An Open Decentralized World
In order for you to really grasp the utility behind bitcoin and related technologies. One would need to realize how people as well as businesses transact with each other on a daily basis. This is but one of the many applications that can be applied to BTC and its native blockchain.
Up until the creation of bitcoin back in 2009 99.9% of these networks that handle money remittances locally or on a global scale have been centralized legacy financial systems. It has been this way so that government and the banks that they puppeteer should remain in control of the movement of money. I’ve always said that one thing that is more powerful than money is the ability to control it’s movement. If I am in a position to control an asset as well as it’s participants I can become a very powerful actor not only in the financial space. But in globalization as well.
What is globalization?
Globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
There are different types of transactions. Some of them include: p2p transactions, p2b transactions, and b2b transactions.
These are person to person, a person to business, and finally business to business transactions.
Now there isn’t a shortage of ways for us to transact or to send money to one another here in the United States. A few examples include Venmo, PayPal, Zelle, Cash App, and Apple Pay. Most of these platforms are what you would call closed payment networks meaning unless you choose to “join their system” you will not be able to send the intended value. This is done purposely in order to trap you inside a controlled payment’s network. (remember what I mentioned above)
These types of payment networks are very restrictive and centralized meaning they require a third party to keep the network secure and operational. Third parties are more than likely a bank or a platform that is tied to a traditional financial institution.
Now on the other end of that spectrum are Decentralized Payment Networks. These are payment networks in which participants can exchange money without the necessity of a third party in order to secure the network. Or to ensure network functionality.
A Visualization of a Decentralized Network. Where no single authority server controls the nodes. Subsequently enabling them to be individual entities in an environment that is absent of centralized governance.
Bitcoin as well as other open decentralized payment’s networks like the XRP Ledger offer its’ participants cheaper, more transparent remittances, and faster transactions. But most importantly offers financial inclusion. Most often people who reside in certain countries do not have the ability to access the global financial system because they lack the means to provide identification, official documentation or are physically too far from a financial institution. The list can go on and on.
But now they have that ability because of Bitcoin and related technologies that are decentralized payment systems that do not discriminate. These open networks allow anyone to participate regardless of race, gender, creed, social status, political views etc.
To consider bitcoin only a payment network, store of value or a even a currency downplays everything my entire being believes it was meant to be.
Which is Freedom.
You simply need a device that lets you access the internet and you can participate in the global economy. It is that simple.
But it is never that simple is it?
In closing
We live in a world where everything from your money to the choices you have in clothes are controlled. We are being socially engineered everyday and we do not even know it. We are being corralled into these closed networks and being force fed product after product. We have become algorithms for big data. Sadly we are becoming the little ghosts in the machine.
These decentralized systems offer us an exit.
It is time.
