Bitcoin transcends national boundaries and creates a truly global economic integration

Author: sanna

Thanks to Bitcoin and blockchain technology, the global economy will flourish, no longer limited by the usual nationalities and borders.

Bitcoin is considered to be independent of government, nationality and citizenship. Due to its decentralized nature and easy transaction, Bitcoin is fairly accessible to users all over the world, as long as they have an internet-connected device.

This makes the global financial system less restricted by national borders.

Easier cross-border transactions

Because economic trade has always been conducted using traditional currencies, which are issued and controlled by governments, commerce has often been limited by national borders. However, according to Pétur Árnason , chairman of the Auraráð Foundation , this is beginning to change thanks to blockchain technology.

Árnason said:

“Blockchain technology has brought new mechanisms to trade, which will undoubtedly change the relationship between buyers and sellers. This revolutionary technology will reduce existing barriers in cross-border trade.”

Marco Montes Neri, founder of the mobile payment platform Saldo.mx , believes that Bitcoin and blockchain technology have far transcended national boundaries and named them "regulatory agnostic . "

Neri said:

“As for the value of Bitcoin, it is the first universal “foreign exchange nostro account” (for those familiar with correspondent banking), which creates opportunities to connect payment networks. In the real world, it is difficult to integrate these payment networks due to previous systems, but it is only a matter of time (as payment networks improve) that cross-border settlement can be realized, whether it is securities transactions or other forms of settlement.”  

Achieving a truly global economy

Martin Jansen, a member of the digital currency development team, has again expressed his desire to hire a programmer in India using Bitcoin.

Jansen told CoinTelegraph :

“As we got to know each other better, I discovered that he was a really good programmer who designed websites and learned new things very quickly. So I asked him, can you take a look at this? He said he would look into it, and two days later he had given me a rough draft of a working plan - which to me was already a finished product! I was so amazed at his skills and dedication that I decided to ask for his Bitcoin address so I could pay him something. After transferring him 0.5 Bitcoin, he immediately asked me if I was crazy because it was equal to his monthly salary (and he had a good job as a programmer). ”

Jansen believes that thanks to blockchain technology, this business partnership is like a stargate bridge between the two monetary systems, and both sides can benefit.

Jansen added:

"This immediately reminded me that there could be an absolutely win-win solution based on blockchain technology. We can find a permanent bridge between the two kinds of wealth. I have to pay at least 1,300 euros for my mortgage and 1,100 euros for my car loan every month, while he only needs 75 euros and 90 euros. If I were to order the products he sent, it would cost 20 times the price. Of course, he was very lucky because he found that a fool in another place paid his monthly salary, and he only worked for two days. "  

The end of national borders?

For Susanne Tarkowski Tempelhof of Bitnatio n , the borderless nature of Bitcoin brings more than just international trade.  

Tempelhof said :

"The concept of the state is an artificial creation, created in the Treaty of Westphalia in 1648. It gave power to multiple oligarchs around the world, and that's what we call the state. It's been around for about 400 years, but it hasn't worked particularly well. The end of the Treaty of Westphalia is coming, and the trend from now on will be lower transportation costs, global trade and communication. "

Tempelhof continued: “Globalization and the technologies that facilitate it are more beneficial to local cultures. The post-national world will be more global and more local.” Tempelhof said: “The Internet and the technologies it carries, VOIP, social networks and digital currencies, I think, are the final stage of that revolution. It gives us peer-to-peer access across cultural and geographical boundaries and strengthens our own culture, across the divide we call ‘country’. ”  

Is the government really over?

The power of blockchain technology could put an end to the concept of modern government. Tempelhof concluded :

"As a last resort, blockchain can replace the government in many ways. According to the night watchman principle, we can assume that the most important role of the government is to protect private property and judicial trials. I don't think blockchain will change the interaction between people, but it will eliminate the need for centralized authorities. In fifty years, these centralized authorities will be completely obsolete. This is the future, a very beautiful future."