Bitcoin’screator Satoshi Nakamoto initially designed the network to only process a fewthousand transactions per hour. That was plenty when Bitcoin was in itsinfancy, but as Bitcoin grew more popular it started to be inadequate. Ibelieve the two-likely scenarios that bitcoin might go through in the futureare either being adapted or being regulated as a currency (see appendix 5.
0) If Bitcoinwas to be adopted then, it would not need a government body allowing peer topeer payments, there would be no printing presses or interest rates needed. The Blockchaingives us a way to track all Bitcoin transactions, as well as become aninformation transferor. This ledger will be able to replace a lot of papertrails and lawyers.
We have the technology to do better record-keeping thanever before, and this is cutting-edge. Numerous modes of Bitcoin transfer arealso available, being technology for the people. Bitcoin would be successfullyadopted in the future, especially in 3rd world countries as withBitcoin, even with modest SMS messaging, you can transact business globally. Youare the bank; so, you buy, sell and trade with no banking fees, as well as thatthe adaptation of bitcoin will also allow the building of new jobs, businessesand industries worldwide. Bitcoin means new businesses, which means new jobs,and entire industries can be born. Bitcoin being digital, it is programmable, so it canchange to bring new features to market and to be more convenient. It can bewhat we need it to be far easier than any money ever created.
Bitcoin had ahigher daily transaction volume compared to PayPal. as the USD price of BTCrises, the transaction volume measured in USD will increase, however the onlything that matter to BTC in transaction quantity, which is due to pass PayPal. Bitcoin doesn’t appear to be in any danger of displacinggiants like PayPal from the global money transfer business. But especially indeveloping countries with dysfunctional banking systems, there are signs thatBitcoin could provide the foundation for a new generation of services totransfer money overseas. The Philippines has emerged as a region with a lot ofstart-ups trying to build viable money-transfer businesses based on Bitcoin. Through digital labelling, the indelible record of abitcoin transaction has the potential to eliminate third parties (and theircosts).
Zerohedge cites findings by a Goldman Sachs analyst, “in 2013money transfer fees would have fallen by 90% if bitcoin had been used. Globaltransaction fees at retail point of sale, meanwhile, were $260 billion on over$10 trillion of sales. Using bitcoin, those fees fall by almost $150 billion to$104 billion.” A Bloomberg report from 2012 noted that more than halfof the world’s population does not have a bank account, although mobilepenetration is above 75%.
Imagine bitcoin payments through mobile appsthat could enable money transactions over remote distances at no extra costs.The high-profile bust of Silk Road has broughtto light many of the regulatory issues facing Bitcoin. On one hand, thisincidence refutes the claim that the survival of the Bitcoin ecosystem reliesprimarily on illegal transactions. By removing its asso