How the Bitcoin Revolution Effects on Economic Development?

How the Bitcoin Revolution Effects on Economic Development?

Bitcoin is a decentralized digital currency created in January 2009, by Satoshi Nakamoto.

Though the identity of the creator of Bitcoin is still mysterious.

Bitcoin is not issued or practically backed by any banks or government officials.

In some countries, Bitcoin is not a legal tender, a country like Nigeria, yet people are trading Bitcoin and with its positive outcome, it has triggered and birthed the lunch of hundreds of other cryptocurrencies collectively referred to as “Altcoins” they differentiate themselves from Bitcoin by bringing out new or more ability such as smart contracts or low price volatility.

Smart contracts are known as self-executing contracts that enable coming in terms with the agreement between buyer and seller written into lines of codes.

CRD Network is a sidechain focusing on reflecting real-world asset value and data, financial history, banking transactions on the blockchain, and making this information anonymized and usable by Oracles, smart contracts, and dApps. Bringing real-world asset value to the blockchain technology.

CRD Network bridges the data and regulatory gaps between the onchain and the “offline” economy by making real-world data and value Web 3.0 compatible, this includes financial history, real asset prices, and compliance data. We achieve this by creating a GDPR and AML compliant environment that lessens the points of friction between you and Web 3.0.

The transaction allows DAOs to initiate a range of transactions that involve fiat and real-world assets. These include buying, selling, staking, and swapping.

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Bitcoin relies on peer-to-peer software and cryptography. A public ledger records all bitcoin transactions and copies are saved on servers around the world.

You can mine Bitcoin! Yes you can!

By mining, you can earn cryptocurrency without having to put down money for it. Bitcoin miners receive bitcoin as a prize for concluded “blocks” of verified transactions, which are added to the blockchain.

Bitcoin is worth buying!

The high liquidity connected with bitcoin makes it a good investment vessel if you’re looking for short-term profit. Digital currencies may also be a long-term investment due to their high market demand. Lower inflation risk.

Another usual reason to invest in Bitcoin is the desire for a well reliable, long-term store of value. Unlike fiat money, most cryptocurrencies have a limited supply, crowned by mathematical algorithms. This makes it impossible for any political body or government agency to dilute their value through inflation.

Is Bitcoin Valuable?

Bitcoin’s price has risen rapidly in just over a decade, from less than $1 in 2011 to more than $68,000 as of November 2021. Its value is obtained from different sources, including its relative scarcity, market demand, and the marginal cost of production. Thus, even though it is impalpable, Bitcoin commands a high valuation, with a total market cap of $1.11 trillion as of November 2021.


Since its establishment, Bitcoin has practically jumpstarted an entire industry thanks to the many gains of the blockchain technology it’s built upon.

The success story of cryptocurrencies is undeniable. We are bound to see them play a key role in the making of the global economy in years to come.

This lead has been broadly appreciated during the lockdowns caused by the pandemic.  People would easily send Bitcoin to each other and transform or convert it into usable assets, unlike precious metals or bonds, for instance.

Furthermore, the decentralized finance ecosystem issues advanced financial products to anyone across the globe. As such, third-world country investors can access lending, staking, and interest accounts thanks to blockchain technology.

Much thanks to their decentralized nature, blockchains are permission less networks, where anyone with internet access can take part.

In this process, people in regions with poor banking systems and prone to hyperinflation can still be able to access the growing internet economy.

The decentralized nature of blockchain has brought a wide range of benefits to mankind in various sectors of life. Though, finances were thrown into disarray the most, thanks to some of the inherent properties of bitcoin and the upper hand they bring, including:

Capped maximum supply

Unlike the traditional currencies, there is a limit to how many Bitcoins can come into circulation. This maximum supply is fixed to 21 million Bitcoins, with 18.6 million coins already circulating on the markets.