Since the beginning of crypto, it was obvious that its technology could impact the future and change the way people interact with their investments and finances. Now, after over a decade of development, most of these predictions were true. But just how much of an impact did crypto have and how and in what ways did it change the world?
Alternative Financial Transactions
Cryptocurrencies have managed to create a convenient and affordable way to transfer money across the globe without using banks or other financial institutions for that. This provides people with a decentralized way of distributing wealth and paying for things without it showing up on some credit bill. Similar to cash, cryptocurrencies offer a form of anonymity but for the digital age.
Some governments oppose crypto because of this exact reason, so they impose sanctions and restrictions on its usage. But people still find creative ways of utilizing their crypto wallets and spending their money on things they want without additional control of the government.
In theory, the blockchain on which cryptocurrencies are based has some incredible security features. All of this means that these coins should be great for making transactions and payments online without worrying about your account’s security or integrity.
Crypto uses a system where you have a wallet that holds all of your coins. These wallets have private and public keys that they use for transactions. Public keys are your public address and they are used to send or receive money from one user to another. Private keys are there to confirm those transactions and verify them. They are not publicly shared so nobody should have access to them.
The blockchain then validates each transaction to make sure that no fake transactions are floating around and giving money to people who shouldn’t get the money in the first place.
While at first glance this might sound like a joke, it really isn’t. Crypto, once it stabilizes, can have the potential to be as stable if not even more stable than regular FIAT currency. The reasoning behind it is simple, it is a global currency and doesn’t depend on the economic performance of the country that prints it.
Great Investment Opportunity
We all know success stories of people who invested some money into crypto and have since seen their investments balloon to some incredible amounts. This is a trend that will probably continue for some years until crypto doesn’t reach a complete stable point.
In the meanwhile investing in this new industry can be quite lucrative. People all over the world do it and some of them can make some serious life-changing returns on their investments. The incredible returns and fluctuations some cryptocurrencies experience can be a great thing to invest in, but there is always a risk of them falling off drastically and leaving you with a deep hole in your pocket.