Bitcoin is special, no doubt. Otherwise people like me wouldn’t be writing about it and you, the readers, wouldn’t be, well… Reading about it. Furthermore, there wouldn’t be companies delving into it, there would be no blockchain to support it, and there wouldn’t be people on pins and needles everyday watching and waiting to see what will happen regarding the currency’s price… Will it go up? Will it go down? Several are waiting with widened eyes and dropped jaws for the news to get better.
But what makes it so special, in my opinion, is what it’s able to do for financially separated countries. One of the biggest problems the financial world seems to experience time and time again is the fact that there are so many different currencies all across the world. There’s the US dollar, there’s the euro, there’s the franc, there’s the ruble, etc. International companies aiming to do business with each other sometimes encounter difficulties in this area. A migrant worker in Indonesia, for example, may be paid in rupiah, but needs to send funds home to his family in a different country… One that operates on a different currency altogether.
That’s where bitcoin comes in. Through remittance services being offered through exchanges such as Bitspark, that problem is seemingly eliminated. That same migrant worker can receive his pay in bitcoin. The bitcoin is transferred to his family where they then receive it in their familiar national currency. It’s a simple process, and it is services and notions like these that make bitcoin so important to the financial universe.
Bitcoin truly does eliminate the middle man.