The world is drastically transforming on a daily basis and this is affecting how businesses and life generally are run. Very few people take cognizance of the gradual metamorphosis happening in the financial world as we speak, knowing fully well that money has a transformative force.
How has money transformed over time?
Transformation of money has taken different forms from the barter system to various legal tenders which include precious metals, which were flawed as a result of inconsistencies with measurements and weights to meet the desired agreed value.
There is also the use of coins and paper money which was translated to be one of the best forms of currency until now. This form of currency was fungible and was divisible into lower denominations for the people to use for their daily transactions.
Consequently, the financial institutions which are a part of the Government would go out of their way to produce uncontrolled quantities of fiat currencies without considering the rate of inflation on the gross domestic product.
However, the people have chosen to be free to use their money as they wish and not to be under any control of a centralized body. This freedom is assumed to come at a price and this is evident from the financial point of view where the centralized banking system has limited and frustrated the ease of doing business globally.
Why is the use of Bitcoin imminent?
The entire world is coming to a realization that fiat currencies are becoming unsustainable and gradually losing their value. Hence people are looking forward to currencies that are resistant to inflation, with a great sense of value, and are divisible which gives it the characteristics of money.
Nevertheless, due to the tamper-proof, transparent, and immutable nature of bitcoin, it has stood the test of time and is gradually gaining ascendancy into the scheme of things in the financial world.
Although many people don’t understand the mathematical relationship between the computer algorithm and how it serves as money. Hence, they fearfully ignore and proclaim Bitcoin as a myth and believe that it would not stand the test of time.
However, I would like to cast our minds back, when bitcoin started in 2009, people never believed it and it was sold for less than a penny.
A popular pizza purchase was even made for 10,000 bitcoin back then, which made it the most expensive pizza in the modern-day as the price of Bitcoin rose to its all-time high this year 2021 at over $65,000. This brought about a massive interest from people globally including governments that had earlier banned bitcoin in their territories to have a vested interest in the digital commodity.
Several mega-corporations like Paypal, Amazon, and Facebook are becoming more interested in Bitcoin and other cryptocurrencies, and have successfully made integration of such cryptocurrencies into their business models.
In more recent times, countries are now accepting Bitcoin as a legal tender and as a means of transaction thereby giving Bitcoin a high level of credibility. It was pointed out that donations were made to the country of Ukraine to facilitate funding to help stem the humanitarian challenges associated with the current situation.
In the long run, countries that have decided to accept Bitcoin and other cryptocurrencies would eventually stand tall in their financial capacity as the world moves towards a more digital economy.
A wise man once said, “You can’t stop a movement whose time has come.” Indeed the time for financial freedom using Bitcoin and other cryptocurrencies has come and it’s obvious that no one or force can stop it.
The more people get to understand the efficacy of bitcoin as a decentralized form of money where you do not need an intermediary like financial institutions to transact with another person or institution, the greater its awareness and the spread of its adoption.
The Klever wallet is indeed a good starting point to empower users all over the world as we strive to put your financial power in your hands in a Klever way.