The Impact of Bitcoin on the World

The Impact of Bitcoin on the World
The growth of Bitcoin can reach 9 million percent in a period of 10 years, Bitcoin is increasingly affecting the world's finances. Considered a free market ideology, because there is no single and centralized entity that controls it, Bitcoin rocked the traditional investment ecosystem, ranging from gold, crude oil to stocks. Bitcoin is in the lead. On top of that, here are some of the effects of Bitcoin on the world:

1. Speculation.
As a new asset class supported by computer programs and cryptography, Bitcoin has value and price. Because of this, Bitcoin has the potential to be appreciated as a high-volatile asset. Of course this is suitable for speculators who are ready to tolerate a very high risk.

2. Trader Adoption.
Bitcoin traders will increasingly adopt Bitcoin, because they can add cuan by avoiding transaction costs using credit cards or other types of payment technology. Bitcoin and a number of other blockchain technologies do offer efficiency: fast, cheap and global scale.

3. Consumer Adoption.
Bitcoin can be used by consumers to save money in certain stores. In addition, consumers can buy goods that are not easily bought if without Bitcoin. For example, Americans can buy Persian carpets or Cuban cigarettes despite an economic embargo. Bitcoin increases economic efficiency, especially in special areas like this.

4. Security.
Adoption by traders, consumers and speculators has resulted in higher prices, thus becoming an incentive for more Bitcoin miners to continue to participate and secure the Bitcoin network. This is reflected in the Bitcoin hash rate that continues to rise. The nature of storing a transaction history that is decentralized and cannot be tampered with actually increases the trust and accountability factor in the system. Nothing in the financial security system as before.

5. Research by Developers.
Bitcoin is a computer network that is easily predicted by simple rules and source code that can be audited by the public. This is fertile ground for the development of algorithms that are more complicated than Bitcoin, machine-to-machine payment protocols, smart contracts and a number of other business opportunities. The decentralized nature of blockchain in general is increasingly paving the way for innovation without having to ask permission. Altcoin like Litecoin (LTC) and Ether (ETH) does not actually threaten the position of Bitcoin, because Bitcoin has become the dominant store of value and a medium of exchange in the crypto sector, with all its "flaws".

6. Finance. 
Bitcoin will continue to consume more traditional banking market share in sectors such as money transfers, micro payments, peer-to-peer lending and stock trading and other forms of securities. This process has already taken place such as NASDAQ's support for Open Asset / Colored Coins for securities transfers, and also the New York Stock Exchange's investment in the Coinbase crypto exchange. Traditional banks are endangered, if they don't adopt protocols like Bitcoin.

7. Adoption as a world currency. 
All transactions will eventually be completed on the blockchain, including land titles, share ownership, motorized vehicle ownership certificates and other financial instruments and currencies. "Network effects" from the first to the sixth impacts above produce the seventh effect. Newcomers to the crypto world, even traditional money, must defeat Bitcoin in all seven aspects.

This is almost impossible considering the pace of development of Bitcoin Core, the level of investment in Bitcoin businesses around the world, the growing base of Bitcoin users and others. Increasing prices will only speed up this process. Speculative attacks can make the price of Bitcoin rise dramatically in just one night.