Bitcoin’s potential to eliminate third parties (and their costs).

Bitcoin’s
creator Satoshi Nakamoto initially designed the network to only process a few
thousand transactions per hour. That was plenty when Bitcoin was in its
infancy, but as Bitcoin grew more popular it started to be inadequate. I
believe the two-likely scenarios that bitcoin might go through in the future
are either being adapted or being regulated as a currency (see appendix 5.0)

 

If Bitcoin
was to be adopted then, it would not need a government body allowing peer to
peer payments, there would be no printing presses or interest rates needed.

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The Blockchain
gives us a way to track all Bitcoin transactions, as well as become an
information transferor. This ledger will be able to replace a lot of paper
trails and lawyers. We have the technology to do better record-keeping than
ever before, and this is cutting-edge. Numerous modes of Bitcoin transfer are
also available, being technology for the people. Bitcoin would be successfully
adopted in the future, especially in 3rd world countries as with
Bitcoin, even with modest SMS messaging, you can transact business globally. You
are the bank; so, you buy, sell and trade with no banking fees, as well as that
the adaptation of bitcoin will also allow the building of new jobs, businesses
and industries worldwide. Bitcoin means new businesses, which means new jobs,
and entire industries can be born.

 

Bitcoin being digital, it is programmable, so it can
change to bring new features to market and to be more convenient. It can be
what we need it to be far easier than any money ever created. Bitcoin had a
higher daily transaction volume compared to PayPal. as the USD price of BTC
rises, the transaction volume measured in USD will increase, however the only
thing that matter to BTC in transaction quantity, which is due to pass PayPal.

Bitcoin doesn’t appear to be in any danger of displacing
giants like PayPal from the global money transfer business. But especially in
developing countries with dysfunctional banking systems, there are signs that
Bitcoin could provide the foundation for a new generation of services to
transfer money overseas. The Philippines has emerged as a region with a lot of
start-ups trying to build viable money-transfer businesses based on Bitcoin.

Through digital labelling, the indelible record of a
bitcoin transaction has the potential to eliminate third parties (and their
costs).  Zerohedge cites findings by a Goldman Sachs analyst, “in 2013
money transfer fees would have fallen by 90% if bitcoin had been used. Global
transaction fees at retail point of sale, meanwhile, were $260 billion on over
$10 trillion of sales. Using bitcoin, those fees fall by almost $150 billion to
$104 billion.” A Bloomberg report from 2012 noted that more than half
of the world’s population does not have a bank account, although mobile
penetration is above 75%. Imagine bitcoin payments through mobile apps
that could enable money transactions over remote distances at no extra costs.

The high-profile bust of Silk Road has brought
to light many of the regulatory issues facing Bitcoin. On one hand, this
incidence refutes the claim that the survival of the Bitcoin ecosystem relies
primarily on illegal transactions. By removing its asso