In 2008, Bitcoins revolutionized the way we conducted online transactions, making cyber-hacking virtually (pun intended) impossible. Bitcoins are based on Blockchains, blocks of transaction that get stored on a public ledger and are impossible to rewrite, without leaving some kind of trail. Thanks to this Blockchain technology, everybody can now safely transact online, yes, even your octogenarian grandmother. Here are 5 reasons why you should be excited.
1. All transactions now possible. (Except underhand ones)
From collecting taxes to sending money back home, the Blockchain technology can work for every kind of transaction involving value, including money, goods, and property. What, you want to sell your unused treadmill? By all means, do!
2. Makes the economy whiter, faster than Tide.
Blockchain technology reduces fraud instances, because every transaction would be recorded and distributed on a public ledger for all to see. And tampering with any transaction will always leave a clear trail.
3. Put middlemen in a distant corner…far away from your transactions.
Blockchains will allow consumers and suppliers to connect directly, removing the need for third parties (like payment gateways), and ushering in more privacy and safety. Guess it’s time to start working on that shopping list.
4. Settles transactions so fast, you’d think it was on steroids.
Your transactions will be settled in minutes, even before you start having second thoughts on buying that ridiculously expensive leather bag that you thought you really needed but really don’t.
5. Accessible to all. Yet guarantees privacy.
Blockchain technology provides strong cryptographic guarantee – every user is assigned a private key, which means nobody else can access your transaction. Best of all, anyone with access to the internet can tap into this technology and start transacting smartly and safely.