Contrary to what many people may believe, cryptocurrency is actually not a new phenomenon. In fact, Bitcoin was first created back in 2009, making cryptocurrency more than a decade old at this point. In the world of tech, being more than a decade old means that it’s really old. And yet, there are still so many people who don’t fully understand Bitcoin and are unaware of how it’s fundamentally changing the way that people use the internet nowadays. This is especially true in recent years as more and more cryptocurrencies have been sprouting up with eager investors waiting in line to get a slice of the pie.
If you don’t fully understand cryptocurrency just yet, that’s fine. Not too many people do. The only thing you have to know is that cryptocurrency is only possible because of blockchain technology. Essentially, a blockchain is a digital ledger of transactions that are made over the internet. It doesn’t have a governing body since practically the entire internet oversees the function and records the information on the blockchain. It’s like a democratized and decentralized internet. Blockchain makes it possible for people to engage in transactions online without oversight from governing agencies or banks.
While the system architecture for blockchain might seem simplistic, there are actually so many ways the technology can be applied with regards to how people use the internet. In this article, we are going to go over the different ways that cryptocurrency and blockchain technology are applied in everyday life. The more you learn about its application, the more likely it seems that crypto and blockchain technology will really make up the future of the internet and the digital world.
It’s an Alternative Platform for International Transactions
Globalization is inevitable, especially in the age of the internet. This is especially true when businesses are aggressively expanding their operations so as to accommodate international customer bases. Unfortunately, international transactions can get really tricky, especially with countries that have strict finance laws. This is where crypto can play a very big role. Think of a website like Casinofy, a gambling website that hosts users from all over the world every day. This site has to take in money from different currencies in order to accommodate an expanding clientele. This can be tricky for gamblers who live in territories that don’t allow for online gambling at all. This is why many casino websites are now offering crypto as a viable form of payment. It is beyond the jurisdiction of local internal revenue bodies.
It’s Revolutionizing the Freelance Creative Market
Think of painters who want to be able to sell their paintings to someone from the other side of the world. It would be pretty hard to do that without a dedicated art dealer to negotiate the deal. Think of a musician who’s trying to sell their songs to as many people as possible. They would need a proper production and distribution company to help them reach wider audiences. The problem with having middlemen like these is that it takes away from the potential revenue of the creative. Cryptocurrency offers buyers and sellers an easier and more convenient way to transact with one another without having to go through these traditional channels anymore.
Security and Safety
It’s so much more difficult to hack into a blockchain than it is to hack into a traditional data storage system. With blockchain being decentralized and fitted with some of the most sophisticated encryption algorithms, it’s practically near impossible for hackers to target specific transactions. Theoretically, it’s still possible to hack a blockchain, but in all practicality, it’s quite difficult to do so. This means that crypto transactions are generally safe and secure.
Foreign Aid and Charity
Too often, when foreign aid is granted to people who really need it, it has to pass through the hands and pockets of so many people before it gets to its target. This can leave the donations prone to theft, corruption, or plain bureaucratic holdups. With cryptocurrency, it’s a direct transaction from the donors to the recipients. Again, it eliminates the need of a middle man.
What the Future Holds
Again, people are just scratching the surface with regards to what crypto and blockchain technology are capable of. Only time can say for certain what tomorrow will bring. Even though it’s fairly old technology relative to how quickly the world of technology can progress, it has experienced significant rises and booms over the recent years. It’s still a constantly evolving science and there are still so many things that we, as a civilization, would be able to do with it.
There are many economics experts who say that crypto is going to undergo a lot more seismic shifts in the near future, especially as more institutional money is being pooled into cryptocurrencies. Bitcoin may be leading the way, but there are so many vastly progressing coins that are rising up the ranks as well. Keep in mind that blockchain technology is also what is responsible for the rising popularity of NFTs. NFTClub explores in detail the reasons behind rising popularity of NFTs. There is still no telling what kind of offshoots this particular piece of blockchain technology can generate as we get deeper into the future.
There’s also a chance that crypto is going to be floated onto the Nasdaq. This will only add to the legitimacy of crypto and this will ease the many apprehensions that investors have surrounding the whole idea of a decentralized money system. Peer-to-peer technology seems to be all the rage these days, especially as more people have become aware of companies that are capitalizing on mining user data and manipulating user habits on the internet. This is why the idea of decentralized platforms like cryptocurrency are getting very popular. Nevertheless, it’s hard to tell as to where this current path is eventually going to take us. Although, one thing is for certain, it looks as if cryptocurrency and the technology that powers it is here to say. And it’s not going to go away anytime soon. There’s just far too much money at play here for it to simply go away.