I want to talk about the 7th Disruption of the World, and how it is changing the World and everything we do with a speed of light and the need for you to be among the first partakers of this revolution.
You may be asking yourself:
Why do I need to own Bitcoin or Altcoins?
Why do I need to make financial transactions with Bitcoin or Altcoin?
Your answers are not far – fetched!
FIRSTLY, let me discuss DISRUPTION
Disruption is a disturbance (public or private) that interrupts an event, activity or process.
It can be categorized as stated below: areas in which disruption has been prevalent.
- Internet (The tech boom)
4 . Mobile
- Social Media,
- The Banking and Finance Industries
From statistical analysis using categorical variables, this 7th Disruption has created the most profound and widely felt impact in the society and the whole world at large. The reason being that nobody or country existing on this earth can drive any process without the Banking and Finance sector. It is the nucleus by which the whole electrons revolves around. So if that particular system is experiencing sporadic changes, anybody/country who misses any step will be left behind.
I sincerely don’t want to see you “behind”, that is why I am taking my time to explain the “future” to you.
Let us take a very meticulous look at the illustration below.
Can you see the evolution of financial transactions over the years? I could remember when the ATM Card and Online Banking were introduced, some conservatives refused to key in. Some person refused to change with the system, and the system automatically dumped them and left them where they belong – Behind!
Today in all the local traditional banks, you cannot make withdrawals below ₦50,000 across the counter – you must use your ATM!
That is why these days you will go to an ATM stand and find them staring and moping at the machine, afraid to press any key, calling for assistance when they couldn’t bear it anymore. Do not blame them, they are conservatives and the system left them behind.
Very soon the same thing will be happening in the cryptocurrency industry – “Please they asked me to pay through my blockchain with Bitcoin or Altcoins, gush! what are they saying? How I am going to do that? What is Bitcoin, how does it look? like 1kobo coin?”
Please I hope you are not laughing!!
Banks are the intermediaries for all financial transactions, even those conducted using cash. While you may not see the third-party-involvement in a cash transaction, it exists because
a) banks determine the value of the cash you spend and
b) without a financial institution, there would be no cash minted and you would be forced to barter beads or some other token of indeterminate value.
For non-cash transactions (and cash transactions where money is sent across national boundaries), the influence of financial institutions is much more obvious. You need a third-party institution to pay for, or accept payment for goods and services using checks and credit cards. You need a bank or a money transfer service to send money internationally. You need a regulated exchange to trade currencies and so on.
However, all this is set to change, digital currencies, growing rapidly in adoption, will for the first time in hundreds of years enable two people to exchange valued goods and services for currency without any intermediary. Isn’t this a wonderful thing? Yes, unless you are in the banking business. Why is it good? Because cutting out the multiple middle-men in financial transactions will leave money in your pocket. No intermediary equals fee-free transactions.
No wonder digital currency has the banking fraternity worried.
Banks originally came about to solve the problem of distrust among parties involved in financial transactions. However since that time (the 15th century), banks have grown in power to such a great extent that the fortunes of national economies rest upon them and those who manage them. The financial crisis of 2008 showed us just how vulnerable a situation this places our financial system.
NOW THIS IS THE BOOM!!!!
Digital currency solves the problem of distrust between transacting parties and the vulnerabilities of centralized finance. The blockchains (public ledgers) upon which digital currencies are based has no central control, which means they cannot be manipulated. The ledgers are fragmented across thousands of computers, all of which verify every transaction, so hacking the system will be impossible.
All transactional data is at the same time public, while ensuring privacy since no personal information is required to complete transactions, unlike those made with credit cards or other centralized processes.
Like any disruptive product, technology, or business model, the best way to profit from digital currency is to be in at the outset. Just like those who got involved with the six disruptions of television, the Internet, email, ecommerce, mobile tech and social media, getting into digital currency early is the way to access golden opportunities.
Digital currency billionaires will emerge as the concept matures and those billionaires are most likely to be people who learn to understand the technology and its markets, which of course are as lucrative as is possible for any to be. Unlike the previous six disruptions, which have all passed their golden days.
The 7th Disruption – The Rise of the Digital Currency is heralding an entirely new age of banking and finance. This will be an age in which anyone can play the money market and succeed, because digital currency is for anyone, even those who have no access to Conventional banking.
WHY DO YOU NEED BITCOIN
In 2009, Bitcoin became the first cryptocurrency.
It’s value was $0.10 to 1BTC.
Presently today, it is $11000+ to 1BTC
It’s the first example of a growing category of money known as cryptocurrency.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
WHO CREATED BITCOIN?
A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees.
WHO PRINTS BITCOIN?
No one. This currency isn’t physically printed in the shadows by a central bank, unaccountable to the population, and making its own rules. Those banks can simply produce more money to cover the national debt, thus devaluing their currency.
Instead, bitcoin is created digitally, by a community of people that anyone can join. Bitcoins are ‘mined’, using computing power in a distributed network.
This network also processes transactions made with the virtual currency, effectively making bitcoin its own payment network.
So you can’t churn out unlimited bitcoins?
That’s right. The bitcoin protocol – the rules that make bitcoin work – say that only 21 million bitcoins can ever be created by miners. However, these coins can be divided into smaller parts (the smallest divisible amount is one hundred millionth of a bitcoin and is called a ‘Satoshi’, after the founder of bitcoin).
WHAT IS BITCOIN BASED ON?
Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.
Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it.
THEREFORE, BITCOIN IS DEPENDENT ON DEMAND AND NOT SUPPLY.
BECAUSE THE TOTAL SUPPLY IS 21 MILLION WHICH MAKES THE SUPPLY OF BITCOIN FIXED AND THE DEMAND RAPIDLY GROWING.
WITH THIS, BITCOIN BECOMES VERY VALUABLE AS MORE COMPANIES, COUNTRIES, INDIVIDUALS ADOPT AND ACCEPT IT.
The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.
Author: Oghale Wealth
WEALTH ISRAEL is an Online Entrepreneur, a Business coach and a digital marketing strategist at Gong Digital. He has more than 10 years experience of turning his failures into a full success blast. Most of his mentees call him “The Million Dollar Boss”. His zeal is just so contagious that you will have no option than to start smashing a 7-figure income. He is also a Cryptocurrency enthusiast and veracious investment promoter.