The first major currency in the world to adopt a proof of workable alternate computing methodology called “Bitcoins” has hit a new record high. The total number of Bitcoins in circulation is now at an all-time high. This is not too surprising, as with many other things in the technological sphere, such as the internet, social networking and mobile technology, there is a general trend towards decreased cost and increased reliability. The decrease in price for conventional computers is what makes the adoption of the internet by most people a relatively easy process compared to the previous generations when it would have been an entirely different story. As such, it is easy to understand why Bitcoins are becoming a widespread phenomenon.
The problem with conventional currency is that it is controlled by a few large banks which dictate the supply and demand in the market. They have also outsourced a large portion of their trading to entities which they can influence. This means that even if you want to buy a car, there are fewer options than it is before. What you need to be able to buy a car is a bank account. Today, with the advent of the internet, the options you have before you are vastly more diverse and easier to use.
The ability to use the internet to conduct business anywhere in the world has meant that small business owners have the opportunity to expand into untapped markets. Before the internet, businesses had to limit themselves to their local market. However, if you can access the global market then you have the opportunity to reach a larger audience. This is where a form of proof of workable alternative computing methodology like Bitcoins comes into play.
Bitcoins has the power to change the face of international trade because it allows a currency to be traded instantly anywhere in the world. This is not possible with traditional currency transactions which take days or even weeks to complete. If you can trade instantly you can increase your profits and reduce your losses. It has the potential to become the dominant force on international trade.
Even the banking system could use something like Bitcoins. Governments all over the world have been working to prevent the misuse of the currency. They have created regulations and tax rules to try and prevent people from using the money for illegal activities. However, with such a great influx of people who want to make quick cash they will always be able to find ways around these rules and regulations. In this way, Bitcoins can be seen as an underground financial system run by the people for the people.
Bitcoins is a brilliant example of how a proof of workable alternative computing methodology can impact society. Because of its nature, there is always a need to find something that works and that people will use. Because of the sudden increase in the number of people that want to make quick cash, the demand for a proof of workable alternative computing method has never been higher. As long as there are people searching for something that will work, new innovations will emerge and people will be attracted to them.