Bitcoin deflation

But here are a few examples to illustrate the kinds of applications that might make Bitcoin useful. One is international money transfers.

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Right now, companies like Western Union and MoneyGram charge fees as high as 8 percent to send money from one country to another, and it can take as long as three business days for transactions to clear.

New Bitcoin-based entrants could easily compete on price and speed.

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Bitcoin could also enable improvements in payment security. The conventional credit card network essentially works on the honor system, with fraud-detection happening after the fact. Bitcoin could serve as the foundation for payment systems that deal with fraud in a more sophisticated bitcoin deflation.

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For example, a Bitcoin-based payment app could ask the user to approve a transaction on his or her smartphone before it goes through. Finally, Bitcoin could be a lifesaver for people in developing countries with dysfunctional banking systems.

But the Bitcoin network is global.

Deflation is Eating the World - Inflation vs Deflation and Bitcoin's Role as a Liferaft - Jeff Booth

So consumers in low-income bitcoin deflation who are worried that local banks will mismanage their funds could use Bitcoin-based financial services in a developed country such as Canada, Switzerland, or South Korea. Our mission bitcoin deflation never been more vital than it is in this moment: to empower through understanding.

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