The Role of Cryptocurrency in Shaping the World of the Future
There’s so much information (and misinformation) on cryptocurrency. Some people are curious about its potential, and then there are the ardent believers. On the other end of the spectrum are those who are against it.
Broadly speaking, people can be grouped into three categories based on their beliefs in cryptocurrency:
1. The Disbelievers
It’s the group of people who are generally hesitant to adopt new technologies. This group believes that cryptos are useless and are nothing but a fad.
2. The Curious Lot
The second group has some amount of confidence in cryptos. They accept cryptos but don’t think that it will be the de-facto currency of the future. While they accept that crypto is here to stay, they predict that it will have only minimal value at best.
3. The Ardent Supporters
It’s the fanboys and girls. They believe that crypto and blockchain technology are revolutionary technologies that will make the world a better place.
While it may seem unlikely, here at MOYO Trading, we believe that it’s the predictions of the third group — the die-hard supporters — is most likely to come true. Continue reading to find out why Mohsin Jameel believes that cryptocurrency will shape the world of the future. Over to Mohsin Jameel.
Hello Readers,
First, let me start by stating the obvious — cryptocurrency is not a fad. It’s here to stay — it’s not going anywhere, anytime soon. And, its role in shaping the society of the future will be HUGE.
What’s Cryptocurrency? And, What is it Not?
Ok, let’s backtrack a little. Very often, we hear the terms “cryptocurrency” and “blockchain” being used interchangeably. While both are closely linked, they are miles apart. You need to understand that cryptocurrency and blockchain are two separate entities.
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Blockchain: You can think of it as a massive database that holds millions and trillions of ledgers. The one major difference between a blockchain and a regular database is that the former is decentralized. Simply put, the blockchain is not stored in any one single place, nor is it under the control of a single authority. Instead, it’s distributed in a decentralized environment.
Cryptocurrencies, on the other hand, are digital currencies. The primary reason why most people confuse cryptos and blockchain is because cryptos use blockchain technology. There are hundreds of cryptocurrencies available today. Each currency has varying features and is used for various purposes. In spite of these differences, all cryptos share one common trait:
All cryptos use blockchain technology
Now that we’ve got the definitions right let’s take a look at how blockchain and cryptos are indeed revolutionary.
The Incredible Benefits of Blockchain Technology
Let’s take a look at the major benefits of blockchain technology:
· Security — Blockchains make use of advanced cryptographic techniques and are decentralized. This makes it extremely difficult for hackers to gain control, steal or tamper with the information stored in blockchains.
· Speed — Blockchains make it easy to transfer data from one node to another at high speeds.
· Decentralization — I may have mentioned this word at several places in the article. That’s because it’s one of the most distinctive properties of cryptocurrencies. I believe it’s the single biggest reason why people are so excited about the potentials of cryptos. Decentralization means that no single authority or company controls a blockchain. It takes power away from organizations like banks and governments and gives it back to the people.
· Low cost of usage — For years, we have been conditioned to believe that we need to pay a higher cost for efficiency. This is why; banks have got away with charging high fees. On the other hand, blockchains offer efficiency at low costs of usage.
Blockchains are the underlying technology for cryptos. You can even consider it as the backbone of cryptos. It’s what makes digital currencies possible.
Now, that we have seen the benefits of blockchain, the next question to address is,
Do cryptocurrencies have the power to redefine Money as we know it?
Yes. Thousands and thousands of financial and technical experts agree that shortly, cryptos will radically change money as we know it. Here’s how,
· Cryptos have the power to make major institutions obsolete
Cryptos will provide people with a better and cheaper way to handle their money, instead of banks. Cryptos will make currency exchanges obsolete. Cryptos will put an end to social media networks, as people will start using the decentralized networks offered by digital currencies.
The list is endless — cloud storage, servers, massive databases, content distribution, and more will be replaced by the power of cryptos and blockchain technology.
· Cryptocurrencies will pave the path for New Innovations and New Beginnings
One of the biggest benefits of cryptos is peer-to-peer transactions. It eliminates the need for middlemen. Cryptos will help people connect, network, and do business with each other like never before. To give an example, smart contracts are silently replacing legal contracts and notaries.
For those who are hearing the term for the first time, here’s a quick explanation of what smart contracts are: smart contracts are digital agreements that execute automatically when the terms are met by all the parties involved. These contracts cancel automatically when anyone party fails to abide by the terms.
· Cryptocurrency will bring the World Closer
You would have come across the best-selling book, “The World is Flat,” by Thomas L Friedman. In this book, the author explains that technology is a true leveler and helps to bring people closer than ever before. While the internet paved the way for making the world a global village, cryptocurrencies, when adopted fully, will seal the deal.
It doesn’t matter if you are from the Indian subcontinent or the developed world like the USA, UK, Japan, or from a third-world developing nation in Africa. All people, irrespective of their geographical location, will communicate and transact with each other seamlessly using digital currencies. It dissolves borders between nations.
So, are you ready for the Future?
As history teaches us, people who adopt new technologies readily are the first ones to benefit from it. So, what are you waiting for? Get started with cryptocurrencies today and be ready for the world of the future.
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