Saturday, January 6, 2018

The benefits of Bitt Coin

By Janice K. Maxwell

Multiple streams of income is no longer an option, it is a necessity. Entrepreneur must be a way of life for islanders and diasporans.  No longer are companies hiring for 40 years. Flexibility is the new paradigm in the working world. In today’s working world many companies are only employing part time or contracting the work. Getting paid for service rendered has a new paradigm shift from standard currency. 

Bitt coin distribution will be cheaper, faster and better for the Caribbean community.  It allows for value transfer to occur digitally. These new financial transfer companies will look at the fundamental legacy based systems that serve a monetary purpose and make the system more efficient. It will be more stable and mobile transfer with integrity. Technology now comes to the world of finance in the Caribbean with ease.

Bitcoin is a pair to pair electronic cash system that went through a process using electricity. No one person or entity has full control; therefore, making it transferable and accountable. It serves as a network protocol i.e http, smtp and as a value system. This became a store of wealth and was designed around deflationary principles. Only 21 million bit coins will ever exist over a 64 year period. Bit coin is an open source program that was released on the internet that a community built around and it started to serve a purpose that create good utility for consumers. Every sequence that the bit goes through will do so on a block chain.

This is a series of transactions that is chronologically timed stamped one after the other and stored in a container called the block chain, which produces a block chain. That block is tied to other blocks. The next chronical block is in the form of a math sequence called merkle roots. This means everyone will have the same uniform ledger that can not be altered or destroyed. It also means that central banks can issue out their national currency digitally on the block chain. Digital cash issuance means you can prove the validation process. Consumers can get their goods using digital dollars visa vie having money on their mobile phones. This will reduce on the fees that take away from the actual amount of remittance that was originally sent as well as reduction in time for the funds to be available.

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