How Bitcoin is Changing the World

As technology continues to advance in this day and age, the world is beginning to experience newer innovations and developments of already existing innovations. Digital currencies are now getting well-deserved recognition and used by more people around the world than ever before. A 2015 paper on The Evolution Of Digital Currencies explains further how digital currency has gradually infiltrated the world starting with the launch of bitcoin in 2009.

Bitcoin has since evolved and since 2017, there has been a record of consistent noticeable growth. There has also been a surge in the number of users, especially in the past year, and it is now recorded that about 1 million users transact bitcoin per day.

Is this evolution of digital currency changing the world? Will bitcoin eventually make a significant change in the world?

Tech Giants Investing in Bitcoin

The impact of technology in the world and diverse industries cannot be overemphasized. In recent years, tech giants have invested heavily in bitcoin.

Jaan Tallinn, the co-founder of the telecommunications app Skype, mentions in an interview how he keeps most of his wealth in cryptocurrency. In 2020, he reportedly donated about $316,000 worth of Bitcoin to Faculty, a UK-based artificial intelligence company.

Jack Dorsey, the CEO of Twitter, talks about bitcoin every chance he gets, and in a 2017 interview with The Verge, he mentioned how blockchain is the next big unlock.

In the last quarter of 2020, PayPal announced that it would now be enabling users to buy, hold, and sell cryptocurrency using its platform. With PayPal being home to 26 million merchants around the globe, this will be a great move for the crypto industry.

Around the same period that PayPal made this announcement, Square also announced that it had purchased approximately 4,709 bitcoins at an aggregate purchase price of $50 million. In the words of their Chief Financial Officer, Amrita Ahuja, they believe that bitcoin has the potential to be a more ubiquitous currency in the future.

This is how much tech giants believe in bitcoin and its impact in the world at large in the future. If these people who know more about tech than the average man can predict to an extent what the future holds for bitcoin, then there is more to expect.

Bitcoin Adoption

The benefits of choosing bitcoin over traditional payment methods are intriguing and contribute to the increasing interests of users in cryptocurrency. Sending and receiving money to people across borders just got easier and cost-effective. There is also a low transaction fee, which is especially beneficial for large-amount transactions.

As a result, more people are beginning to embrace bitcoin over traditional banks and small businesses and brands have added it to their payment methods. The adoption of bitcoin into payment methods and virtually anywhere it can prove useful won't stop any time soon.

High-tech bitcoin exchanges and wallets such as bitcoin profit are also constantly being launched and with every update, there's an improvement to better shape the user experience.

Bitcoin is changing the world and making a huge impact in the finance sector, one at a time.