In the coming decades, we will tap cryptocurrency's full potential

11 months ago

The fact that change is the only constant thing in existence remains undisputed. As ironic as this may sound, in many ways, we have discovered that this is the absolute truth. Things rarely remain the same and because change signifies growth, it is very highly encouraged. These new developments are not always convenient, but in many cases are necessary.

The world has metamorphosed in a lot of ways over the past years and decades. So many aspects of life have become more developed due to advancements in technology and have been welcomed heartily by consumers because it has made their lives better. Development and progress have been witnessed in health, communication, transportation, finance, etc.

In more ways than one, the financial aspects of our lives have changed too, and have developed from one stage to the other. Our elders, parents, and grandparents can think back to when the only way to save money was in the ground or boxes. Even not so long ago, the only way to give people money was to give it to them personally.

Today, with the advent of banks and even more recently financial start-ups such as Piggyvest, Cowry-wise, Kuda, etc, it is easy to send money to people as well as save very efficiently while gaining in the process.

The more recent development in the area of finance is Cryptocurrency.

Everyone knows that cryptocurrency is a type of computerized currency that is ensured by cryptographic systems which are usually used to make secure trades online.

As it stands, cryptocurrency is a distinctive economic guild, which allows individuals with access to the Internet to take part in a distributed economy. Even though there are risks associated with trading with cryptocurrency, it has offered people the opportunity to be able to earn income passively which is what a lot of people need in this age.

The cryptocurrency industry has infiltrated every aspect of our present-day finances. People earn money from trading crypto through yield-farming. By participating in yield-farming, they have access to decentralized (DeFi) platforms that enable them to gain funds as though they were banks by partaking in a direct lending process.
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With the strides being taken by cryptocurrency startups and companies, there is no doubt that in the years to come, we will be tapping the full potential of cryptocurrency. As it stands, there are a lot of very interesting things one can do with cryptocurrency, one can only wonder what the future holds for us.

One very intriguing thing about cryptocurrencies is the fact that they do not have inherent or fixed value like our regular currency. They are just worth what people are willing to pay for it. Also, they do not need any financial institutions such as banks to ascertain the transactions made.

Most cryptocurrencies are decentralized networks and are built on technologies known as "blockchain" technologies.

With cryptocurrency, transferring money and making transactions online is made easy due to the decentralized system. Transaction fees are not as exorbitant as it is with regular banks and it takes a lot less time for the receiving party to receive the funds being sent.

It is no doubt that in the coming decades, with cryptocurrency, users will be sure of seamless transactions with zero transaction fees.

Also, a lot of people see cryptocurrency as a means of safeguarding themselves and their money from inflation which causes the decline of the value of many currencies.

The cryptocurrency market is open to everybody willing to put in the work and be successful. Background checks, credit card checks as well as identification verification are not necessary to be able to open a crypto wallet. This is a lot easier compared to older financial institutions that usually need to do all these checks before an account is opened for you.

I believe that the things we have seen in this ecosystem are the tip of the iceberg and that cryptocurrency can offer a lot more.

There is a lot of untapped goodness in cryptocurrency and I suppose this is because the governments of a lot of countries have not fully accepted the superiority of cryptocurrency to regular currency. When there is widespread sensitization and acceptance of crypto, we are sure to tap into its full potential in a few years.

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