Undoubtedly, Bitcoin is transforming the worldwide financial arena. It has magnificently presented a distrustful person-to-person automated cash flow system eliminating third parties.
Even though Bitcoin fruition will stay, pointers express that the network will assist machines more than the extent to which they assist individuals in coming future.
Bitcoin- a machine’s currency?
In a Tweet, crypto enthusiast Unwriter stated that the chief miscalculation of Bitcoin is the supposition that it is created for human use only. The enthusiasts don’t consider that Bitcoin’s working encompasses beyond satisfying human needs.
The same twitter handle elucidates that due to its grander data deriving from the Bitcoin main-net, machines can be programmed by smart contracts and outflows can be carried out by means of BTC.
Yes Bitcoin is “peer to peer electronic cash system”.
A cash system not just for humans but for machines.
Every misunderstanding of Bitcoin comes from thinking Bitcoin is only for humans.
The vast majority of Bitcoin usage will not be between humans.
It will be machines.
— _unwriter (@_unwriter) April 11, 2019
According to media reports, Currently, BTC related dealings run worth millions of dollars. The only expected demise is that the trades are off-chain, guided and documented by individuals hence are more prone to fraud. Majority of Bitcoin operations include investors, traders, stores accepting cryptocurrency, reimbursement to staffs, etc.
Nevertheless, the predictions of Unwriter are somewhat different. He considers that Bitcoin will emerge as a meta-net of the internet of things (IoT). By some addition, it will emerge as a desired machine-to-machine currency. With secondary proofs, he contends that the system of cash is not intended only to satisfy human needs but also machines.
The progress and expanded use of Bitcoin in the person-to-person financial background is promising and indicates assurance of the trustless network. This is why many believe that its role in global finance will definitely upsurge in years to come.
However, prior to reaching the phase of extensive use, technology and features must be improved to ensure the comfort of use.
Trust Beyond Bitcoin
Undoubtedly, blockchain is now fueling devolution. Its prevalent use will ensure speed, censorship fights and better living standards for individuals. Decentralization has increased transparency and competence of practices.
Progressively, people find blockchain procedures more trustful. It is a positive thing. Attaining a high level of confidence will take years to realize. Gratefully, the novel blockchain technology will enhance transparency.