Financial Problems & Bitcoin Solutions

The decision of financial problems.

Financial Problems

The international community is unable to efficiently & securely make financial transactions with each other. The only technology that is widely available to the masses is provided by large corporations that have high fees, long waiting periods and lots of other restrictions. For example, try to make a $0.50 purchase online from a company in a different nation. The fees are too high for the merchant – the bank will make more than the merchant. The merchant will have to wait a significant amount of time before having 100% possession of the money – it can be as long as 6 months before the credit cards fully confirm a purchase. And, the credit card transaction will probably fail and force you to manually confirm the purchase directly with your credit card company. And, you do not want to upload your checking account information to some foreigners database for a $0.50 purchase or any size purchase. This makes international commerce nearly impossible. It can only be done by a small percentage of large spenders. The rest of the planet does not have access to digital financial transactions.

Bitcoin Solutions

Bitcoin is an open network that allows anybody with internet access to immediately send money to anybody else in the world that has internet access. The transactions can actually made offline, but eventually need to be merged with the network online. It is efficient & secure and is nearly free. 3rd parties will provide the service for free and make money off of advertising revenue just like the model with E-Mail & WWW. Bitcoin is a protocol built on top of the Internet and it allows for immediate, irreversible transactions between anybody. A lot of people do not have access to the internet, but this problem is being addressed by large companies like Facebook & SpaceX. They are trying to fund a program to launch satellites so that everybody can access the internet. Also, they want to ensure that everybody has access to at least a cheap mobile phone. It will be profitable for them to have all of these new users. Bitcoin will allow for direct banking between customers and merchants thus cutting out the banks and credit card companies that provide low quality services for expensive prices.