How Cryptocurrency Will Change the World for the Better?
Apart from letting you make instant international payments for almost nothing, there are many other ways how cryptocurrency will change the world and all our lives for the better. And this post will cover those premises — how cryptocurrency will unshackle you from your bank, how cryptocurrency will include the unbanked people of the world, and how blockchain technology will drastically change how the financial world operates.
Digital currency (cryptocurrency) is not physical like cash. It is digital and only exists inside a decentralised online network known as a blockchain. The magic of this blockchain is that it is possible to store, send and receive money from any device anywhere on the planet that has an internet connection (e.g. a mobile phone). You can create as many digital wallets as you want and you can store as much currency as you want in any or multiple wallets.
How is this possible? How cryptocurrency will change the world? A blockchain is a computer file that is stored on thousands of computers around the world, all with the same version of the file updating constantly over the internet. It is known as a chain as each time a transaction that takes place (a block) it is added to the chain, much like adding a link to a physical chain. Each computer with the file then verifies with all the other thousands of computers the new link that has been added.
This means that no matter where you are in the world, or whatever device you are using, you can always access your cryptocurrency. Essentially your digital currency is always with you accessible instantly without anyone but you knowing that you have it.
If you are in the middle of the Indian ocean, on top of Mount Kilimanjaro or in the Sahara desert, as long as you have a smartphone and internet connection you can instantly access your money.
A digital or cryptocurrency wallet is essentially your own bank that only you have access to and are in control of. The only service you require is the internet to make transactions. You have effectively become your own bank and nobody but you knows anything about it — unless you intentionally tell someone else about your wallet.
As of 2017, over 2 billion people don’t have their own bank account. That is almost 1 in 3 people on the planet.
Without your own bank account, you don’t have a safe place to store your money, you can’t buy and sell things online or access financial services that could drastically improve your life. Almost 30% of our fellow human beings have to rely on physical cash or bartering.
Today anyone who has a basic smartphone and an internet connection can access this new digital economy. The 2 billion unbanked people on our planet now have the opportunity to be included in the financial ecosystem.
As we progress, internet-based companies like Amazon, Uber and Facebook will begin to understand that the only way they can access an additional 2 billion people will be through digital currencies. Facebook has already announced its own cryptocurrency in an acknowledgement of this fact.
Being the master of your own financial destiny by having your own bank on your smartphone in your pocket is one thing, but providing this to every single person on the planet is another. Digital currencies have the ability to completely include everyone on the earth and rebalance the inequality that is so endemic of the financial system today.
This financial revolution is so much more than providing financial inclusion to the unbanked. It is about unshackling the majority of the planet’s population from profit-driven wealthy corporations whose only goal is to enrich their wealthy shareholders at the expense of the people at the bottom and middle of the economic pyramid.
How cryptocurrency will change the world: It is not just about the money
Cryptocurrency, blockchain and smart contracts are the building blocks of the digital revolution that is already underway.
As cryptocurrency is made possible by blockchain technology, it is also possible to use this same technology to create intelligent automated contracts that are programmable with defined parameters and can self execute. This technology using a blockchain is known as smart contracts.
A smart contract is an agreement that is digitally enabled, verifies and ensures the negotiation and performance of a contract using encrypted blockchain technology. No lawyers, banks, agents or any (prone to error) humans required.
Smart contracts use a decentralised supercomputer (otherwise known as a blockchain), to produce and execute credible and verified transactions without the involvement of governments, banks, financial institutions or any human. These contracts are algorithmically blockchain-based which result in them being irreversible, transparent and traceable. Essentially the decentralised blockchain assumes the position of authority governed by the programmed smart contact.
Smart contracts will significantly impact the efficacy of almost every facet of our lives as these contracts can self execute based on a programmable series of if/then protocols without any error-prone human interaction.
Add to this amazing technology the ability to send money around the world to any person in less than a second with almost no cost.
Smart contracts are already being used to transfer, distribute, record the ownership of almost any asset such as property, equity, vehicles and intellectual property.
Imagine a world without real estate agents, banks, and lawyers, but with smart contracts facilitating every financial transaction instantly at almost no cost with no risk of human error.
We are still in the beginning of this amazing technology. Less than 0.5% of the world’s population own a cryptocurrency. This technology has such profound revolutionary capabilities it is like comparing the printing press to the internet.
Blockchain and cryptocurrency are and will continue to disrupt most of the world’s established industries faster than we can imagine.
To become an early adopter of this amazing technology the best way to do so is to get started. At Easy Crypto we have made the process of buying cryptocurrency easy, fast and simple, using your credit card. Get started for as little as $20.00