5 Reasons why, Crypto is the future, for you and me.

Featured Image Credit : IBM

Part-3

Hello, hope you liked the Part-2, which highlighted the global outlook of crypto currencies, and how just like internet, they are bringing people together on a financial paradigm. Also, we talked about, how blockchain is taking finance to a next level of transparency, being a public ledger technology. Now, it is time for us to explore the remaining parts of why Crypto currencies, running over blockchain technology are the future, for you and me.

So, let’s get started.

4. It is full of exciting opportunities

I think many of us already know, that Facebook recently changed its name to ‘Meta’. It depicts the company’s vision to create a virtual world for its users, where they can engage with others and explore. Metaverse is coming hard at us, many big companies like Microsoft, Disney, Louis Vuitton, Nike, Coca-Cola, etc. have started engaging with their customers through Metaverse.

As Augmented Reality and Virtual Reality start to kick in, we are going to see a revolution in the Metaverse space, and blockchain is the perfect technology that can complement this revolution. Every Metaverse can create a complete ecosystem for the consumers, with their own currency, rewards, engagement events, and governance. That too, getting recorded on an immutable public ledger.

I think till now, many of us associate Bitcoin, and Ethereum currencies as some tradable commodities, that have made fortunes for some or many, and have liquidated enough people to make them cry their blood out. Not literally, of course, but figuratively. 🙂 But, there is no smoke without fire. If something is making so fuss, it is reasonable to get to the root of it.

My journey with blockchain started back in 2018 when I did an IBM certification on Blockchain, I found it interesting, and life moved on. My friends, got into crypto, to explore the unknown territory, and their findings were enough motivation for them, to dwell deeper, and make good money out of it. God bless them. 

For me? It is still a learning ground, it is a new revolution in how things get done for humanity. In fact, this blog is not the academic guide to learn about blockchain, rather it is a catalyst to ignite your interest and attention, regarding this yet another technological revolution, post the internet. 

The web3 world driven by blockchain is just not an opportunity for traders, financial institutions, developers, digital nomads, Venture capitalists, etc. It is an opportunity for fucking all of us, to build our world on the principles of more transparent, robust, and truly democratic ways to do things.

If you are interested in blockchains like Bitcoin and Ethereum, don’t just look at them from the lenses of a trader, rather try to know them, and figure out for yourself, how they are relevant for people like you and me. Once you go that deep, you will start seeing so many silver linings, in fact, there is a whole bright sky waiting behind the dark clouds.

When we think about the opportunities and use cases of blockchain technology, we have to understand that theoretically almost everything that we do, can be done through the blockchain. It is a new way of doing the things that we humans are anyways doing. Things like buying a piece of land, paying someone for the services consumed, maintaining a record of living/non-living entities, betting, trading, investing, creating workflows, banking, and the list could be never-ending.

It should be a matter of criticality and feasibility for entities, to choose between centralised or decentralised systems. Both approaches have their pros and cons and can co-exist. But, at the same time, based on the context of the utility of the system, wherever security, immutability, and transparency are of paramount importance, blockchain-driven systems should be preferred or even mandated.

5. It is the only future, that make sense.

Do you know? 531 years back, when Christopher Columbus started his sail from Spain, it took him 61 days to reach today’s Bahamas. The same distance can be covered in just 4 hours and 20 minutes today, with a direct flight. The point that I am making here is, that as human society progressed, the connectivity between the remotest corners of the earth decreased, manifold.

With the internet, the distances further decreased exponentially. Today, it is very much normal for two people to work together digitally, while being thousands of miles apart, physically. The internet has knitted the world into one web, something that was unimaginable earlier. 

Apparently, in our closely knitted world, the financial systems are still working in Silos. Predominantly, each country manages its own currency, under the supervision of its respective central banks and governments. And, hence even though the flow of information and value is global, when it comes to the movement of money, there are multiple red tapes and intermediaries.

Hence, it is imperative to introduce a global financial system as well, that can streamline the complete value chain. Dipping into the philosophical sausage, isn’t this what the human race aspires to be? One unit. When we talk about colonizing Mars or any other extra-terrestrial object, there we humans will be one unit, so why not start from our home? Period.

Banking System evolved very fast for us, humans. Starting from self-custody, paper-based banking, Branch Banking, Net Banking, and now decentralized banking. For me, banking is a tool that enables an individual, group of individuals or entities to store, grow, and trade value. In the Fiat system, this value could be a local currency of a particular country, but since there are so many countries, markets are still fragmented.

At this time, the idea of a peer-to-peer electronic transfer system, that rewards honest behaviour, assures transparency and ensures security can make our race truly global. My friends, this change has already been started, but of course, it will take time to settle, before start touching our daily lives. There are many challenges to overcome, and a journey to cover before finance can be completely or even considerably decentralized.

So far, in the Part-1, 2, and 3 of this blog series, we discussed the list of 5 reasons why the crypto currencies are the future, we discussed why it is more secure then the centralised finance?, how is it connecting the world into a one financial network?, Why it reward its community with more transparent practices? How it is full of opportunities, and why it is the only future that makes sense.

But, as every lamp has darkness beneath it, there are certain challenges as well in front of the blockchain technology, before it can take the center seat in the global financial market. In the following part we will look at those limitations in detail. Thanks a lot for reading till now, stay tuned for the 4th and the Final part, that will be released tomorrow.

Till then, keep smiling and rocking. 🙂

~R