In our ongoing exploration of Bitcoin's impact, we have delved into its simplicity and how it has simplified financial transactions. Now, it's time to unravel the unexpected. In this installment, we will dive into the unanticipated and remarkable use cases that Bitcoin has sparked. Prepare to be amazed as we unveil the extraordinary stories that demonstrate Bitcoin's ability to transcend boundaries and reshape various aspects of our world.
1 Bitcoin and Remittances: One unexpected use case of Bitcoin lies in its potential to revolutionize remittance systems. For individuals in developing countries who rely on money transfers from abroad, Bitcoin offers a faster, more affordable, and transparent alternative. By eliminating intermediaries and reducing transaction costs, Bitcoin enables families to receive more of the funds sent to them, empowering financial inclusion on a global scale. 2 Bitcoin and Philanthropy: Bitcoin has also found a place in the realm of philanthropy. Its decentralized and borderless nature allows for seamless cross-border donations, enabling charitable organizations to reach communities in need more efficiently. Bitcoin's transparency ensures that donations can be tracked, fostering trust and accountability within the philanthropic sector. 3 Bitcoin and Supply Chain Management: The immutable and transparent nature of the blockchain technology behind Bitcoin has opened doors to innovative applications in supply chain management. Companies can utilize Bitcoin's underlying technology to create tamper-proof and auditable systems that enhance traceability, reduce fraud, and ensure the authenticity of products. From verifying the origins of fair-trade coffee to combating counterfeit luxury goods, Bitcoin is driving positive changes in supply chain transparency. 4 Bitcoin and Micropayments: Bitcoin's divisibility and low transaction fees have unlocked the potential for micropayments. This unexpected use case allows content creators, artists, and independent journalists to monetize their work on a small scale. Through Bitcoin, individuals can support their favorite creators with tiny contributions, creating a more sustainable and direct relationship between content producers and consumers. I can get a micropayment from writing this article! 5 Bitcoin: Money Stored in the Mind: Bitcoin is the first form of money that can be stored outside the confines of physical reality and within the recesses of your mind. With just 12 words, a person can memorize their Bitcoin wallet's seed phrase and essentially carry their entire net worth in their brain. This remarkable feature offers an unprecedented level of security and portability, especially in times of geopolitical unrest. 6 Bitcoin Mining and Grid Stabilization: Bitcoin mining, often criticized for its energy consumption, can actually contribute to energy stability and grid stabilization. Bitcoin miners have the ability to modulate their demand for power, providing a means to stabilize the electrical grid. This unexpected benefit challenges the notion that Bitcoin mining is solely an environmental concern and highlights its potential positive impact on energy systems. 7 Bitcoin as a Grassroots Currency: In South Africa, the Bitcoin Ekasi project showcases how Bitcoin is used as the main currency within a community. Surfer instructors are paid in Bitcoin, and students receive Bitcoin rewards that they can use for purchases and stores. This grassroots initiative demonstrates the practicality and adoption of Bitcoin in everyday transactions. 8 Bitcoin Acceptance: Bitcoin's reach extends beyond grassroots initiatives. Pick n Pay, a large grocery chain in South Africa, accepts Bitcoin as a payment method, providing customers with additional flexibility and choice. Similarly, Lieferando, a food delivery service in Germany, embraces Bitcoin as a viable payment option, further expanding the utility and acceptance of this digital currency. 9 The Mystery of Bitcoin's Creator: Bitcoin's creation remains shrouded in mystery. Introduced in the aftermath of the 2008 financial crisis, it was developed by an anonymous person or group known as Satoshi Nakamoto. Given the amount of surveilance these days its amazing anyone can remain anonymous for so long. 10 The Price of Two Pizzas: In a historic moment, a programmer made the first-ever purchase using Bitcoin in May 2010. They bought two large pizzas for 10,000 bitcoin0. Today, those same bitcoins would be valued at over a few million dollars. 11 The Halving of Bitcoin Rewards: Bitcoin's reward system undergoes halving events over time. Initially, mining a block would yield 50 bitcoins, but this has halved multiple times since then. Currently, the reward stands at 6.25 bitcoins per block. This intentional reduction ensures a controlled and finite supply of Bitcoin, adding to its scarcity and value. The surprise is this is set for the next 140 years, yet the market reacts as if it is a total surprise. 12 The Elusive Hard Drive: James Howell, an Englishman, unintentionally discarded a hard drive containing approximately 7,500 bitcoins, which he had mined in the early days of Bitcoin. Since 2013, he has been tirelessly searching a local landfill in the hopes of recovering his lost fortune. 13 Trillions Settled on the Bitcoin Network: Since Bitcoin's inception in 2009, nearly $10 trillion USD has been settled on the Bitcoin network. Its ability to facilitate peer-to-peer,. 14 Bitcoin and Financial Inclusion: Bitcoin has the potential to increase financial inclusion, particularly in regions with limited access to traditional banking services. By enabling peer-to-peer transactions without intermediaries, Bitcoin can provide individuals with greater control over their financial assets and facilitate cross-border transactions more efficiently, potentially bridging the gap between the banked and the unbanked populations. You do not need an I.D to use a bitcoin wallet! 15 Bitcoin's Role in Economic Crises: Bitcoin has emerged as an alternative investment and store of value during economic crises and times of political instability. In countries experiencing hyperinflation or currency devaluation, individuals have turned to Bitcoin as a means to preserve their wealth and protect against economic uncertainties. 16 there are more than 100,000 bitcoin wallets with the equivalent of 1 million dollars. Who would have though magic internet money would have made 100,000 millionares not just 10 or 100. 17 Lost Bitcoins and Ghost Addresses When you lose access to your Bitcoin address, also known as your private key, it not only means losing your unique identification but also results in the loss of all the bitcoins stored in your wallet. Surprising research reveals that a significant portion of Bitcoin addresses, are now considered ghost addresses. This means that a substantial number of individuals who have used Bitcoin have lost their addresses and are unable to retrieve their wallets. This means the value of the available Bitcoin increases. Unlike fiat currencies, if you die with your bitcoin you increase the wealth of others who hodl bitcoin. With fiat the money gets printed to inflation and has no value left. 18 Liberland: A Bitcoin-Based Micronation In April 2015 set Bitcoin as its official currency. The ‘government’ believes that Bitcoin and its underlying blockchain technology provide a secure and transparent means of recording electronic, financial, and physical assets. 19 Bitcoin's Energy Consumption. Bitcoin uses more energy than some small countries, it even uses more energy than the U.S military. And it needs to, in order to protect its value. 20 Bitcoin and fraud. Using a transparent ledger to do illegal activities is like purposefully leaving your fingerprints at a crime scene. It is suprising that it is more difficult to use Bitcoin than dollars to commit crimes. 21 Some Mosques in Iran were given free electricity so they used it to mine Bitcoin to make extra money.
Those are at least some unnexpected things that resulted from using Bitcoin. In the next article we will look at some more Concrete examples bringing Bitcoin closer to reality. This should make this intangible digital currency more tangible. Through vivid descriptions, visualizations, and relatable comparisons, we paint a vivid picture of how Bitcoin functions, and all of the moving parts it is made up of and how it fits into the broader landscape of finance and technology.
how come you decided to format your list as a code block?
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I have no idea why that happened, I was working in scrivener and then I checked the spelling and when I pasted it in stacker news it all appeared normal. Until after it was too late to edit. Some how it looks cool though.
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