Is cryptocurrency the future?

Technology revolutionizes mankind. This affects almost every area of life. Influence across the transport, communication, education, agriculture, defense, and business sectors is extensive. ⠀ Banking is yet another vital area that advanced technology forms concerning the high limitations that make financial institutions vulnerable to enormous financial losses. After a series of efforts to establish an online currency, the search for flexibility led to the development of cryptocurrency.

The cryptocurrency was introduced to the world in 2008 after the development of a Peer to Peer Electronic Cash network by Satoshi Nakamoto. Using the cryptocurrency, they invented Bitcoin, which became accessible all around the world in 2009. Ever since, cryptocurrency growth has been rapid, with several competitors entering the market— there is adequate evidence that cryptocurrency is here to stay and win. Cryptocurrency is a virtual currency with no central authority interference. It still allows secure transactions with minimal interference from third parties such as scammers; it incorporates private and public links to improve privacy and safety, allowing monetary transactions to be more comfortable for the people using it.

According to many people, cryptocurrency useful and that it would only lead to harm. Moreover, many also did not understand the concept of it. One reason why people did not endorse cryptocurrency much could be that it was new in the financial market back In 2009. People were only fond of cash transactions — so it wasn't easy to convince them that they could use online transactions as well. ⠀No matter how much backlash cryptocurrency faced in the early times, it stood firm and now is highly popular amongst the people all over the world. Cryptocurrency is entering our lives slowly. It wouldn't be an overstatement if we said that cryptocurrency is going to transform our lives quite literally: Cryptocurrency is the future. 

Here are a few reasons how cryptocurrency is going to change your life in the near future.

Cryptocurrency takes care of your privacy

If you partake a financial transaction, do you worry about the protection of your credit card details? Exchanging and storing money is a choice that people have, but today's trend shows preference over cash for cryptocurrencies like Bitcoin. Cryptocurrency is safer, although some may say they choose it because of convenience. But all in all, cryptocurrency provides safety, and that’s not an unknown fact.

Trending on media outlets as a target of privacy invasion is not admirable, particularly when money is involved in the subject at hand. When sensitive information, such as credit card details, gets into the hands of the wrong people without immediate intervention, users may lose all the money in the cards.

Each user wants privacy. With online platforms that allow users to enter personal information about their credit card to access a service or buy a product, it will be self-deception to believe in 100% protection of the databases that store credit card information. Cryptocurrency is a special money form that serves the same purpose as credit cards with safe user data protection.

How Blockchains Could Change the World

We know that all cryptocurrencies use blockchain methods, but do we know why? What makes blockchain so reliable that all cryptocurrencies use it? Here a few reasons why all cryptocurrencies use blockchain:

Security:

Blockchain is one of the most reliable ways to keep your money safe. No hackers or tampers can steal your money or hack into your account. This technology keeps away all the threats that you might have otherwise if you used any other method of online transactions.

The security aspect of blockchain has taken the industry by storm and is one of the most favoured technologies used in all cryptocurrencies.

Speed:

When people refer to the blockchain, it is assumed they intend to send money or value transfer, which may also be known as sending coins. However, many forget that there are many potential benefits of blockchain other than sending coins. But as a layman, what everyone knows and raves about Is the speed of a cryptocurrency. It takes less than 5 seconds to transfer money or coins via cryptocurrency. Blockchains are quicker for these reasons than every other payment methods.

Cheap fees:

Generally speaking, efficiency must equal cost and effort, which is why we have high bank charges. Blockchains allow users to achieve their goals quickly and effortlessly as opposed to other alternatives, so fees in the cryptocurrency world are exceptionally low.

This is one of the many reasons why the cryptocurrency is going to take over the traditional banking methods before they even know. Is cryptocurrency the future? We think, yes!

Decentralization:

Since it is incredibly important, this term comes up all the time. One of the main reasons why people are so excited about blockchains is that they allow us a chance to take power away from the corrupt, unstable, and unreliable authorities and give it back to the people. In the situation of Bitcoin, the goal is to reallocate control from banking systems to the Blockchain people, which is only possible with this very advanced technology. How atomic weapons depend on nuclear fission reactions is similar to how cryptocurrencies depend on blockchains. Through making cryptocurrency possible, blockchains are on its way to change the world. 

Does Cryptocurrency Have the Power to Change the World?

Now that we know that cryptocurrency is based on blockchain, we will start to see their properties. Safety, speed, efficiency, decentralization all look fantastic. But how does everything come around each other? How can cryptocurrency change the world in fact?

Cryptocurrency Will Topple Major Institutions

Cryptocurrency is preferable to our current system for a variety of purposes. Cryptocurrency will outplay banks by offering better opportunities for people to take care of their finances. Through offering cheaper (or non-existent) charges, Cryptocurrency would defeat big exchanges. Through leaving the intrusive corporations behind them irrelevant (a distributed social media network apparently can't hack and use your data), Cryptocurrency would defeat social media sites.

