Most of the media reports on Bitcoin revolve around the volatility and price action. Most pieces are based on analyzing and trying to predict the future price action especially after bitcoin gained 1,935 % to $20,000 in 2017 only to plummet to a low of $ 5,950 in January 2018. But the real story is the impact Bitcoin technology is bound to have on our lives.
Here are 6 interesting ways Bitcoin technology can change lives:
Advertisers lose in excess of $19 billion annually due to click fraud. This is why they pay for every click but the agencies do not deliver value for the money paid. Since Bitcoin runs on blockchain technology, programmatic media buying can be implemented to monitor and control advertising expenditure. In addition, advertisers can reward their audience with tokens which will result in more quality but inexpensive traffic for the advertisers.
Secure and fast transactions
Sending a huge amount of money across borders using electronic funds transfer is problematic because your bank will require you to jump through so many hoops in the name of ensuring your security. With Bitcoin technology however, all it takes to transfer any amount of money is just a click of a button and the money will get to the recipient in a very short time. This will make international business faster and safe. Additionally, you will also not have to disclose your private details in order to verify a transaction.
The transparency of blockchain means all approved users can view the transactions. The audit process will, therefore, be greatly simplified since the work of verification of transactions will be eliminated. Accountants and auditors can, therefore, focus their time on bettering the business process as well as investigating other business anomalies. This will also create new opportunities for accountants, especially in cybersecurity.
Data breaches from several big companies have let lots of sensitive data exposed to the public. As a result, companies are now putting in extra effort to try to prevent data loss due to cyber-attacks. With an estimated $122 billion being spent on cybersecurity annually, it is time safer and cheaper solutions were adopted. And this is where blockchain comes in. Bitcoin technology records transactions in a transparent, secure and auditable way. These are the features that are needed in any cybersecurity system. Blockchain can, therefore, be used to develop cybersecurity solutions.
Governments face many challenges in the maintenance of land and business ownership records. This is mainly because the systems are easily manipulated. The government of Tegucigalpa recently contracted a blockchain developing firm to create a backup of titling records to ensure any updates are reviewed retroactively. This is a practical example of how the bitcoin technology can impact the property rights industry.
The rise of Bitcoin has given birth to a new breed of millionaires. Some of these millionaires didn’t have too much money, to begin with but they just believed in bitcoin and bought it when it was extremely cheap. Bitcoin is the only investment that has turned small-time investors into millionaires in such a short time.
There are so many ways in which the bitcoin technology is affecting lives. Even traders now have a unique chance of trading 24 hours a day, 7 days a week instead of the usual 5 day week trading period. Even though Bitcoin technology has its fair share of haters, the truth is it has a huge impact on the quality of life of millions of people the world over and will continue to do so.