Bitcoin is not just a technology, it is also questioning the very structure of the economy. It will shape the global economy in the coming decades in a way that is unimaginable to us now. Bitcoin has created a completely new type of asset class, offering people an alternative to the stock market and real estate. In countries where inflation is still rampant, such as Venezuela or Argentina, Bitcoin has already established itself as an alternative currency for people.
Moreover, Bitcoin is not controlled by any state, government or central bank, so it is challenging the concentration of economic power. Every transaction is transparent and verifiable due to the Bitcoin blockchain. Transaction costs and transparency In every era of the history of the world economy, there are moments that change the way people use money. So that traders who do not trade online for fear of online fraud can be sure that they will not be a victim of fraud because the Bitcoin network makes it very difficult to reverse transactions. Where the banking system takes days for an international transaction, Bitcoin crosses borders in minutes. It is as scarce as gold, but more convenient because it is easily tradable and has the same value worldwide. Around 1.7 billion people around the world are still unbanked. Bitcoin gives them direct economic participation through the internet. Bitcoin can basically be compared to a kind of global ledger.
Many people in the world live without banks. Paper notes, the spread of the gold standard banking system—these were each an important chapter. And now Bitcoin is writing that new chapter. Many central banks are inspired to create their own CBDCs by seeing the current technology of Bitcoin—blockchain, cryptography, and the transparency of digital transactions. It is assumed that most central banks will launch their own CBDCs in the future. However, they will be inspired by Bitcoin's technology, but not as independent and decentralized as Bitcoin. Bitcoin can be effective against inflation in the long term, especially where fiat currency is weak or inflation is very high. Also, anyone with an internet connection can join the Bitcoin network. With Bitcoin, people can send money without banks or intermediaries. People can use money directly with each other. Both small and large investors can invest in it. It makes transactions faster and costs less.
By using Bitcoin, they can participate in digital economic activities. Bitcoin offers value preservation, fast transactions, financial inclusion, and new investment opportunities—all together, which makes the economy more innovative and strong.