Bitcoin is likely the greatest innovation of the 21st century. It is the most ideal financial asset that encapsulates technological innovation and store of wealth with a myriad of benefits for every individual and society as a whole. Individuals are able to store and grow their wealth in an ultra secure network that is orders of magnitude more advanced than the security of any financial institution while providing the pinnacle in privacy and wealth protection that beats the most reputable Swiss banks. The block chain technology that is the backbone of Bitcoin is a fully self sustaining network that offers protection from inflation of fiat currencies and other assets and will ultimately enable billions of people to participate in the global economy who currently have no access to banking. The fully decentralized and self sustaining nature of Bitcoin makes it the most protected and secure financial instrument.
However, the greatest strength of Bitcoin and other digital assets is also their greatest weakness. All transactions are final and irreversible and as a result purchases made with Bitcoin leave buyers fully at the benevolence and integrity of the seller. Likewise, this total lack of buyer protection limits economic opportunities for merchants who could otherwise be doing much more business if buyers had total peace of mind and protection on purchases.
There are two distinct factors that limit daily transaction volume of Bitcoin:
1.) Ordinary fiat currency which has a continuously growing supply encourages spending and punishes savers since the future value of this financial instrument is lower than its present value. Bitcoin is the very opposite; its supply is extremely limited and therefore it encourages saving rather than spending (its future value is greater than its present value).
2.) All Bitcoin transaction are final and irreversible and therefore consumers are unlikely to make purchases from suppliers in the broad economy who are not very well known and reputable. This is a disadvantage for both consumers and merchants, with the former having no protection and the latter having to forgo increased transaction volume.
Bitfi completely solves the second factor that is a major impediment to broad and rapid adoption of Bitcoin in the economy. Bitcoin has such far reaching positive consequences for humanity that it is our greatest aspiration and intent to contribute to its use and adoption.
The Bitfi platform is a logical and eventual progression within the emerging decentralized digital asset economy that is markedly easy and intuitive to use.