples hands.
I’m curious as to other opinions here, reply below or get a hold of us on social media!