Twenty years ago, the words that emanated all around had to do with the internet changing the world as we knew it.
Now, the news has changed once again. So many people believe that Blockchain technology will have the same positive effect the internet had on the world.
Moreover, everyone must be aware that Blockchain is actually the technology behind prominent virtual currencies such as:
- Dash, and;
Although there will always be people who see them as the currency for the geeks, others believe that they will affect the globe.
However, those who are still in doubt are beginning to ask questions that revolve around how exactly crypto will change the world.
Crypto And Its Change In The World
Below are some of the few ways in which Cryptocurrency is transforming the lives of millions, if not billions of people. They include:
- It banks the unbanked
Judging from statements made by the world bank, there are over 2.5 billion people who are unbanked in the world. This means that these people have not been able to attain any commercial service.
With this, it makes it almost an impossible feat for such people to save themselves from imminent poverty. Neither can they make purchases online.
However, with due thanks to cryptos such as Bitcoin, anybody that owns a smartphone device can easily download the free Bitcoin wallet. When they download, they can begin saving automatically.
Subsequently, these persons will be capable of making purchases online with retailers that back cryptos.
- It aids in the elimination of laws
It can be clearly stated that so many countries had laws that can only be described as draconian before the emergence of the internet. However, such laws are now meaningless.
An example we will be making use of is the law against gambling. As a result of the advent of virtual currencies, people now go into virtual gambling.
Over time, the government of the United States had come up with techniques to stop gambling. However, transactions on Bitcoin are peer to peer.
So, the government cannot block or even try to censor the transactions between these gambling sites and punters in the US.
- It is gradually replacing gold
Over the past years, the price of gold has been dwindling as the price of bitcoin, and other cryptos have been hitting an all-time high.
So many people believe that it is not a coincidence. This is because virtual gold is turning unto the ultimate choice of a new generation that prefers all of the mobility of Bitcoin.
Note that, the government will not be capable of seizing your virtual gold so far, you keep all of your private keys safe and protected.
Wrapping It Up
These are just some of the few ways in which Cryptocurrency is changing the world we are living in. Crypto and its Blockchain technology have managed to cut across diverse sectors.
What was once thought to be unable to be accepted by mainstream media, crypto is currently making waves and doing the impossible.
Author | Emily Forbes
An Entrepreneur, Mother & A passionate tech writer in the technology industry!