Technology has continuously brought change in our lives and has changed the way things are done, the introduction of Bitcoin has done the same to the world of trade and payments, David Schwartz suggests.
Bitcoin white paper was introduced nine years ago by Satoshi Nakamoto. What made him invent this genius? How did he come up with the idea to revolutionize the value exchange system? These questions pop up in our minds daily and these are not only limited to specific events but there are numerous examples of inventions that have changed our lives forever. Model T, for instance.
Before the creation of Model T by Ford, the idea of owning a car was merely a fantasy for people. Due to the high prices and everyone’s approach towards buying a car, cars were considered a luxury only. Had it not been for Ford, the realization of the importance of a car might have come even later than it did. In 1908, Ford introduced Model T, a revolutionary production that was not only affordable but was also the practical choice for consumers.
Model T was specially designed to cater a larger audience, making people believe that owning a car might actually bring ease to their lives. More people started purchasing cars, increasing the demand and giving birth to a new market, more brands followed. With time, the progress in the automobile industry took a drastic uplift which led to further developments for the comfort of driving.
Giving credit to the genius of Ford, this brought a massive revolution in all our lives, making transportation and work easy. Just like the introduction of Model T, the introduction of Bitcoin has revolutionized another major industry.
David Schwartz has given Bitcoin the identity of Model T in the world of trade and he is not wrong, you know. Satoshi Nakamoto’s invention in 2009 brought new systems in this industry that led to further developments and enhancements in the industry. Who would have thought value exchange would be this simple? Well, not me for sure. The idea of middle men and third parties being in charge of our transactions was scarier rather than relaxing.
A system through which trade payments can be made in minimum time and with least energy, how is someone not down for that? Satoshi Nakamoto being the mastermind behind the invention of Bitcoin realized that there should be a safer and easier way to make payments and that is the exact gap he filled.
So how has the introduction of Bitcoin white paper changed the dynamics of the financial industry? Cryptocurrency users are tempted to be protected from the high interest rates and high inflation in the financial industry when a major financial crisis occurs. The thought of eliminating a middle man in the payment process has inspired many to join the club, the safe gateway in the world of crypto allows everyone to make trusted payments that are secured. Moreover, cryptocurrency users will get rid of the high transaction costs that is incurred on the fiat currency. Cryptocurrency 1, fiat currency 0.
The introduction of Bitcoin has brought drastic changes in the world of trade, allowing consumers to make payments on distributed networks safely and at ease. This innovation gave hope to the bank-less population to access global markets which they would have never imagined of entering if not for the crypto world, also providing more opportunities for business to investors.
Experts believe that this is not the end of the developments in the crypto industry, where as, it is just the beginning. Similar to the invention of Model T in the automobile industry, the creation of Bitcoin white paper in the world of crypto has given birth to new advancements. Since the development of Bitcoin white paper, new inventions have followed and more are expected to take shape in the near future.
It is for a fact that technology advancements will never stop, no matter how far they go. The current inventions have set such examples that our minds will never know what to expect in the future and in another school of thought, our expectations go beyond the parameters of possibility in a way that we look forward to even more revolutionary inventions and we do not know where to stop.