Apart from being built on well-thought principles of economy and human behavior, bitcoin runs on a revolutionary technology. Adopting bitcoin or its technology, a country makes an economic and technological decision. Salvadorians already made this decision, and as it currently stands; they are reaping the positive fruits.
Over 3 million Salvadorians banked within a couple of months. Single strategy, multiple positive effects. Modern-day banking claims to keep funds safe for their customers and allow them perform a number of other basic and intricate financial activities. While they actually do this satisfactorily at times, these services are hardly accessible to everyone who needs them at the time they do.
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Banking a huge number of people in a dispersed location is a hurdle for contemporary banks. This has been the issue since history. This barrier comes from the inability to at least access the banking facilities. Fintech applications have made attempts at banking more people in synergy with proper banking institutions, but this hasn’t fixed the issue; that’s where Bitcoin comes in…
Powered by blockchain; a technology built on an immutable record keeping and storage algorithm, bitcoin keeps everyone banked. Safe keeping of funds and moving them at will, bitcoin offers everyone not only ‘have a bank’ but also be their own bank. Banks are closed on weekends, late nights and early mornings…bitcoin is always open and efficient. Name a better system…I’ll wait.
Most bank applications set limits on their offline and online services, including restrictions for certain regions, age grades, and social hierarchy! Even the banked are not properly banked, and the services available to them are limited depending on presiding conditions.
But this is the least they have to worry about…
Banking services available to customers are only accessible via a rigorous process. Visiting the banking halls, queuing up at the ATM stands and deposit desks. Custodial banks are ‘necessary struggles’!
In addition to letting you perform basic banking operations at your own comfort; bitcoin wallets are designed with the best user experience in consideration. Setting up and executing basic operations are as easy as they get. One-click, from your most comfortable location! Bitcoin is exciting…simply!
In a region where bitcoin is accepted in its original form as money; everyone is banked and banked in the best way. It literally abolishes the need for custodial ‘money managers’ and gives users complete custody of their funds without restrictions and periodic unavailability…amazing.
Are contemporary banking systems secure? Had to ask, it’s complicated. Yes, and also No. Our banking system is relatively secure and insecure too. But bitcoin is unarguably secure.
Blockchains are hack-proof. The technology behind bitcoin is fortified with security and hack resistant protocols through rigid computing algorithms that makes it extremely hard to break through its security. Wallet owners have only one role to play — Keeping the private key, private. Private keys are the ‘only’ ways that leads to your wallet. Every holder has complete access to the account they hold its keys. Provided wallet owners keep their keys secured and out of reach, their bitcoin bank is secured.
Bitcoin is a powerful financial as well as political tool. Built to return power to the people, it poses challenges to every sector and global community, but it’s not without its own shortcomings. There are no perfect systems, and bitcoin isn’t different from this. Let’s get to that in the next part of this series.