Crypto Universe and its necessity

Right from the evolution of mankind, there has been an urge for exchanging products according to needs. It was done on the basis of commodities being exchanged for commodities.
This later led to the evolution of markets where all these commodities were exchanged into money, which was believed to have value and was easy to transport around.

It started out with gold, silver and other metals. This trend was common until every region started issuing their currency with their own face value (putting their face on it) and made humans accept it. It made transportation of money easier and was still backed by intrinsic value.

Then came the US Dollar dominating as gold equivalent until President Nixon removed the gold standards. Since then it has been globally Fiat (unbacked currencies) . The value of the modern day Fiat is purely based on faith rather than anything to back on.

Even though the evolution from gold bars to paper bills to plastic cards to digital transfer has somehow made life easier, it led many people to question the integrity behind the intrinsic values of Fiat money. Inflation of currencies like Turkish Lira or Zimbabwean Dollar are just some examples.
Currently US federal reserves are printing money without any care, so does the European Central Bank or any other National Reserve Bank.

Why Crypto ?

We are living in the age of technology. The Crypto world offers solutions to several world issues like digital identity for every individual, banking the unbanked, opening up digital exchanges and trading possibilities, in short — connecting the unconnected.

Several Crypto ecosystems offer governance mechanisms for its holders.
Crypto might be an option today but it will certainly be the solution for a better tomorrow.
There are always people who try to compare which project is better over the other . In the end, healthy competition is good as it makes every project thrive for perfection. For users it is also better to have options rather than ending up as a monopoly where one small group or the so called elitist control everything.

Right now there is a lot of fear and mistrust among many users. This can also be because some have the feel that Crypto currencies need to be regulated.
Humans often tend to fear and hate what they do not understand. This situation applies for the crypto universe.

There have been cases of misuse of trust, exploitation, manipulation and mismanagement. However, these things happened also in the Fiat world (i.e. The 2007/08 housing market crisis in the USA caused a domino effect or the Wirecard scandal in Germany or the current housing market crisis in China). In the above mentioned examples, financial institutions did not do proper examination of the cases, even leading to painful financial consequences on investors and taxpayers.

This is just to reinstate the fact that Crypto projects aremoving towards fool proof solutions forseveral real world problems. It is always dark before the dawn. It is just beginning.

Disclaimer : This article is written in order to make the readers aware of the positives of Crypto and the general situation. Please do your due research while investing. Crypto investments, similar to any other investments are subjected to market risk. Take your time before you invest your money in any of the projects.

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Adithya Sridhar

Adithya Sridhar

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