According to Investopedia, “cryptocurrency is a digital or virtual currency that uses cryptography for security.” In other words, it’s electric money that is designed to be used by online users both safely and securely. The price of digital currencies, like Bitcoin and Ripple, have been all over the place throughout the past year — mainly because it’s a volatile online market that has celebrities, bankers, and other online users all wanting a piece of the pie.
While there are a number of people who are skeptical about the impact cryptocurrency will have on our future, there’s no doubt that it has sent shockwaves through just about every industry in the world.
The one question, however, many users are asking is what does the future have in store for cryptocurrency? Since 2009, online currencies haven’t just shown promise; they’ve started being used for various applications as well. Nowadays, it’s hard to hold a financial conversation without discussing cryptocurrency. It’s also not uncommon to hear the subject being talked about on the news, talk show radio, and of course, social media. This just goes to tell you how far this subject has come in such a short amount of time.
So, what impact will cryptocurrency have on us in 2019? Even though it’s hard to predict how much cryptocurrency will change within the coming years, we do know some changes that users should be on the lookout for this year. So, let’s take a look.
Citizens who are born in underdeveloped countries like Ghana, Brazil, Honduras, Nigeria, and certain parts of China are all at a disadvantage because of financial reasons. Aside from jobs being scarce and hard to find, residents also have a difficult time finding a safe place to store their money. While most people would consider going to a bank, you have to remember that in underdeveloped countries, banks might not be that common.
Fortunately, cryptocurrency has the power to solve some of these issues, which helps improve economic growth in smaller countries. That’s because anyone with internet access can open an account and create a cryptocurrency wallet, which provides users with the opportunity to store and transfer values safely and securely.
With cryptocurrency services becoming more popular, millions of unbanked people in other countries across the globe can finally have access to banking services. Furthermore, these platforms can be accessed through mobile apps, and handheld devices, making telecommunication in the financial world that much easier.
Giving Power Back to the People
The arrival of cryptocurrency has had a major impact in our world today by creating a shift in power; it takes the power out of economic and political leaders’ hands and puts it in the grasp of everyday citizens. The public’s trust in banks and other financial institutions has always been in question. With economic crisis’s going on throughout the world, trust in banking institutions and government leaders is something that continues to be talked about today as these leaders start to lose more and more trust.
Luckily, digital currencies can help people all over secure their money while keeping the intermediary out of the mix. Banks and government leaders can’t interfere with your digital currency. This means that transactions can be made online without the IRS watching your every move. Since banks can’t squeeze their way in your finances, you might find that your money can actually last longer. That’s because if you look closely at how banks use the money they have from customers, then you’ll know that banking leaders can sometimes gamble with their money at the customers expense. With banks being removed from the situation, however, you’re now in charge of your money and can do whatever you want with it.
Upgrade in Blockchain
According to Western Governors University, blockchain will continue to revolutionize how we do business online. To avoid confusion, blockchain refers to the platform, which brings cryptocurrency into play; it isn’t the tokens being used to send value and pay for things. With more transactions being made online, safer ways to pay for things, and companies being removed from the middle seat, blockchain technology may eventually become the international standard. Although blockchain and cryptocurrency are different, they do go hand-in-hand. If we didn’t have blockchains, for example, then we wouldn’t have the means for these transactions as well.
From the moment cryptocurrency hit the market, it started changing the world — and with CEOs and presidents of various companies and countries talking about it, and in some cases banning it, it will only get bigger. While some people aren’t in favor of cryptocurrency, the power that everyday citizens are able to obtain over their money, along with the countless benefits of these currencies, outweigh the voices that go against them. Every day we see proof that cryptocurrency is getting stronger and slowly becoming the norm.