Bitcoin can be the Undoing of Inequality!

Inequality

With Bitcoin, anyone from any country can use the currency without regulation or restriction. Websites make the best utilization of artificial intelligence and perfect trading strategies to help newbie traders in their trading journey. In addition, people can use revolutionary technology to flatten the playing field between countries with a surplus of capital and those with a deficit. 

The fact that Bitcoin’s currency is entirely digital means that people can now use it to send money instantly and cheaply to anyone, regardless of their physical location.

Its global reach, however, goes beyond the ease of transfer and address inequality. If you are planning to invest in Bitcoin, you must also care about Bitcoin and Healthcare

Bitcoin is a technology platform and currency that acts as a decentralized network by distributing its database across a global group of computers, removing any single failure point. It enables users to transact with each other on a peer-to-peer basis rather than through a third-party intermediary like traditional banking or finance institutions.

Let’s discuss how bitcoin can be the undoing of inequality. 

Bitcoin is Not Your Typical Bank Run

One of the most touted advantages of Bitcoin is its ability to store value. As a result, it’s worth far more than some traditional currency, and central banks are not printing it at an alarming rate. More than 840 billion dollars worth of bitcoin are currently in circulation, and new bitcoins are “mined” every ten minutes in blocks of 25 bitcoins.

The money supply is designed to inflate steadily but not enough to cause problems. The result is an asset with a high level of predictability and long-term value that can be used to transfer funds anywhere on earth in the blink of an eye, regardless of geographic location or political affiliation.

Because it’s completely decentralized, Bitcoin can’t be shut down by a government or bank. No one can block or manipulate the system or its price — again, causing people to realize that it’s a great value store of wealth.

A Central Bank does not control Bitcoin

Unlike American dollars with fluctuating exchange rates and attached interest rates, the Bitcoin network is designed to maintain an ever-decreasing number of bitcoins. So no matter how many bitcoins are created over time, they will never exceed 21 million in total (which will happen at some point in 2140). As a result, it makes bitcoin more stable than a traditional currency, and there are no fees for transferring bitcoins.

 The bitcoin network is probably not connected to the real world at all. It doesn’t transmit information over cables or radio waves. Instead, it uses a protocol called “zero-knowledge proofs,” which is a kind of math algorithm that ensures that anyone can perform verification of Bitcoin transactions. Unfortunately, this system also makes it very hard for governments to regulate Bitcoin.

Bitcoin is Not Centralized

It’s common practice for banks and major financial institutions to maintain their private databases of customer information. The same holds in the technology industry as well. Banks and tech companies can’t refuse customers because they often have contracts, loans, and other factors they need to maintain. 

However, with Bitcoin, the technology leaves no room for a single institution to be in charge and is completely decentralized. There is no need for any central database of information that could be hacked or taken over. There are no single points of failure, so dismantling a bank or disrupting the network could never work.

Bitcoin Removes the Power in Banks and Tech Companies

The tech industry has been moving away from traditional banking institutions like banks and towards strict user-based control over their systems. For example, Apple has its currency that people can use to purchase apps and content, but it doesn’t store your cash; it holds an encrypted version on your phone. This system gives the user more control over their funds and allows a company like Apple to profit from the currency they create. 

Google is now doing the same thing with its new Android Pay feature. This trend is being driven by a desire for people to have more control over their privacy and data and by a desire for companies to make money off of their own proprietary currencies. Bitcoin does this better than any other technology platform because it’s completely decentralized and private simultaneously.

Bitcoin May Help Stabilize Countries

Because there are no interest rates in Bitcoin, it could help keep countries from going bankrupt due to rising inflation rates and other economic factors. In addition, Bitcoin’s deflationary properties make it very unlikely that a country will ever have a currency crisis. This type of debt crisis would be impossible if bitcoin were the dominant financial currency worldwide. 

Bitcoin Is More Democratic than Other Currency

Bitcoin use allows anyone to take control of their money and start earning interest, providing them with a medium through which they can spend their money in any manner they choose. However, traditional banking institutions require users to put all their eggs in one basket and support a particular set of companies that may or may not keep up with changing technology. 

Users can’t choose the system they want to use or the companies they deal with. So, for example, a person who wants to spend some of their money on a particular service may be forced to use an American-based bank that won’t support that company. On the other hand, Bitcoin allows people to spend their money in whatever way they want because it’s completely decentralized — meaning no institution is in charge.

Bitcoin Can Be Used for International Transaction

Bitcoin is an open network that anyone can join and use immediately. Because there is no central authority, governments and banks don’t have the power to dictate who will or won’t get money. Anyone can use the Bitcoin network, and it doesn’t discriminate against anyone based on their political affiliations, race, or social status. All financial transactions occur in minutes without any fees or taxes. 

Bitcoin is Utterly Transparent

Because Bitcoin is entirely decentralized and transparent, the system can be wholly audited by anyone. There is no way to hide money or manipulate the network. It’s always in the open, so no one has any room to hide behind fake deals or account balances that no one can verify.

Every step of the process, including mining and trading, takes place on a public ledger for everyone to see by using a variety of tools available online. If any part of Bitcoin were ever tampered with or hacked, it would be immediately evident in real-time.

Closure

Bitcoin has achieved a lot of success even though it didn’t start as a well-known technology. The reason it’s so successful is that Bitcoin is entirely private, decentralized, and open source — meaning that anyone can see everything that’s happening right now, reducing inequality.

It’s not owned by any government, corporation, or tech giant but by the people who keep the network running 24 hours a day worldwide via their computers and mobile devices.

Inequality article and permission to publish here provided by Jean Nichols. Originally written for Supply Chain Game Changer and published on November 19, 2022.