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The good, the better, and the best of Bitcoin

By June 28, 2017 No Comments

What started as a FinTech revolution has now become a household term. Bitcoin is not only the talk among investors and traders but is also increasingly used by people from different industries. While enabling people to make a profit for themselves, Bitcoin is also playing its part in making the world a better place.
The Good – Bringing down the divide
Bitcoin’s characteristic peer-to-peer transactions and the low transaction fees makes it the ideal currency for cross border transactions. A startup, Bridge21, is leveraging this opportunity to facilitate transactions between the United States and Mexico since talks of building the “Great Wall” is becoming a reality.
When Donald Trump took to the stage as the President of the United States, he went ahead with constructing the wall between the US and Mexico. Amidst all the protests and negative views from the Spanish speaking community, there was one good that came of it all. There was increased interest in Bitcoin-based transactions from people who send money back home.
Bridge21 enables people to send money from the US to Mexico in minutes. During transaction, the amount is withdrawn from person’s bank account to buy Bitcoins (know as “Digital cash”). This is then transferred to Mexico and sold for pesos which gets transferred to the other person’s bank account.
The Better – Women empowerment
Bitcoin has been playing its part in empowering women across the world. A not-for-profit organisation, Code To Inspire (CTI), started a coding school for girls in Afghanistan. They also pay those who worked with them in Bitcoins in order that they have complete control over their earnings.
Women farmers in Zimbabwe have been going through a rough patch since the Zimbabwean dollar fell. To help them and to improve farming productivity, a Bitcoin company called Bitmari developed the Women Accelerator Program. They aid the women farmers with Bitcoins equivalent of $255 which they will have to pay back in a year.
The Best – Giving back through charity
A number of charities accept donations in Bitcoins. BitGive is the first nonprofit organisation that leverages the Bitcoin and Blockchain technology for global philanthropy. Their Kenya Water Well project was fully funded with Bitcoins worth $11,000. Likewise, there are other charities whose projects have been funded through Bitcoins. The low transaction fees ensures that majority of the donation amount goes directly for the cause and is not lost in the process of transferring it.
Bitcoin has had an increasingly positive impact on the society in more ways than one. It is being widely accepted in a number of places and that has encouraged people to find innovative applications for this technology. Bitcoin is the future of currency and innovations will continue. Empower society. Adopt Bitcoin.

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