For the layman, bitcoin is just an internet currency. For some people, it’s an investment opportunity. However, it is a headache for many to deal with its technicalities and intricacies.
The cryptology behind the bitcoin technology powers the network of global financial transactions securely by reducing dependency on any specific computer or central server. It enables people to make secure payment which is instantaneous and more reliable. This technology provides the foundation of bitcoins, a decentralized digital currency.
Here are some of the ways both bitcoin and the health care industry can benefit mutually:
Remittance – Money Transfer :
Bitcoins help you send money across any part of the world almost instantly at negligible cost. By using bitcoins, you can transfer your currency in a matter of minutes. Currently, around 2 billion people worldwide are unbanked, and this factor contributes largely to international money transferring costs. If you work in one country and live in another, this is the best way to send money back home.
Mining with Antminer S7 or Other Hardware Device:
To earn bitcoins, you can use your health care products like ant miner s7, also known as bitcoin mining hardware. Bitmain(Antminer’s Manufacturer) has launched a bitcoin miner with a revised S7 model to mine 0.25 bitcoins in one month. This is very useful for the health care industry, as this would reduce your power consumption and help you make some money by selling mined bitcoins at current market rates.
Blockchain Technology:
This technology powers bitcoin payment and helps to provide health care records. In addition, it can be used to maintain patients’ records, which are encrypted, decentralized, and easy to share via the platform.
Blockchain technology has come up with Ethereum, which makes it possible for various industries, including the healthcare sector, to use it in their day-to-day functioning, thus making transactions more secure and effective.
Bitcoin Wallet:
You can store, send and receive bitcoins through bitcoin wallets. This technology has vast potential in the health care industry as it provides more security for patients’ data by keeping it away from hackers or malware attacks.
Bitcoin Exchange:
There are various bitcoin exchanges all around the world. If you own some bitcoins, these exchanges will help you sell or buy bitcoins in exchange for your local currency. These majorly exist to make money, but they also help customers interested in buying and selling bitcoin quickly and securely, which is an excellent opportunity for the health care industry.
7 Cons of Bitcoin impacting the Healthcare Industry
- No Legal Protection:
As of now, bitcoins do not have any legal protection. So, if you are using it for transactions, no authority can help if something goes wrong. Moreover, it’s a peer-to-peer system and belongs to everyone equally, making it difficult for authorities to handle disputes compared to other legal currencies.
- No Regulation:
There is no regulation for bitcoins, so it’s still not fully adopted by the health care industry as there are lots of risks involved with this technology.
- Still In Development Stage:
Bitcoin and its underlying technology (blockchain) are still in the development stage and have much room for improvement. So, if you are looking to adopt this technology in your day-to-day activities, I would suggest waiting for some time before adopting it ultimately.
- Bad Press:
Bitcoin has received bad press because of its use in criminal activity like money laundering and illegally buying drugs. It’s also widely used by hackers who demand ransom for stolen information. So, if you are trying to adopt bitcoin in the health care industry, this might also affect your reputation as it’s directly related to the most sensitive patient data.
- Lack Of Consumer Trust:
There is no doubt that patients need privacy, and they would love to be associated with a health care provider who values their patient data enough to keep it secure. But due to lack of proper regulation or legal protection, many people are still sceptical about adopting bitcoins in the health care industry. Know more at bitcoin investment
Conclusion:
Bitcoin is a great technology and has many advantages in the health care industry. It allows secure, fast, and effective transactions at fewer transaction costs. In addition, suppose the government provides some legal protection and implements proper regulation for bitcoins. In that case, it could become a mainstream currency worldwide, which would ultimately help improve the quality of life for humanity.
Read more: PTA Refuses to Block Cryptocurrency Websites
