“Bitcoin will do to banks what email did to postal industry”

The banking system which is based on FIAT money, created and controled by the goverments, those $ dollar bills have value because we are made to believe in it by our goverments, if we dont believe in it its nothing but a piece of colored paper.

This is traditionally a system and has been creating problems for decades. The money in circulation that is printed in any economy was earlier backed by gold reserves stored in a centralized location,

But now the fiat money is backed by Foreign exchange reserves usually US Dollar (in most of the countries). As the dollar prices rise, a country will need to print more of its own currency to maintain it’s reserves.

This causes inflation and currency devaluation which many countries are experiencing today like venenzula and ….

This way the money that people hold loses its value over time. For example, If an average man decides to work day and night hoping the money he earns will secure his future, according to time value money factor the money he will have at the time of retirement will lose more than 50% of its value by the time of his retirement. All his efforts done to gain that money was in vain if the goverment keep issuing more of those FIAT currencies in the market.

This is why achieving financial freedom is long lost dream with FIAT as a store of value, With the advent of internet and free availabilty of knowledge, people are only now beginning to understand how they had been fooled by the luring advertisements, big offices, and technical jargons created by the banks only to discourage people from looking in too much.

The people who believe in cryptocurrencies (not just Bitcoin) and thus blockchain are people who are tired and want out from this vicious circle the Banks & Traditional systems have them trapped in.

The fiat currency system has been perfect to rob people left, right and center.

Thus for digital or cryptocurrency to replace fiat, it needs to be an easy medium of exchange and a good store of value.

Like the recent need of decentralized Stable Coins like TUSD , GUSD, StrongHold, etc have started to gain a lot of attention. For peoples need to hold there money in a sable coin for which the price will remain constant.

With the rise of ICO’s and STO’s the world has proved i

Businesses around the world are smart enough to understand that blockchain is a booming industry and everybody wants to make use of it or cash in.

• Looking at IBM own enterpise level blockchain,
• Tron’s Partnership with Chinese Google Alternative ‘Baidu’ ,
• AMAZON partnering with QTUM to work over his AWS servers,
• Fedelity a giant inventment firm with managinng over 7 Trillion Dollar of funds has stated to go all in crypto.
• With the launch of Bakkt by NYSE is such a big news that is blowing up between invest

Around 1983 dapps were launched on ethereum’s network in the last year, around 200 on eos and 30 on qtumbnetwork.

As many as 100,000 people are joining cryto community every day and the bitcoin blockchain networks processes around 200000 transactions everyday.

By comparison, Ethereum blockchain processes 500000 transactions daily and it is getting laggy. Recently in June, a user reported that he had to wait for 4 days to get a confirmation.

Because of this lag, people are spending higher GAS or GWEI fees for fast confirmations. This makes microtransactions impossible. Hence, the system cant be used for instant payments and for payments like maybe a cup of coffee. BUT BEHOLD! Times are changin!

There are upcoming technologies that are fixing the scalability issues of bockchain network which show a lot of promise and provide another opportunity for several dapps to be developed on.

Those technologies have been called — sharding, raiden, plasma, lightening network. Read in detail about these technological advances here.

A little about me: I was introduced to Bitcoin by a friend who was trying to make a quick buck during the craze of 2017 but ever since ive been reading and researching, it blows my mind as to the capabilities it holds and how it is already changing the lives of people, like for people in Africa where due to the abysmal performance of their own currency, around 1000000 people are using blockchain everyday to transact with each other.

“Nothing will pay more than educating yourself”