These events are not by chance. Bitcoin is a reality today, but it presents immense transformative potential for the future.
In the first place, its decentralized infrastructure and the so-called “lighting network” allow instant transactions to be carried out at very low cost from any corner of the world with internet access. This feature offers a solution for sending money between people and for “remittances”, something very common among relatives who go out to seek opportunities for advancement outside their countries of origin. Likewise, Bitcoin presents the opportunity to enhance the financial inclusion of millions of people who today are not banked and could access these services through the possibilities offered by blockchain, the technology on which the transactions of this cryptocurrency are based.
On the other hand, the economic instability of many countries, with inflationary episodes, repeated devaluations of their official currencies, and numerous restrictions imposed on the financial system, make this
digital asset, with controlled issuance, is presented as an attractive alternative for saving, investing and preserving value.
For this reason, it is not surprising that Bitcoin has been especially receptive in our country, where we are used to political leaders making decisions that end up damaging the value and credibility of the peso, and promoting regulations that threaten the sovereignty that Argentines have. They should have on their savings.
Undoubtedly, Bitcoin faces numerous challenges, linked to the barriers that many people have in accessing the internet, their demand for electricity to carry out transactions, and the need for an environment that provides the asset with a greater institutional framework.
However, it presents an immense transformative potential for the future to favor the economic-financial connection of the world, promote a “neobancarization” of millions of people who today do not have access to financial or banking services, and consolidate itself as a digital store of value for companies and individuals.
International Bases and Executive Director of Somos Innovación.