With blockchain technology, almost everything which is being fulfilled currently will be managed to improve by 10x. This means that it's only a matter of time until cryptocurrency is established to overthrow the financial institutions that regulate the markets of today. With the advancement of cryptocurrency, everyone will take their financial matters in their hands, defeating the over expensive banks and other institutions.

The world is going to change with the advancement of cryptocurrency, and we will witness the financial market turn into something no one imagined a few years ago. As Julia Gillard said, the development of our future is reliant on how innovative, skillful, and productive we are today, alongside how we choose to educate ourselves today

Cryptocurrency Will Make The Impossible To Possible

With the ability to link people without brokers, cryptocurrencies enable people to do businesses and work in ways they never imagined was possible before. For example, smart contracts are one of cryptocurrency's most exciting technologies.

Smart contracts are virtual contracts that execute on their own if all parties comply with their provisions and terminate itself if one or more parties fail to comply with their terms. Smart contracts allow individuals to do business quickly and automatically. One common use-case is to substitute smart contracts for escrow services. The smart contract retains the buyer's assets, guarantees that an item is shipped to the buyer, and then transfers funds to the seller upon both parties ' verification.

This is something no one imagined would be ever possible. Being able to work without a middleman is a dream come true for many people. This also means improved income and standard of living will be provided just by the development of cryptocurrency.

As cliché as it sounds, cryptocurrency may not be just a change in the world, but it may be a whole world itself In the near future. 

Cryptocurrency Will Dissolve Borders

Thomas Friedman outlined how technology (particularly the World wide web) enabled communication amongst countries that was unimaginable in the past, in his landmark 2005 book The World is Flat. Yes, in a major way, the Internet eliminated barriers amongst nations and cultures. However, if wholly adopted, cryptocurrency will hit the final blow to the cultural split. It is impossible and illogical to identify where cryptocurrencies are situated due to the decentralized nature. We may say where the companies developing them are located, but cryptocurrencies will be their own entities that are dispersed among their customers once they are released.

 It doesn't matter who the users are, be it American, Russians or Indians. It can be used by anyone who finds cryptocurrencies useful. It enables value to be shared effortlessly among people who live anywhere around the world. It would be almost impossible to achieve the same things without cryptocurrency. If you would still want to ask if cryptocurrency is the future? Then yes, it is. 

Get Ready; Cryptocurrency is the future

As we have seen multiple times over the past few decades, the people who first embrace, recognize and use emerging technologies are the ones who are most likely to benefit from them. As email first came in, several people instantly took full advantage of it. For years, others avoided it but ended up utilizing it out of the necessaries of modern times. With every new technology, this same pattern is followed, and cryptocurrency won't be an exception. Whether it's now or in ten years, you'll end up using it. You can also get started today and start learning how to be removed from this trend!

The impact of using cryptocurrency:

Government Agencies will soon adopt Blockchain Technology:

Nations with SEC regulations will proceed to implement Cryptocurrencies for their governments. Government agencies currently maintain a dedicated registry. For its operations, each entity is reliant on the other. Nowadays, this was a complicated process. The distributed ledger can provide active data management to improve the system and simplify it when blockchain comes into the picture.

We may expect strong cryptocurrencies to dominate the governments over the next ten years and control the nation's cash flow. Crypto experts expect that government bodies will soon begin to implement this decentralized network for their operations. For instance, Blockchain Technology, called X-Road, has been recognised by the Estonian government, which catalogues all citizens ' full details.

Future of Cryptocurrencies will integrate with the Internet of Things:

IoT's has already implemented the cryptocurrency technology. When these two titans come together, we can look forward to a terrific technology in the coming years without any hesitations. Blockchain Technology is set to join their hands with the Internet of Things in the near future, as per the latest IDC research. The key slogan of integration is to make interaction among IoT devices a highly efficient and safe system. Another thing is that Cryptocurrencies has the security to make effective micro-investments for smart devices.

Cryptocurrency Exchanges Trading:

The crypto-world trading fanatics are excited towards trading towards cryptocurrency exchanges. More cryptocurrencies will come into existence in the coming years. With the price growth of cryptocurrencies, users are going to begin trading with various currencies.

Because Bitcoin is the most famous cryptocurrency to date, Ripple will also prevail as the next Bitcoin in the coming years. With this, Stellar, Ethereum, Litecoin, will begin to raise their prices. It will have a significant impact on crypto exchanges and the crypto community as the value begins to rise.

Conclusion

Bitcoin's introduction has ignited a debate about its existence and for some other cryptocurrencies. Despite current problems with Bitcoin, its popularity since its release in 2009 has led to the development of new emerging cryptocurrencies like Litecoin, Ripple, and MintChip. A cryptocurrency which strives towards becoming part of the popular financial system would have to fulfil very different criteria. While that likelihood seems distant, there is very little doubt that the outcome of Bitcoin in addressing the difficulties it faces that decide the fortunes of other cryptocurrencies in the years to come.

Nonetheless, the increase in the popularity and usage of cryptocurrency, it has taken the financial markets all over the world with a storm. While many used to doubt the authenticity of the platform, are now investing in it and making use of it. At the many questions if cryptocurrency is the future? And the answer remains, yes!