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People want to know why Bitcoin will succeed

John Williams

Nov 20, 2020 — 1 min read

It is easy to wonder why Bitcoin will succeed. The simple fact is that people like it, and it was the first mover in an area that has become extremely popular. While Bitcoin isn't perfect, it has all the right functions to make an impact on the global financial system.

Let's start with openness. Bitcoin is a public blockchain, which means that anyone can inspect the transaction record, and ensure that all the rules are being followed. This is the exact opposite of the fiat financial system, in which data is secret, and users have to trust centralized authorities 100%.

Bitcoin also creates global connections. There are no rules (at least as far as the Bitcoin blockchain is concerned) about who can use Bitcoin, and where the private keys can be sent. Combine that with free hot wallets that can run on an inexpensive smart phone, and it is easy to see why Bitcoin has become so popular.

The Bitcoin network also allows nations that don't have a natural ability to cooperate the opportunity to collaborate on the Bitcoin blockchain. There are no restrictions on who can mine Bitcoin, so nations that don't get along can still keep the blockchain running, and use it if necessary.

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