Cryptocurrency is the true "Digital money".

funtraveller (71)in #crypto • 2 years ago

Bitcoin has, of course, disrupted the entire world of finance and introduced an entirely new cryptocurrency to people all around the globe. Was it a lucky pull or a bigger shift? Could we be heading towards a return to banked lives and loss of income from workers who could not compete with machines?

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So far on this planet, there have been many uprisings, culture clashes, revolutions, and societal changes. When it comes to the world of technology, not only does technology provide everything for us but also takes away our work which increases our bills. We will soon see how impactful blockchain is when it comes to financial freedom and that may motivate more people to back cryptocurrencies like bitcoin which are upgraded blockchains built for financial transactions.

In this age when things have already created big changes in terms of changing nature and declining growth as we know it would feel like nothing could change the trouble that we might be in once again without sufficient proof showing humanity's overall value. If automation inevitably produces wholly surplus labor, then the problem would be that the labor market is not capable of providing jobs with an adequate living standard for those who are displaced.

A major issue people often face is the problem of remaining relevant in the rapidly moving future world where change can happen suddenly and unexpectedly.

One way to remain relevant is to earn income by creating anything that serves importance and your local or global community needs, whether it be a simple website, building a business on the side, or sharing your talent via social media marketing. All in all, there are many avenues open for those who wish to establish themselves as tech leaders and make a strong impact on their respective communities through personal or corporate commitment.

Life today mostly revolves around our digital devices and the internet which can cost us in many different ways. People expect their digital devices to function wirelessly for an indefinite period of time, at a good speed even when their data plans are on their last leg.

This is where virtual currency comes into play. It’s faster, easier, and cheaper for people to engage with cryptocurrencies since there's more software that works with its system than traditional means have. It offers some degree of security so people can spend a smaller sum compared to cash or other methods that they might currently use.

Virtual currency is simply not recognized as legal tender by governments with the exception of China which accepted it in the hope Bitcoin will reduce crime and tax evasion charges related to traditional currency.

With cryptocurrencies, transitions are fast and easy. You can transfer value without giving the profit to any other third party and acting as the only leverage in exchange for your hard work. "To put this in perspective", imagine you have £600 at home which represents all of your monthly gross revenue. And now, think about your communication with a bank for a simple loan application for just £300."

The last ten years have been characterized by an unprecedented technological boom that enables us to send value across borders with ease. In order to keep it secure, we invented money so the authorities can see where it was going and take action if needed but it also requires trust and third-party banking which hinders what blockchain technology promises. Crypto will offer new methods of transferring money that there's no hold back on investing in projects with capital allocations whatever their size or scale would be because they offer a chance to invest with no risks as the process is decentralized there's no third party involved who can block us or charge unreasonable interest rates.

Every aspect of life has a certain value to it, decided by society and the individual. Thus, before we can live prosperously and without worrying about distrusting others, the monetary system must evolve in order to be beneficial.

Although the crypto economy is viewed as a new frontier with uncertain outcomes, small changes to Blockchain are able to make an impact that can have a huge impact on the future of trust and money usage.