05 Jul 2016
Bitcoin was created to revolutionize the way we pay for things.
The decentralized control, quick payment processing and blockchain technology Bitcoin championed was intended to disrupt the status quo in payments.
The Bitcoin platform was released in 2009, and was created to give the power of payments to the people using it.
No longer would you have to rely on a bank to verify transactions. The people who use Bitcoin double as the verification method using a technology known as the “blockchain.”
The widespread nature of Bitcoin means it can’t be controlled by a malicious government or a single company. No single person has power over Bitcoin, and any changes to the payment system would have to be agreed upon by a majority of the people using it, a refreshing change from other payment methods.
“Bitcoin is a very successful proof of concept for a peer to peer electronic cash system, which allows for the transfer of value over the internet without the need for a trusted third party,” Citigroup analyst Keith Horowitz said in a note to clients.
It’s now becoming clear that bitcoin is unlikely to succeed in getting rid of cash or credit cards. There are too many barriers to its widespread availability. That doesn ‘t mean it’s a failure, though. The technology that Bitcoin popularized is being put to use in other exciting areas now.
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