How cryptocurrencies take over the world

Anna Ratieva
Nov 20, 2019 · 3 min read
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Imagine our world in thirty years. Do you think of time machines? Or flying cars? Or perhaps teleportation? Well, the changes may not be as dramatic as you’ve seen in movies, but we can already predict some of them.

Just look at the humanoid robot Sophia developed by Hanson Robotics: she was something unique in 2016 and now you can buy one for yourself and customize it as you wish. Same goes for cryptocurrencies. When Satoshi Nakamoto presented Bitcoin in 2008, nobody knew how much it would change the world of finance in just a few years. However it skyrocketed due to these simple yet important factors:

  1. People were tired of the traditional banking system. See, most cryptocurrencies use the blockchain technology, which means that users can share their files, data and assets without the involvement of a third party.
  2. It’s anonymous and fast. You don’t need to provide your address, name or documents. And you don’t need to wait 3–5 business days for someone on the other side of the globe to receive your payment.
  3. Some people consider cryptocurrencies as an ultimate investment instrument. While it’s a strong point, you should still be careful with your decisions in this regard.
  4. Transaction fees are quite low compared to what your bank asks for. All thanks to the fact that a central authority was removed from the process.
  5. Anyone can use it. Nobody checks if you’re eligible for having an account, making transactions or even mining.
  6. A strong security is possible due to the fact that it’s almost impossible to hack a blockchain. All the information is stored on the so-called nodes and even if one gets hacked, others still store the info.

As you can see, there are a lot of advantages compared to your regular bank. That’s why so many people expect cryptocurrencies to become the next big thing and change the world of finance forever. We can see it coming too!

How can we be so sure? Easy. Just take a look at this week’s crypto news from the different parts of the world:

  • United Kingdom-based travel company called Alternative Airlines has partnered with Swiss cryptocurrency service Utrust to give customers the ability to pay for their tickets with crypto payments. They will have instant cross-border transactions, buyer protection, and crypto-to-cash settlements. The travel company’s website allows customers to search from over 650 airlines such as Delta, United, British Airways, Virgin and Emirates and many others.
  • More than 85,000 businesses in Switzerland will soon be able to accept crypto payments. This will help Swiss merchants get extra benefits without any risks. Plus, the sales staff shouldn’t have any issues with transactions, as the service will be very simple and almost intuitive. Wordline aims to make crypto payments possible in all the European countries.
  • Quite unexpectedly Turkey has become a crypto giant after PayPal was blocked in the country. The government was initially reluctant to this idea, but the people believed that cryptocurrencies were the future of online spending. This is why Turkish policymakers agreed to the initiative and eventually introduced the plans to establish national blockchain infrastructure by 2023.
  • Do you know what hyperinflation is? Well, Zimbabwe certainly does. They’ve been struggling with this issue for quite some time now and there might be a perfect decision for them. Its name is Bitcoin. Writer and Zimbabwean L.S.M. Kabweza expressed this opinion:

“A likely scenario that would result is that some people would begin to trust keeping their money in Bitcoin wallets than in bond notes that a government can theoretically print more of… if more people have their money stored in bitcoin wallets, businesses would see reason to start accepting these Bitcoin as payment which would increase liquidity.”

These are just a few examples of how different countries and businesses implement cryptocurrencies and blockchain technology. Already impressive, right? Of course, there are a lot of risks in adopting a new system, even if it presents a number of undoubtful benefits. It should be mature enough to become adopted worldwide. Luckily, we have started this journey and the final goal is definetely worth all the struggles on the way.

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WhiteBIT is a centralized European exchange.

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