The importance of bitcoin. Part Three
Disadvantages of the current financial system
Absurdity of the current system is best seen when we travel. Have you ever send money abroad by paying a high commission? And what about terrible exchange rates? Have you wondered why these transactions take many hours or even days, while the ATMs work immediately? And if you do decide to use an ATM abroad – you have to deal with a five-dollar commissions and even more worse exchange rates?
The situation is only getting worse. Have you ever met people who failed to use their credit/debit cards abroad? Have you ever been in the country where the majority of the population hasn't got a bank account? Have you ever had a chance to exchange currency on the black market? Have you ever traveled out of the country and found some cash in the pockets, which became completely useless immediately after crossing the border? Have you ever encountered the restrictions of currency export or hyperinflation?
Do you know what may solve this problems? Gold. And Bitcoin. Moreover, Bitcoin has much more power in comparison to gold. E.g. Bitcoin is capable of traveling the world, from one person to another, without intermediaries and the speed can be measured in seconds.
Perhaps the financial industry with his infinite wisdom will be able to find an ingenious use for blockchain. But it is very strange that financial world ignore the fact that one blockchain already exists and even is able to virtually create anything worth $6 billion. What kind of research do large banks and financial institutions and why they call certain things revolutionary simply because they use a certain data structure? Is it just silly trend?
However, there are some projects which can be really worth our attention. These are start-ups, which want to use bitcoin to replace our sclerotic financial system. Freemit, headed by John Biggs of TechCrunch. Align Commerce, backed by Kleiner Perkins. Blockstream - company, devoting herself to expanding the boundaries of Bitcoin. Watch out the start-ups mentioned above. Do not believe in banking organizations – the just want to adopt blockchain technology in order to tighten their control.