Blockchain is the new best technology after Internet! Blockchain is the Internet 2.0! Bitcoin(sans cryptocurrencies) is poised to help the third world poor! Bitcoin shifts the control from a few powerful to the many needy!
If you’ve ever read or heard about bitcoins, these would be the few lines you might have come across. But what is left everytime and mostly by everyone unexplained is how?!
Blockchain as technology itself has innumerable possibilities and in various different industries. Cryptocurrency or Bitcoin is just one application of it. But since it relates to the economy and is a form of money in itself, it has gained the most traction and has got eyeballs turning all over the world.
But can Bitcoin or Cryptos really help poor? This is what needs to thought about and brainstormed over.
What is money here, needs to be understood first. A widely accepted medium of exchange for goods and services is Money. This is Dollar in US , Euro in European countries, Rupee in India and thereof. This also means that people from these very countries have agreed to one medium of exchange. Correct?!
Now, if a certain new currency let’s assume Bitcoin, following some course of action, becomes most widely accepted medium of exchange. The more growing acceptance of Bitcoin will lead to a quintessential growth in the same direction. So now, world currency is Bitcoin, highly secure, uncontrolled, uninfluenced, available to all.
Next step is the circulation of Bitcoin to massive populi all over the world. Reaching needy people in third world countries is the second challenge in the journey.
From here onwards, I suggest a well drafted bottom-up approach. Implement Bitcoin usage at grassroot levels. Meaning start from people who lie deep below poverty line in the poorer countries of the world. A seller who agrees to sell a good/service for certain part of Bitcoin and a buyer who agrees to pay that price in exchange. In case, the buyers deem the price too high or unacceptable, they can look out for other seller options, thus pushing the sellers to set the most reasonable price of a good/service.
The best part of this approach is that both sellers and buyers have equal control of market prices making it a market democracy.(Such model has never been realised ever since the emergence of economy). Second, the prices of goods/services will be closest to actuals, with least scope of hyperinflation(Biggest plague of current economy).
Now, since goods are at the cheapest prices and inflation is in perfect check, poor people will get benefitted. Moreover, since a new economy with a new currency itself will thrive all over as the Master currency, all the riches with the rich will start losing it’s value and eventually die. This may lead to heavy buying by the rich but the blockchain core features and the consensus protocol of the cryptocurrency can be programmed in a way to completely debar any such attempt(My subsequent posts will light up this concept).
So, all power and all the riches , distributed equally among all in the world; Will that be a perfect world?!