Bitcoin and Litecoin: The Future is Already Here

financial technology fintech bitcoin crypto.jpg

It's August 18, 2017. On January 12, 2009, the first Bitcoin transaction took place. That's just 8 years, 7 months, and 6 days.

Within a year after its launch, on February 6, 2010, the Bitcoin Market was established. Fast-forward to 7 years, and we are looking at a whole new world where finance is going global and without a need of any centralized system or agency.

The Dawn of Web 3.0

It's a new web where the computing power is going to be decentralized. The social networks with user-generated content took the web 1.0 to web 2.0. Now, mixed with A.I., voice, encryption, privacy, and decentralized distribution of information and finance, we are entering into a web 3.0 world.

Isn't it exciting?

Today*, there are anywhere between 2.9 to 5.8 million unique users using a cryptocurrency wallet. And the lion share goes to Bitcoin.

Euro and Bitcoin

Do you remember the world when Euro was first introduced as a common currency for all Euro-nations! Euro is a case in point that shows humans have a desire to have a common currency that works beyond our home country boundary.

Bitcoin is to the world what Euro was to the European Union. But, not only that, Bitcoin is much more than just a common digital currency or a digital medium of value exchange. Cryptocurrency is the ultimate weapon of the 99% to take control of the fair distribution of wealth in the world.

If Euro can happen, Bitcoin can happen! If Brexit can happen, there is even more reason for Bitcoin to happen.

China, India, Japan, & The African Continent

The countries which will benefit most from the cryptocurrency are not the western world, but the African continent in general and the struggling nations such as Cuba, Venezuela, Zimbabwe, et. al.

Also, countries where the wealth inequality is very high and there is a large population base with smartphones will adopt crypto much faster. Why? Because by eliminating banks and expensive payment processors, almost all parties are saving on the cost of doing a financial transaction.

If you are a seller, how much money are you paying to VISA, Mastercard, Western Union, and the Paypals of the world? If you are a buyer, how much money are you spending because the seller is charging you for the payment processing fees?

If you a regular person, how cool it is to transfer "money" or split "bills" with your friends in a bar or restaurant. The young folks will be the first to use Litecoin and/or Bitcoin.

China and India are the best examples. Japan, even though highly developed, will adopt Bitcoin before any other developed nation. Why do I think so? Because the Japanese youth have a good track record of early adoptation of any new technology. You know that Ghost in the Shell movie was the inspiration behing The Matrix films? So, yeah, that's Japan!

No wonder China is interested in it. Any country which doesn't want the USD to rule the world will slowly, slowly adopt a form of global crypto currency. The most likely contenders for the short to mid-term are Bitcoin and Litecoin.

Please note, I am interchangeably using Bitcoin and Cryptocurrency here. Do not confuse the two. Since Bitcoin is the current dominant market leader in this space, it makes sense to use a known example so readers can easily understand the main points.

Mobile & Poor Masses

The biggest reason for Bitcoin to gain such high value is because the mobile (smartphones with 24x7 internet connectivity via cellular data) enables most of the public (poor and middle class) to trade goods and store value in an alternative way while saving on "interest rates" and "high transfer fees".

Who do you think needs cryptocurrency the most?
The poor will have the most advantage.
The global traders of goods and merchandise will have the most advantage.
The middle class will have the most advantage.

In summary, except the 0.1% ultra rich elite class, everyone has to gain from cryptocurrency and that's why Bitcoin is happening right now, right this moment. My friends, the future is already here! And, it is a good one.

Sources

[1] Cambridge University (2017 research)
https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/downloads/2017-global-cryptocurrency-benchmarking-study.pdf!

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Thank you, @steemitboard! :) Happy to be onboard! This is the future all things online!