Bitcoin and blockchain have transformed the internet. This technology has revolutionized Internet trust, say experts. Banks or governments operate as trust anchors in existing transaction standards. Insofar as these authorities remain human-centric, trust is shaky. Blockchain solves this confidence dilemma.
Bitcoin gives transactions new trust
Trust underpins all social and business relationships. Canadian analyst Stephen Thompson has investigated. He agrees with his peers that blockchain’s trustlessness has increased internet trust. Blockchain replaces human intermediaries with cryptographic proof. The person is replaced by codes, and interactions are based on math and cryptography.
Blockchain has created a new trust model. The latter is a characteristic of computing. Bitcoin’s blockchain technology makes it a stable digital asset. Bitcoin will succeed if users trust it. Why is adoption slow? Trust limits?
Bitcoin’s limits
Bitcoin users emphasize its trustworthiness. Some crypto novices are wary. Despite recognizing the reliability of transactions without third-party organizations, they have technical questions. Computers bug-free? Still working?
Analysts point to external issues that can affect blockchain’s credibility. Financial regulators and law enforcement might affect Bitcoin’s mission to promote internet trust, they believe. Bitcoin must comply with banking regulations, say officials, to acquire user trust and achieve mass acceptance.
Conclusion
Bitcoin’s computerized trust has made it successful. The cryptocurrency isn’t widely used yet. Financial officials blame lax controls for the slow start. Who thinks financial restrictions require backtracking with fiat currency controls? Bitcoin refuses. Bitcoin’s decentralized architecture and philosophy safeguard transactions. Confidence builds success, however quickly.
