Bitcoin is a tool to move wealth from old financial institutions to a younger more tech savvy crowd. This revolutionary technology allows a college student living off student loans the ability to build useful financial applications that can be used by the masses. Before Bitcoin, only the elitist wealthy owners of financial institutions had this ability. Now, anybody can create a revolutionary app to manage financial affairs.
This is the WWW all over again; it is the beginning of a new era like the revolution that happened with smart phones. This one is bigger than the smart phones because Bitcoin has some fierce and powerful competitors unlike the smart phone. There was no competition for smartphones – well, land lines? Cellphones evolved into smartphones so they are “one and the same” instead of being a competitor. The WWW had no competitor; the old in store commerce did not even see the threat of e-commerce until it was too late.
The people that Bitcoiners will be taking business from are the most wealthy and powerful people. It is the top 1%. It is the top .1% and even higher. They have control of media and they influence what the general population sees and thinks. There is going to be a battle for this new business opportunity. The huge transaction fees that banks are bringing in are up for grabs. If Bitcoin offers superior services for less costs, then people should naturally move into Bitcoin.
Whoever creates the new “killer apps” may become wealthy in a short period of time. It won’t take much for technologists to enter or at least come close to the ranks of the 1% in this crucial point in history. The killer apps that will be taking the electronic financial market by storm are in development and some have already been launched, but there is plenty of room for more!
Besides the financial market, the blockchain has uses outside finance. It works as a proof of existence: store a hash of a file on the blockchain to prove that the file existed at a certain time in history. The document will be notarized and this can be done programatically – someone that wants to put 1,000,000 proofs of existence on the blockchain can easily write a program to accomplish that task. This public ledger of information is immutable, that is, it can not be changed once it is verified and written to a block. This transaction will be a part of history – it will exist for all time!