Contrary to popular belief, Bitcoin isn’t just used to buy drugs online. While many online black markets use Bitcoin for less-than-legal purposes, the online cryptocurrency is more or less the same as the U.S. dollar, Euro, or any other international currency. You can use it to buy a website, pay your bar tab, or even buy a meal at certain restaurants.
In fact, Bitcoin is a bit better than the dollar in some aspects. Its price isn’t determined by any single country or government. A bitcoin can’t be forged or fraudulently changed in value. It’s also relatively untraceable, making most Bitcoin-related transactions secure and private.
This is why many companies and countries are looking towards the technology behind bitcoin, known as the blockchain, to take their financial technology into the future. By using blockchain technology, businesses and people can have an easy, low-cost, and honest way of conducting business, exchanging information, and transferring money.
While this technology might sound complicated and unimportant, it’s the exact opposite. CNBC recently produced this video on the importance of the blockchain and how it not only helps businesses, but could also help the less fortunate at little to no cost. While this might sound too good to be true, countries are already experimenting with blockchains to help their citizens live a better life — while keeping big banks in check.
Blockchain technology won’t rid the financial world of corruption and solve the world’s poverty crisis overnight, it could make major progress over time. If the world’s poor have access to securing their important documents and what money they have, they’ll essentially have access to the same basic privileges you and I enjoy. This would have a significant impact on quality of life, which is something the most hardened person can’t argue against.