How Will Cryptocurrency Change My Life?
When it comes to discussions about blockchain and cryptocurrency, the focus is often on grand, overarching ideas and themes like how this technology will change the world, redefine the internet, restructure the way we think about digital concepts, and usher in a new age of freedom and transparency.
But what does crypto mean for us on an individual, everyday basis? How will ordinary people’s lives change as a result of this technology becoming more accessible?
As crypto and blockchain become more mainstream, they could improve our lives in lots of different ways.
More efficient transactions
One way is by making everyday transactions more efficient. The technology we currently rely on for digital payments — like credit cards — are decades old and often highly inefficient. A single credit card transaction can take days to complete, in contrast to the instantaneous exchange of cash.
Cryptocurrency, if it’s scaled to a point where it can be used in everyday transactions, will make it possible to complete digital transactions instantly.
Banks are likely to start adopting cryptocurrency as the technology becomes more widely used and its benefits become clearer. In fact, this is already starting to happen. J.P. Morgan has been an early adopter of crypto, including heavily investing in a stablecoin backed by the U.S. Dollar.
More favorable exchange rates abroad
When traveling abroad, it’s easy to fall victim to punishing exchange rates, a common occurrence with credit cards. But crypto could provide a good alternative, allowing you to spend money abroad with more favorable exchange rates.
For example, you could travel to China and use the Alipay app to complete transactions with cryptocurrency at a better exchange rate, which means money saved for you. As crypto is integrated into more apps and payment services, this will become the norm.
Easier participation in the digital revolution
One of the main advantages of widespread adoption of crypto will be a lower barrier to entry in the digital economy, allowing people all over the world to take part in the digital industrial revolution.
In the original industrial revolution, technology spread over the world slowly and unevenly. Some countries had a head start of more than a century, while others are still playing catch-up today.
With the digital revolution, new developments can take place much more evenly because the resources required to take part are much more accessible to ordinary people.
There will be a few roadblocks to this mass adoption — people’s perceptions will need to shift as they accept crypto and blockchain as a part of life and a valuable technology. Businesses and governments will need to make this shift too, but it can be driven by popular support.
Other issues include a need for people to become more comfortable with digital security, for example. But as we clear these obstacles, the benefits to more accessible blockchain technology will be massive. It has the power to transform the lives of ordinary people in countless ways.
To find out more about all things blockchain, crypto, and decentralization, tune in to The Unstoppable Podcast, where we have regular discussions with experts in the cryptocurrency space. Everyone is welcome!
