The internet is a global economy that transcends nation states and political borders. PayPal, Square and other FinTech companies have enabled entrepreneurs around the world to transact business electronically but these services along with all other payment networks are centrally operated and subject to countless laws across a multitude of jurisdictions. What the internet needs is its own payment network and currency that isn’t subject to the same set of rules as traditional payments. Could bitcoin rise to the challenge as the reserve currency of the internet?
Decentralization and the Internet
When the internet started gaining mainstream adoption, it challenged a number of legacy industries that had enjoyed monopolies for decades and even centuries. Among the first industries to be devastated by the internet were media based services like music, movies and publishing. Record labels were one of the first to take a hit when file sharing services like Napster stepped onto the scene. Newspaper readership plummeted as blogging and independent news sites began popping up. TV shows lost countless viewers as more and more people began watching shows made by independent creators on YouTube.
Now the internet is disrupting resources in the real world. The shared economy is turning industries like hotels, taxi cabs and parking lots upside down and it is only a matter of time before robots disrupt the employment of human labor on a large scale. But what about money and banking? How have these industries been affected by the internet?
The Reserve Currency of the Internet
In 2009, the world of money and banking changed forever when the internet finally got its own currency. A currency that is not controlled by the ruling elites or monopolies but rather a system that is controlled for and by the people. Just like media moguls lost control over the flow of information, banks have lost their monopoly over people’s means of exchange. The world has entered a new era where the production and control of money is shifting to the hands of the market and not just the ruling class. The internet has given the world bitcoin and bitcoin is the reserve currency of the internet.
Using bitcoin transfers power from multinational financial institutions to individuals like you and me and the banks know this. The internet has supplanted the reign of media moguls and now it’s time for the banks to endure the same fate. Join the new global internet economy and replace your currency with bitcoin, the reserve currency of the internet.
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How do you see bitcoin disrupting reserve currencies around the world? Let us know with a comment below or a tweet at @BitcoinReasons