Bitcoin is an alternative system totally uncorrelated to traditional financial systems. With Bitcoin, for the first time, money isn’t under governments’ or banks’ control. Using Bitcoin is about relying on a transparent system working under mathematical rules which are verifiable by all.
Bitcoin is the agglomeration of technical research with economic and philosophical ideas. It is the first tool which allows for peer-to-peer transfers of value and property securely over the internet. This brings considerable advantages not only to enterprises wanting to pay their international partners instantly and without currency change fees, but also for individuals who want to exchange value easily with their networks throughout the world.
Today more than 100 000 e-commerce websites and companies like Microsoft, Tesla or Shoroomprivé accepts bitcoins and more than 250 000 transactions are made every day.
The protocol allows for much more than simple transactions. The digital asset BTC is just one application among countless others possible with the Bitcoin protocol. The ability to create conditional transactions dictating predefined rules allows the elaboration for more advanced functionalities. Money becomes programmable.
All types of data can be encrypted stored on a blockchain and benefit from the numerous advantages of these technologies. This opens the door to new types of applications in many, if not all, activity sectors. It is for example possible to index forever intellectual properties of musical works on a blockchain, or give temporary access to a vehicle or rental property for a location. Numerous business models will likely emerge thanks to blockchain and cryptography.
Furthermore, asymmetric cryptography offers the possibility of 100% own digital assets via private and public key schemes. Every user becomes his or her own “bank”. This is a windfall for more than 2 billion people who don’t have access to traditional banking systems but nevertheless have a phone with an internet connection. Thanks to Bitcoin, these individuals finally have the ability to receive, exchange, and hold value without relying on a third party.
All of this opens up many new perspectives. With the rise of cryptoassets we will bear witness to an explosion of innovations and new propositions of value in a sector that was reserved to an elite… until now.