When the mysterious and secretive Satoshi Nakamoto first created Bitcoin back in 2008, one of the founding principles was that this would be a currency free from control by national governments and financial institutions.
The democratization of a currency had never been attempted in this way before. Perhaps the nearest equivalent in recent times had been the introduction of the euro across the main economies in Europe back in 1999, replacing 12 fiat currencies in the process. However, there are some fundamental, and major, differences between these two examples in that the euro is still under the control of national treasuries and therefore can still be considered to be a national currency for each country that has adopted it. Bitcoin, on the other hand, is truly stateless, with no affiliations and no links even to any other currencies, digital or fiat.
One can divide Bitcoin into two essentially separate entities: as an investment and speculation opportunity and as a currency in its own right. In both cases, its essentially stateless nature means that national borders are irrelevant to its adoption and use.
It’s as an investment that Bitcoin first came to the world’s general attention following its meteoric rise in value in 2017. But, where the cryptocurrency differs from the already well-established investment opportunities in shares and currencies, is that it is completely independent from official currency and stock exchanges. This means that investors from all over the world can speculate at the same time. For a good example of one of the most popular methods of doing this, take a look at the site here. Trading BTC is made even simpler with the use of automated trading programs and algorithms alongside sophisticated AI, which makes it even easier to invest into for newcomers to trading.
Meanwhile, the gold rush to invest in Bitcoin did tend to overshadow the fact that could prove to be exceptionally practical and useful as an everyday currency too. As we move further forward from the events of 2017, more and more retailers and other organizations are starting to accept Bitcoin payments.
This has proved to be particularly useful in transactions which would normally have to involve two or more fiat currencies. In these, there are a number of fees to take into account, ranging from fluctuating exchange rates to the charges that banks make for currency conversions. Bitcoin eliminates the need for these entirely. Then, there is the question of speed. Normally, it can take a number of days for any multi-currency transaction to take place, but with Bitcoin, it can be achieved almost instantly.
Finally, another aspect of Bitcoin that is breaking down borders of a different kind is the blockchain technology that underpins it. This version of a digital ledger is transforming the way in which all kinds of data can be shared on a truly global basis. It is already being used in a whole range of fields ranging, from logistics to medicine and, in fact, adoption of the blockchain does not necessitate the use of Bitcoin whatsoever.
It’s undoubtedly true that Bitcoin has lived up to its promise to transcend traditional borders – and there are plenty of reasons to believe that this is only the beginning.
