As the name itself suggests this blog will be navigating you through that how banking can been done using BitCoin. In this article, we will get to know about its applications, its definition, working concept behind it and how it has freed essential banking services crucial to worldwide business operations, from the clutches of dominance of any superpower, that has been the source of concern for the whole world for a while now, as superpower like US plague the functioning of the global banking system by means of unthought sanctions whenever its foreign policy fails to serve its selfish motives.
Bitcoin : Definition & Back-End Working Concept
It is a cryptocurrency i.e. a form of electronic cash/money. It is decentralised by nature and has no central bank/single administrator to oversee its management. It gets rid of the duplicate spending i.e. the use of same Bitcoin more than once by the in-depth use of Blockchain technology.
Current Market Rate of One Bitcoin in INR : https://www.google.com/search?q=Bitcoin
Its known uses till date :
- Online Gambling
- Trading on exchange
- Online Shopping
- International Anonymous/Untraceable Money Transfer
How it is crucial to a global & free banking system
It has not been a very unknown fact to us all, that relationship between US & Russia have been on the wrong sides since the breakdown of Soviet Union. Another unignorable fact is that both economies are crucial to the global financial peace, given the situation of today’s world, where even a single blast in one side of the world can mean rise in oil price in another part of the world. To summarise an increasingly connected world, means that no country can be left unaffected from unrest in another side of the world, as a result maintaining global harmony and peace both of physical and financial nature is essential.
But US has made it a regular affair to use financial sanctions on Russia, India, China, EU & now Iran in recent news to get the output that its foreign policy and military equipment failed to achieve. As a result Bitcoin and its popular alternatives Ethereum came as an troubleshoot to bypass these irresponsible doings and keep the global trade on a smooth ride as earlier.
To conclude, entire world has become a global village due to internet’s neverending outreach and physical money has its own limitations given time to time disruptions that come from dominant currency i.e. USD and Bitcoin has been designed by birth in such a way, to take over the future responsibility to keep the global trade ongoing no matter who the superpower is and what mischief it has in its mind.