However there is one source of monetary services that should be introduced as a legal tender. In fact, I believe that we should increase its usage because the various uses of Bitcoin offer a social alternative to monetary system due to its virtual nature.
Technology shaping the way we live
The advents of new technologies have fundamentally changed the capacity for processing and exchanging transactions in this 21st century. The world and the people are just beginning to understand the potentials that these financial systems and tools offer in innovating monetary services. However there is one source of monetary services that should be introduced as a legal tender. In fact, I believe that we should increase its usage because the various uses of Bitcoin offer a social alternative to monetary system due to its virtual nature.
The Origin of Bitcoin
Bitcoin is a digital currency created in 2009 by a Japanese guy ‘Satoshi Nakamoto’ they are coins that are generated, sent, and received over the internet.
Some of the uses of Bitcoin
Just like a credit card or PayPal, Bitcoin are already used to purchase video games, gifts, books and much more also, many small on-site businesses have begun accepting Bitcoin with no commission to spending or accepting them in addition to that unique usefulness, there are several currencies exchange where Bitcoin are accepted and converted to dollars, Euros, Pounds, and Yen.
Digital Wallet
Another benefit of cryptocurrencies is a digital wallet or a cryptocurrency wallet. It serves as a bank account – you can store your coins, send or receive them. Of course, those are not real coins, just “keys” that you can manage and access. This item represents a software or an app where you store those keys and have them at your disposal. Remember, there’s no “best” one, just choose the one that suits your needs.
You, as your Bank
Bitcoin is unique in its nature because it dealt with social issues affecting other sources of monetary services. First of all, Bitcoin is decentralized. When you choose to use Bitcoin you control it all as there is no bank or payment processor acting as a mediator. Enhance privacy security, and freedom.
Lowest transfer fees; compared to none in the monetary system
With Bitcoin there is no headache or worry over currency transfer fees; this is peculiar to western union, Money gram and the likes because with Bitcoin you transfer, or receive without charges and in cases where you have to pay less than 0.5bitcent, it is simply because you ask for optional services to speed up transactions.
No International 5 days transfer delay
Also it is not just low fees, as Bitcoin also serves as an alternative to international account to account transfer which takes a minimum of 5 days and a maximum of 7 days for transactions to be completed with fees while with Bitcoin you can send and receive same day if a partner owns a Bitcoin account otherwise they can sign up for a free Bitcoin account.
No on-site appearance
Another amazing feature of Bitcoin is its virtual nature as it breaks the barrier of personal appearance; form filling, limitations of amount sent or received, and in-country policies are part of what made Bitcoin a top niche.
No country to country regulation
Because rules vary from places to places, in some places account could be frozen without the owner’s consent in cases where criminal charges are laid even before proven in court in contrast Bitcoin are like cash seizing them requires access to your private keys which would definitely prompt for password which only you have access to therefore you enjoy the full legal and practical protection of your monetary property. Simply put you own your money!
Efficiency
Bitcoin would work perfectly for those with high education and internet skills just like we see experience with credit card, it is also very good for those who trade online and whose business partners, friends and family are familiar with internet because it takes two to operate therefore both are supposed to be computer users, it may also be another kind of safe money where it may not be useful for anyone who found it when it is misplaced or stolen.
Deficiency
Bitcoin does not serve as an alternative to all of the monetary system currently in use, also it requires some computer and basic education skills to be able to operate it, those who do not have a personal computer might feel reluctant to trade money publicly, and elderly people with short sight would definitely not be able to use it.
Analysis
Although there are many advantages and less disadvantages of Bitcoin, I am still of the opinion that we should continue to subsidize (by using it) where necessary especially because in the near future it is likely to make the financial institutions come down from their high-horse of organized extortation from the people who make keep them in business therefore the world should look into ways of making it a legal tender.
Using Bitcoin with E-Commerce?
Eventually we will be able to implement Bitcoin into our e-commerce platforms. Hopefully with it’s simplicity our visitors will feel safe and want to part with their coins much more easier than Paypal currency.
WCB runs regular e-commerce courses here in Bangkok and we will be keeping a close eye on Bitcoin so we can bring it to our courses as soon as it is ready.
