After the financial crisis of 2008 which gave everyone a negative trust towards the bank, there came a person/groups of persons known as Satoshi Nakamoto who brought a different type of banking, saving of money, handling of money and transferring of money. Bitcoin changed the financial system as its existence brought to life a lot of Fintech companies who now do banking activities better thanks to their coins (known as altcoins), but before I continue with this post, I want to remind you that phishing links are real and they give scammers access to your wallet which often leads to loss of funds. Also, Never forget our dear hive and the hive community, you can invite your friends, loved ones and if possible your enemies (if you got one or many) to steemit.
Cynthia is a very hard working entrepreneur who has been growing her coffee business slowly since 2001, now it is 2008 and Cynthia has been able to grow her business to a medium sized one through blood and sweat but now it I becoming more difficult for Cynthia to deal with money as she receives a lot of cash, making her shelf full with a lot of paper money notes. This is a good sign that business is doing well, you will say but the truth is she is now scared of losing her money to thieves one day in her café and so she has to take the money to bank at 3:00PM every day but one day, her friend told her she was playing a very dangerous game working around with that large amount of money and so Cynthia decided to go digital by receiving transfers from customers to her bank account directly, as well as using POS for business transactions as well.
Dear Cynthia started with the electronic banking and although she was being ripped by the banks as they had to babysit her transactions and take a large cut for holding her funds, transferring her funds and for every other thing done with her account. She could still bear the loss of that but then could she bear the loss of being ripped by her customers who give the impression that they have paid via electronic transfers but didn’t do anything but just make alerts that the funds have been sent whereas there were no funds sent or they are just one of those cashback scammers. This became a point of concern for her but then, Bitcoin came.
“Did you just hear of the new disrupting banking technology called the Blockchain and its coin called Bitcoin?” Cynthia’s friend asked her? And this was the beginning of a new financial experience for Cynthia. She had a bank now that worked 24/7, she did not need to carry around physical cash and purses, and there were no unnecessary fees from banks and other third party financial organizations, and no cashback fraud by scammers. Cynthia now enjoys, fast peer to peer transactions while she does business, although Bitcoin can take up to ten minutes to confirm its first confirmation, it is still better than using a bank which you cannot track the transactions yourself and it might take up to three days in some cases.
You know, some very long time ago, having this type of technology and a coin like Bitcoin was science fiction but thanks to Satoshi Nakamoto, it is a reality and this technology is going nowhere, as people just love Bitcoin and the underlying technology which houses the coin.
This love started with Millennials as they love their finance at their fingertip, being able to manage their finance themselves, and just in the same light, Baby boomers already started feeling the love as well as they now enjoy the liberty of having their funds with them and they control how much they want to leave and how much they want to stay.
Thanks a lot for reading.
