Today Bitcoin is a commonplace, banal and relatively uninteresting part of the financial scene; we may talk about it with interest, but only about where it is going to be in the future, or at the most analysing the various factors in its pricing trends. We stand at a point in time ahead of the birth of cryptocurrencies and so we are not aware of the various factors that led to the inception of this marvellous concept that we have merely noticed becoming a major industry; the whole process of its growth is lost on us. And it is not only us; for the majority of people, the struggles of the crypto world in its incipient stages were beneath their concerns, after all, they had other problems to contend with like the global recession and other factors; as a result, they, too, remain unaware of the history of the blockchain and the revolution that required Satoshi Nakamoto to need to bring in the whole concept into vogue in order to fulfil the gulf between product demand and product supply.
We shall consider some of the problems faced by the blockchain back then, and what it did to mitigate these issues, starting with the banking problem.
Banks vs. Blockchain
One of the biggest problems for international businessmen in 2010 was the problem of banks. Strange though it may seem, for these people, the whole concept of banks just didn’t cut it. After all, the average person might be content to wait a week for a transaction to be processed and cleared abroad, because they don’t really have too much to lose in the meantime, but for a businessman whose company needs capital quickly in another country to resume production, every second wasted is money burned. And a week is a lot of seconds to wait for something that theoretically could be done almost instantly.
Another problem was that banks got the lion’s share of commission fees while doing an admittedly poor job of it. They could charge as much as 10% of the total transaction value and still make you wait for an unreasonably long time for a simple transaction. Again, that’s no big deal for you and I, but if you were a businessman with huge overseas profits, say in the million dollar range, ten per cent is a lot. It’s definitely more than the bank deserves for providing subpar service at high costs. So, it was true that there definitely was a lot of dissatisfaction in the upper echelons of the commercial sector against the established financial institutions because of the reasons stated and explained above. If you would like to read more about how banks and financial institutions are implementing blockchain technology visit this article.
But there was literally nothing anyone could do against the tyranny of the banking system, so deeply rooted in culture and having such an iron grip on the world of today. Some banks had survived near a millennium, and it seemed nothing could be done against them. Nothing at all.
Nothing, that is, until the emergence of the Blockchain that provided a platform for the transfer of funds without the need to obey the unfeasibly high rates of the banks around the world. More on that later; we need to go further into the history of the blockchain.
When you borrow money from a bank, the assumption is made that you will not default on the money, or that you will at least try your best to make good on your promise to pay the bank back what you owe. This is referred to as one of the principles of trust. All money management systems across the globe are based on this principle to varying degrees to carry out their daily business. The blockchain is based on this principle as well, but it goes a few steps further in building a business relationship based off completely of ethics like transparency, peer to peer cooperation, and the most important of all, the trust principle.
Sadly, we hear almost on a regular basis that the blockchain is “unsafe” and “unreliable”, whereas to the contrary, the truth is that the whole system of the blockchain is one of the most secure in the world. In fact, this turned out to be another selling point for the blockchain; many people liked the high levels of security it involved. But the point is that the blockchain was much better than traditional banks on the ethical front. It’s common knowledge that most banks will try to cheat out of a few cents in a heartbeat (who did you think introduced the whole “fine print” writing to trick people into not reading a few lines?), while the blockchain keeps an open, cooperatively constructed ledger as the basis of its transaction history.
We’ve seen so far that the blockchain beat the banks on both economic and moral grounds. Now, we see how the blockchain fared in a battle of accessibility.
To be very honest, initially the blockchain was a mess of coding and encoding. It was so difficult to use that most interested parties took a backseat and waited for a better solution to emerge. So initially, banks beat the blockchain in terms of accessibility.
However, in recent years, there have been several changes in the field that levelled the playing field. Amon was one of the first to realise that the blockchain was being held back by its own unstreamlined user interface and made active efforts to change the way things worked. An example of this is the way the introduction of the official Amon Artificial Intelligence program created by the teams of Amon and other corporate alliances that aims to reduce the instability of cryptocurrency prices and the introduction of the Amon Card, a virtual card that works to allow you access to your funds at any point, at home or at home. If you would like to read more about blockchain visit this article.
So, we have seen how the blockchain beat the banks at every front in the end. It seems hardly implausible that the blockchain should therefore assume such a firm position in the world after easily causing so much disruption in all spheres of life.
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