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The Evolution Of Internet, Payment Systems and Bitcoin Cash

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Written by   829
3 months ago

There's no doubt that the internet has a preponderant paper in the evolution of the human being also payment systems and anything that comes from it development since the invention of computers.

With internet people could share their habits, culture, lifestyle and anything that can connect people from all over the world. It made possible a faster globalization and human being development. Without internet would be practical impossible to learn how people in other parts of the world live or what they do with their spared time.

The Evolution Of Internet & payment systems

It's clear that the internet come to help people to connect, get knowledge about the world and also make business.

To make business online or to attend meetings and study online, mechanisms where created to make that happen. Companies built systems to help clients connect securely on the web, softwares were built to make people link their bank accounts to be able to make payments online or to pay for things domestic or abroad.

Companies, such PayPal become big payments entities online, working almost everywhere allowing that customers make payments and receive money using their services with just an email and password. In order to take out money, the user needed to have a bank account or a debit card to withdraw money from them but to receive and make payments there's no need to that!

Of course, the internet allowed those companies to exist and to source their customers with such services, but, like other services those systems work for them! They have rules that must be followed and sometimes they need sensitive data collected to be accepted and use their services. Not only that, even if the user get all the data delivered can be easily quick out without warning, banned or even be on their blacklist accused to compromise their TOS (terms of service).

This companies often work for themselves and the user is just a product to make money for them.

The emergence of decentralized payment systems

Without all those things that weren't favorable to people but for the payment companies, there was an emergence for systems that worked without domain of central entities and value users in detriment of corporations. This systems value also freedom and the right of choice. Yes, users have the right to choose which payment systems work for them and be able to get involved with it.

So, using all that in mind and much more (financial global crisis), Satoshi Nakamoto came with an idea that forever changed the way people deal with their money online, the cryptocurrencies! The first invention by this man, the Bitcoin Core (BTC) was the gate to freedom, an open door that took the human being to a new worldwide economy.

The invention of Bitcoin Core (BTC) drove the world to a new direction of peer-to-peer payments, where corporations didn't have power to interfere. The payments are direct and registered on a network of cryptographic algorithms without human interference.

Here the man started to enjoy a really freedom of payments and the right to choose in which way to store their money also use it to make payments, he become his own bank and could move value anytime, anywhere 365 day per year paying less than the financial corporations charge [at least on the beginning of the Bitcoin Core (BTC) network] all of that in a complete decentralized manner.

Bitcoin Core (BTC) system failed for payments, but Bitcoin Cash closed the gap

As I said above, Bitcoin Core (BTC) was created to be a peer-to-peer electronic cash system that could work for everyone with lower fees and fast transactions. But the system failed to deliver that, so a new upgraded version born from it. In 2017 Bitcoin Cash forked away from Bitcoin Core (BTC) to keep it's essence and maintain the ideals to work for the people as the Bitcoin Core (BTC) creator intended, and since then the world have a truly peer-to-peer electronic cash payment system, that works in a decentralized way.

This system work for the wishes of the people who are involved with, the transactions on the network are almost free of charge (few cents of the dollar) and the speed on transactions fast as lighting to confirm. It works for instant payments and merchants are accepting it all over the world for exchange with their products without need to exchange first in fiat, the currency works in the real world.

...with Bitcoin Cash even a Soda could be bought, bills can be paid, vouchers can be acquired and many more things that real matter for people.

Final thought

It's clear that the internet allowed payment companies and systems to exist. Without internet nothing could be possible even the emergence of decentralized money would be impossible to be issued, because cryptocurrencies are virtual there isn't a physical coin.

The problem generated by the financial corporations, which charge a lot, don't work for the people wishes and a total centralized, opened a door to a more favorable way of payments that, literally changed the world of payments and opened a new decentralized economy.

Was that decentralized economy, impulsed by Bitcoin Core (BTC) that way the pioneer currency in the decentralized field whom drove the issuance of Bitcoin Cash as a peer-to-peer electronic cash payment, because at some point BTC lost it's direction as P2P money. Now the asset is more a reserve of value and not everyone have the money to sustain that blockchain, with higher fees, slowly confirmations of transactions on the network.

But besides all that, the mark here is that without internet nothing could exist neither payments systems working online or cryptocurrencies.

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Written by   829
3 months ago
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Lol, bro. PayPal really has small area of service such as here PayPal is not accepted yet so we people usually suffer something wrong due to this problem. Well, in this world most evolution occur by crypto currency and if not this come then i think we would get freedom like this in case of money transfer system!

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3 months ago

In fact PayPal still have so much influence in the world of payments online, it covers almost 190 countries with more than 200 M customers around the world, crypto is a good choice of payments (decentralized) but remember that is only covers a small piece of the world. Will be on the future a great way of payments but this company still secure a good part of customers worldwide

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3 months ago

I have less idea about it due to its banned here .. Yahh i understand the effect of Paypal too when it accepted crypto currency payment while the whole crypto market got changed then!

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3 months ago

True! Bitcoin Cash has indeed closed the gaps of failed transactions. It doesn't only help us in purchasing but also helped us in monitoring our own asset with transparency.

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3 months ago

You said and nailed Marinov 😎

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3 months ago