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How Bitcoin Will Impact The World

There's plenty of talk about how the crypto financial market will continue to disrupt our current fiat system. There's always a continuous conversation about the endless investment opportunities with cryptocurrency. However, concerning integrations, applications, and the implementation of cryptocurrency into our everyday lives, this topic would be guided by Bitcoin. As the face and leader of all cryptocurrencies, Bitcoin has grown to heights many individuals thought they'd never see.

On top of these points, there's been avid interest in the potential for Bitcoin to become an officially recognized and useable currency within our current financial market. Although some smaller governments have already adopted Bitcoin as a form of payment, many more developed nations are still unsure the financial asset is ready for the mainstream. Cryptocurrency will continue to impact the world in a variety of ways as it evolves. However, the financial system's infrastructure still needs quite a bit of work for it to blend with the world's current economy.

In addition, many individuals are advocates of Bitcoin due to its decentralized structure. Many like the idea of building an investment portfolio without having a central authority involved in the entire process. Not to mention the crypto market is much more volatile. Although it can come with increased risk, the opportunity for financial gain is vast if you exercise due diligence properly.

Currently, we're in an era of regulation, and each financial market in the world will have to handle it according to their government's terms. Although this may dampen the volatility and change the way cryptocurrency operates within existing markets, it won't stop the financial market from becoming more prominent with time.

Banks have long dominated the financial world, providing the money, credit, and security required to conduct commercial transactions or manage your own money. That traditional dominance was undermined in 2009 when Bitcoin and blockchain technology enabled people to transact their business directly without the need for banks. Moreover, individuals could do it all on their own networks that are more secure than any banking system. This may be a primary benefit, but cryptocurrency and blockchain technology will affect many facets of our life in due time. The blockchain is now just as likely to be used to authenticate goods and products or to transmit information between patients and doctors with utmost confidentiality safely; the possibilities will indeed be endless.

In terms of security, a hacker would need to tamper with all of the blocks on the chain, which isn't an easy task to do. They'd also need to redo the proof of work for each block and gain control of more than half of the blockchain network to do any harm effectively. They would need majority control of the blockchain for a tampered block to be approved and added to the chain, which will essentially never happen. Of course, those with malicious intent always find a way to make things more difficult for others, but it won't be as easy as someone making an online purchase with your credit card. Bitcoin will continue to integrate into mainstream life, and it'll only become a safer form of payment as more regulations are put in play globally.