The evolution of bitcoin is one that has shocked us all. Throughout its 10 years of existence, people have found many new and creative ways to use it. In the beginning, it was mostly about making a profit. Now, it has evolved into so much more.
Because of peer-to-peer finance, bitcoin is now at a new level and is showing us its ability to help those that are in need. Those in-need people are the ones who live in countries with struggling economies and people who don’t have regular access to a bank whether it be they aren’t physically near one or they don’t meet the qualifications to apply for an account. Bitcoin is literally saving these people from financial crisis.
How peer-to-peer marketplaces changed the game and how they help the unbanked
The emergence of peer-to-peer marketplaces has really allowed bitcoin users to creatively explore what they can do with their money. Not only have they made it incredibly easy to buy bitcoin with the hundreds of payment methods available, but they’ve also added a personalized touch to the trading experience.
For a lot of people, it’s extremely important that people have access to a bank. This is for reasons like having a place to keep their money, being able to send funds to a family member or friend in another country, and just an overall sense of financial security. Unfortunately, there are people out there who don’t have access to banking like some of us do. People in countries with struggling economies will have a harder time applying for a bank account because some just don’t meet the qualifications. Luckily, there is a way out of this: bitcoin and peer-to-peer finance.
There have been many stories in Africa (a country where its population is severely underbanked/unbanked) where bitcoin is being used as real money. They see bitcoin as a real workaround and they’re using peer-to-peer finance to take full advantage. This is mostly how bitcoin and its peer-to-peer nature allows people to circumvent a lot of the usual roadblocks.
In this sense, having a bitcoin wallet is kind of like having a financial passport that works almost everywhere. Instead of having a bank account, you can use bitcoin to send and receive money from anywhere in the world.
Bitcoin’s real-life uses
Partnered with peer-to-peer finance, bitcoin is developing some real-life uses that can help a lot of people out. Here are a few real-life uses for bitcoin and peer-to-peer finance:
Sending money out through a Money Transfer Operator or Remittance Service Provider can get a little expensive at times. It can also take a couple of days to receive your already diminished money (due to fees). Bitcoin is the perfect way to circumvent those fees and send/receive money on your own terms.
People that live in struggling economies have to watch the value of their fiat diminish more and more every day. Bitcoin is the perfect way to protect your fiat from inflation.
As said earlier, peer-to-peer marketplaces have revolutionized the way people buy bitcoin. Not only that but peer-to-peer marketplaces have also revolutionized the way people make money with bitcoin as they have changed the dynamic of trading.
These are only a few real-life uses of bitcoin. There are more and more people thinking of creative uses every day.
Chapter 1 of the bitcoin saga
Despite it being 10 years old, this is just the beginning of bitcoin’s real-life uses. In fact, bitcoin doesn’t only help the lives of individuals, it helps the quality of life of a community. As showcased by Paxful’s #BuilWithBitcoin campaign, bitcoin, if it’s used properly, can help a lot of people around the world.
Looking to the future chapters of bitcoin is very exciting. Who knows what’s in store for the next 10 years of bitcoin? I guess we’ll just have to wait and see.