Bitcoin is the Blockchain’s Killer Application

Bitcoin is the Blockchain’s Killer Application

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Bitcoin Killer Application Circuitboard

Just a few months ago, I sat on a panel at the Blockchain New York Conference at PwC. As a panel, we discussed, “The Promise of “The Internet of Money” with a particular angle on whether or not Bitcoin is a distraction, or has merit moving forward. How could Bitcoin be a distraction?

Also read: Revolutionary Protocol: The Emergence of Bitcoin

Bitcoin is Still Very Relevant

Bitcoin is the blockchain’s killer application. As banks and larger financial institutions catch onto “the blockchain”, let’s not forget the application that made the blockchain become more of a household name.

For those who caught onto the Bitcoin movement in the earlier days, Bitcoin was a greater topic of conversation than its platform, the blockchain. It’s easy to run after the next flashy concept, but Bitcoin as a currency is just taking off in many regions of the world. For those naysayers, the bitcoin price is on an incline.

Application With a Global Solution  

For some, paying in bitcoin is liberating. Apple and Venmo can only go so far to provide consumers with security and reach individuals around the globe. Certainly, some might argue that there are not enough on and off ramps in all parts of the world to the digital currency, but that certainly does not mean that there is no potential for Bitcoin to become mainstream.

globe-watercolour-1If we remove our U.S., Canadian and European lenses, the picture of financial stability is entirely different in most parts of the world. In countries like Argentina, Venezuela, Greece, and India, bitcoin, as a currency, presents a needed solution to basic payment woes. Just this past July, Uber drivers in Argentina founded a needed solution through Xapo’s bitcoin debit card. The Argentinian government stepped in to stifle Uber’s business by closing off access to credit card services, yet Uber has successfully continued operating thanks to bitcoin. What about Argentina’s neighbor, Venezuela? With the country in a sharp economic downturn and thousands facing starvation, people are desperately looking for an alternative.  

What about the picturesque country of Greece? The scenery certainly does not match the financial turmoil within, frequently characterized by Greece’s government seizing citizen bank accounts with often ulterior motives in paying off the national debt.

In India, home to one-fifth of the global unbanked population, mobile wallet use is on the rise, and Bitcoin is a solution for individuals to opt into the international economy with limited capital. With the United States less than two weeks away from the presidential election, people inside and outside of the country are taking a close look at Bitcoin as an investment and mechanism for payment.

Bitcoin is an Equalizer

Japan Satori Coin BitcoinImagine being barred from having a bank account due to your gender or race? In countries like Saudi Arabia, where women are banned from driving, Bitcoin serves as a gateway to financial freedom. What about the vast wealth discrepancies around the world? There is no minimum cash requirement to opt in when purchasing bitcoin. In most countries, just to secure a bank account, you need a sizable amount of capital to do so. With bitcoin, anyone can opt in with just a few cents.

This past May, BTCC CEO and Bitcoin Foundation Board Member, Bobby Lee, gave a compelling talk on “Why Bitcoin Makes Sense,” at Stanford Technology Ventures Program. Lee emphasized that Bitcoin makes sense for everyone around the world.

Now before claiming that Bitcoin is just a distraction or no longer relevant, what alternative is there that is global, decentralized, inclusive, and providing financial opportunity for the financially marginalized? The Bitcoin killer application continues to be a solid plan B, and I believe soon will be plan A for many.  

What are your thoughts? Does Bitcoin still have merit? Is Bitcoin just a distraction from the blockchain? Let us know in the comments below.


Images courtesy of Flickr, Public Domain.


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  • JdL

    This article has a whiff of desperation about it. Bitcoin was indeed the first to use a blockchain, but the time for infinite bragging over that is long passed. Check out http://www.economicpolicyjournal.com/2016/10/a-stake-in-heart-of-bitcoin-fanboys.html : it looks like ZCash has it all over Bitcoin. If I had any Bitcoin myself (which, luckily, I don’t), I’d unload it pronto.

  • Claudio Levrini

    Bitcoin is and will be the only blockchain making sense. All new crypto are token used for speculation. It is not possible to bootstrap a new public blockchain with enough hashing power to be secure and decentralized at the same time. Let alone projects like zcash that are backed by a company that is also incorporated in USA. What can go wrong?