Bitcoin is considered to be a significant technological advancement in the field of computer science of the modern days. But how significant is it really as a currency? Can it be used just like the paper money? Well, these are some of the most common questions that I get asked while talking about Bitcoin.
So, let me clear few things for you. Bitcoin is the future of money. The scientists have predicted that in the near future the paper money will stop to exist and people will use the cryptocurrency to meet their daily needs instead. And Bitcoin is the flag-bearer of that future. It is the next level in the evolution of human civilisation and money.
What does the evolution of money mean? What does that have to do with Bitcoin? Are these the questions troubling you? Well, let me help you out.
Evolution of Money:
Before we start with how noteworthy Bitcoin is in the evolution of our monetary system, you need to understand how money evolved in the first place. Though it may come as a shock, money is as old as the human civilisation. Previously, it was thought that the concept of money was developed at a much later period. However, new archaeological discoveries have proven these theories wrong. The clay or tablets discovered from Indus Valley and Mesopotamian civilisation suggest the existence of money as most of these tablets are ancient ledgers.
In the early stages of its evolution, people used seashells, stone or clay tablets like money. But as the technology of early men advanced and they learned to forge metal items, the coins made from precious metals like Gold and silver became the prevalent currency. However, as the time passed by people started to face the troubles using metal coins as they were very hefty to carry and handle. As a result, the concept of paper money evolved. Well, it met with heavy scepticism in the beginning but it has been one of the most crucial moments in the evolution history until the invention of Bitcoin perhaps.
Bitcoin: The next step in the evolution of money:
Like I said before, Bitcoin was perhaps the most significant invention in the evolution history of money since paper money. But why is it so significant? Is it because the digital aspect that Bitcoin provides to money? Well, Bitcoin is undoubtedly a digital currency but that is not the thing that makes it so noteworthy.
Actually, the technology that Bitcoin uses and its features make it special. Firstly, Bitcoin is a simultaneous yet translational currency. It means that there is no boundary to what you can do with Bitcoin. You can own Bitcoin and trade it to make a fortune. Or you can use it to transfer money to anywhere in the world without hassle. It is not limited by the national boundaries and it is not controlled by any centralised authority. Thus, it provides the people with the solitary control over their monetary funds which is something highly important in the modern world.
Bitcoin has proven over and over again as one of the greatest technological achievements in the 21st century. And now it is guiding our monetary system to its next stage of evolution. So, do not ignore the opportunities that Bitcoin offers; utilise them and be a part of a better future.