Money is a collective agreement. If enough people come to the same agreement, what they agree upon becomes secondary, whether it be farm animals, gold, diamonds, paper, or simply a code. History proves all these cases to be true. Who knows what the future is going suggest to us as money, once we see digital currencies as ordinary?
The idea of digital currencies has existed for years. However, despite some effort on the part of programmers, none proved viable. Then, less than a decade ago, Bitcoin exploded into the world of cryptocurrency. Now, Bitcoin has become not only a cultural phenomenon, but a political and economic one as well, holding the fiscal eye of the world captive through its tumultuous course. It has currently been widely discussed and used in many developed countries.
However, my hypothesis is that Bitcoin provides a distinct advantage to populations living in underdeveloped and struggling economies, since it is solves the problems of hyperinflation, exchange, counterfeiting, and inaccessibility. This paper also proposes that the three factors that might hinder the widespread adoption of Bitcoin in these struggling economies is lack of infrastructure, unrealized problems with the Bitcoin network itself, and fear of the unknown.
Te Future of Bitcoin: Mapping the Global Adoption of World’s Largest Cryptocurrency Trough Beneft Analysis