Using Bitcoin is a rather straightforward task for enthusiasts, but it is not so easy – or appealing – for mainstream consumption just yet. Even though there are various projects underway to change that and there are plenty of use cases for Bitcoin already, sometimes, you have to know where to look.
Bitcoin And Stigmas
As much as we would like to view Bitcoin as a regular currency, that is simply not possible right now. Without getting too technical, Bitcoin has certain fungibility issues which prevent it from being labelled as a proper currency. On the other hand, Bitcoin does have its merits as both a payment method and from a technological point of view.
That being said, there are certain stigmas associated with Bitcoin that will prove hard to weed out. For example, more than half of the world’s population still think Bitcoin is a scam, as there is no such thing as magic internet money. Plus, the lack of a central authority or overseeing by a government, although a positive thing for some, is a negative quality for others.
On the flip side of the coin, there is still a large percentage of people who don’t know what the fuss regarding Bitcoin is all about, and most of them frankly don’t care either. It is a difficult concept to grasp – if you want to comprehend it fully – which leads to many people choosing to avoid the topic altogether.
And it has to be said, Bitcoin is bringing a technology to the table that is far ahead of its time. Transparency and accountability is something our society has lost track of in the 20th century, and we have all gotten accustomed to it. Having a ton of financial information out in the open for everyone to see is a scary thought, assuming you have something to hide, that is.
Real Life User Cases for Bitcoin
When you consider the underlying Bitcoin technology – often referred to as the blockchain – as a huge database, the advantages of such a vast tool become apparent immediately. In our current system – even beyond the financial aspect of things – large databases are used to store all types of information, yet hardly any of these databases communicate with each other. Bitcoin’s blockchain would bypass that hurdle, as it allows for communication real-time across the world.
In fact, one could go as far as claiming the blockchain solves a lot of issues currently associated with other aspects of life, such as records of ownership. As a result of understanding the technology, Honduras will be adopting blockchain technology to build a permanent and secure land title registry. It goes without saying that many developing countries could benefit from using blockchain technology for that purpose.
But there are other interesting user cases for Bitcoin technology as well, such as filing a copyright claim as a content creator for example, especially when it comes to the creation of digital works. Startup company Ascribe time-stamps digital works copyright claims on the blockchain, which helps in proving the rightful owner of the rights whenever they are transferring their rights.
Bitcoin technology adoption is still in its very early days, and as more time progresses, we will uncover more every day user cases for the blockchain. Whether or not that will also lead to a broader Bitcoin adoption remains to be seen at this point though.
Source: The Guardian
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