How is Crypto Likely To Reshape Our Future?
Introduction
Crypto is largely considered the future of money in our world today. This is because many consider it as providing a more convenient means of making payments and storing values. Hence, many are eager to buy cryptocurrency today. Can crypto reshape our future when it comes to making payments? You need to read this work to find out.
How is crypto likely to reshape our future?
Cryptocurrency trading has advanced from just being an individual business into the mainstream sectors. This is based on the fact that many now believe that crypto could be the future of money and is capable of reshaping our future by providing a more transparent means of payment.
The adoption of crypto at a higher level was ignited after Microstrategy’s CEO raised the alarm that his company is currently holding Bitcoin. He, therefore, endorsed bitcoin as the future of blockchain. This aroused the interest of several other institutions to embrace crypto and include the same in their portfolios.
Tesla CEO – Elon Musk was another influential figure who saw great potential in crypto and worked towards a large-scale crypto adoption in the mainstream. First, he announced that his company would accept Bitcoin payment for Tesla motors which continued for long before the recent halt. Next, he moved to endorse Dogecoin as his most preferred crypto capable of replacing Bitcoin in the future and which will soon become the official crypto for making payments on his newly acquired Twitter platform. These were all done because he considered crypto as changing the narratives when it comes to making payments today.
Notwithstanding, many investors who have been compelled to embrace crypto today argue that this Blockchain technology has already changed the narratives when it comes to wealth storage due to its decentralized nature.
Is Crypto better than the traditional banking system?
Many crypto traders today will consider crypto as being superior to the traditional banking system based on the fact that it offers both fast and cheap means of payment. However, there are more risks involved in using crypto compared to the traditional banking system.
Top public companies investing in crypto today
- Microstrategy
- Tesla
- Square Inc.
- Coinbase
- Grayscale Bitcoin trust
- Coinshares
- Hut 8 Mining
- Bitfarms
- Bitcoin Group SE
- Marathon Digital Holdings
- Voyager Digital
Advantages of crypto
- Easy payment: Crypto is known to provide an easy means of payment among traders. Thus only the wallet address is needed to make payments.
- Makes Crowdfunding easy: A lot of people today consider crypto as the easiest means for crowdfunding as there is no barrier to making payments across the globe.
- Cheap method for making international payments: The transaction fee for using crypto is very low when it comes to making international payments.
- Protects user’s privacy while making payments: Crypto is highly decentralized and that’s why many investors prefer it for making payments.
- Multiple lists of digital assets to be used for payment: A lot of Cryptocurrencies exist today offering traders multiple options for making payments.
- Store of Value: Many people today consider crypto as an alternative store of values as it has monetary value.
- Hedging against inflations: One important reason why investors are attracted to crypto is that it serves as a good means for hedging against inflations.
Disadvantages of Crypto
- A risky asset: Cryptos are very volatile assets whose value can as well fall over time. They are also prone to attacks
- Funds are difficult to recover when lost: Often it is difficult to recover lost funds due to the decentralized nature of crypto
- Increases cyber fraud: Many wallet hackers and fraudsters exist today eager to defraud crypto dealers.