Cryptocurrency Adoption: Why Do We Need It?
There are many reasons why people should be excited by the prospect of using cryptocurrencies in everyday life. It's time to educate yourself and invest smartly.
In the last couple of decades, we see the birth of technologies that drastically change the way we live.
Some of them are not still adopted enough, like artificial intelligence, quantum computing, robotics, and blockchain.
We strongly believe that cryptocurrencies and the Blockchain are the most revolutionary technology being applied in the 21st century - at least up to this point.
But in which cryptocurrency should you invest? After all, there are many noteworthy ones out there, and all of them are not shy to praise themselves as a solid investment choice.
We imagine some of you might be surprised by that statement, especially those whose knowledge of cryptos is limited to headlines about their lack of regulation and unstable prices. Yet, even if we take all of the negatives surrounding cryptos into the equation, digital currencies could still be the greatest thing ever happened to our financial world.
So what exactly are cryptos? Well, simply put, cryptocurrencies are blocks of cryptographically protected codes that can work independently of intermediary entities, as well as outside the command of any government. Their users do transactions directly among themselves from secure digital addresses, and no third party gets involved at any point.
Today, cryptocurrencies are slowly leaving the shady gray area of legality and are getting increasingly more used across various industries. Once a currency of choice for those wishing to remain anonymous by any means, cryptos are now used on e-commerce platforms; they have their casinos; they can be used to invest in various startups via initial coin offerings, etc.
Yet, the real crypto-fueled revolution is still to occur - everything that already transpired is just the taste of what’s to come.
Bitcoin is not The One Cryptocurrency
Many are still unaware of the importance of cryptocurrencies, so there's one big thing we need to get out of the way before we continue with this text. When we say that cryptocurrencies are the way of the future, we do not mean that Bitcoin will become the de facto currency down the line.
No, Bitcoin was simply the first cryptocurrency ever made. While it did have many shortcomings from the very start, it set the bar for what digital money can offer us - a globally universal currency that requires no authoritative intermediary to function.
As such, cryptocurrencies offer features that could instigate a real revolution when it comes to buying and selling anything online. With just a few clicks, you can get goods from distant parts of the world with reduced costs, total safety, and without bureaucracy getting in the way to slow things down. There is no tax, no conversions, no holdups.
This has massive potential to disrupt financial sectors as we know them.
There is no Intermediary in Crypto
So, despite all of their advantages, why do we still find a lot of resistance to the idea of implementing cryptocurrencies into our everyday life? After all, if they do bring so many apparent benefits, why aren’t cryptos already the financial standard in at least some parts of the world?
Well, to no one's surprise, the idea of having valid currencies completely independent from governments and banks is not an ideal scenario - at least as far as said governments and banks are concerned. These entities are built around the fact that they control the money flow, and if you were to take away their roles in that regard, they would lose an overwhelming amount of wealth and power.
Nevertheless, while banks won’t enjoy hearing this, people have started to get comfortable with the idea of entirely digital money - and they like what it offers. Let's now examine precisely why cryptocurrencies are such an appealing option for people buying or selling anything online.
Traditional currencies depend on accounts in banks or any other financial intermediary regardless of how much money you want to send or receive. You need to have an account, and you must be patient while the bank makes sure everything is in order. They also take a cut, which gets bigger and bigger the more money you wish to pull through.
With cryptos, on the other hand, this process is more straightforward as there's no intermediary through which the money needs to go. This means there are no fees, no potential data breaches, and there's no unnecessary waiting.
Lower Transaction Fees
Cryptocurrencies enable remittances between two countries to have reduced rates regardless of their geographical locations. Of course, there are still service fees, but these are significantly lower than the amounts generally charged in transactions involving traditional FIAT currencies.
When you use cryptocurrencies to pay for anything, there is no need for extra charges related to currency conversion, even if you're shopping outside your country. A Bitcoin in, let’s say, Japan has the same value as in the States, which makes transactions fair and straightforward.
Faster Business Transactions
Another factor that underlines the importance of cryptocurrency in today’s market is its ease in international business transactions. Not only do fees stay the same regardless of how much money you're sending, but digital money can overcome any border obstacle much faster and more efficiently than traditional currencies, so the receiving party does not have to wait for a bank to conduct checks.
Furthermore, smart contracts offered by leading cryptos also cut out the need for lawyers, but that’s a story for another day.
Safety of Your Cryptocurrency Funds
In all honesty, banks are not an entirely safe place to store or send/receive money. While robberies are a thing of the movies for the most part, what does happen all the time are cybercrimes. With cryptos, however, there is no such thing as breaking the codes contained in a blockchain.
It's Time to Educate Yourself
As you can see, there are multiple reasons why people should be excited by the prospect of using cryptocurrencies in everyday life. And since there's a consensus that cryptos are set to take over at some point, being prepared for that moment comes can go a long way. The best possible course of preparing for it is to educate yourself like you're doing now and smartly invest in cryptos.
But in which cryptocurrency should you invest? After all, there are many noteworthy ones out there, and all of them are not shy to praise themselves as a solid investment choice.
We can't tell you precisely which one to invest in, but we will provide the basic knowledge regarding your opportunities in crypto; find more in our guides on investing and trading.
Hristina Nikolovska
Scroll to top