Disruptions are very vital in our activities and growth of a community and nation in general. The main goal of disruption is to either make current things better or completely chart a new way of doing things. We are in the 7th disruption which is in the world of finance and it is cryptocurrencies. This has been the discussion since the Bitcoin inception in 2009. From scraps to popularity and from popularity to mainstream adoption.
Instant borderless payments are becoming globally popular that, it is giving people the freedom to do business faster. It is speeding global trade and improving economic activities. People travelling the world are opting for instant payments that removes the burden of being stuck with funds as when the need arises.
It is important to note that cryptocurrencies are the solution and they are already making a case of their several use cases. When it comes to super-fast transactions without any further delays in transaction processing by a clearing house or financial institution, cryptocurrencies are the great option. When you are making payments for anything irrespective of the transaction volume without the need for any complex paperwork back and forth, cryptocurrencies are the real deal. Now the question of what cryptocurrencies are.
Cryptocurrencies simply, is a digital representation of money with added complex security called cryptography such that all transactions are securely placed on online ledgers accessible for all to see called the blockchain. Cryptocurrencies addresses the need to make money easily accessible by anyone anywhere in the world with little or no fees without the need of a bank. They are transacted securely over nodes or computers that agree to transactions. It has no need for a bank. Breaking the big English down, it is a faster and secure way of using money without the strict rules of a bank.
A bank can tell you much money you can spend on your visa ATM card or on your account. They can limit you on where and how you can spend your funds and this can be very frustrating at times even though it is for the good of customer. It doesn’t necessarily make the customer responsible and totally in control of their funds. A fraud case on the customer can possibly result in the bank being responsible to cater for such wrong deeds but cryptocurrency places the responsibility back to the customer or user.
Cryptocurrencies are being powered by the technology behind it called blockchain. Blockchain is so powerful and it’s called the decentralized distributed ledger which is very transparent and much secured that it is impossible to hide transactions from anyone who wants access to it. Any transaction on the blockchain for any record at all is always available to see.
Every industry is considering the new face of technology with Blockchain. And it is clearly a disruption. Banks are now developing blockchain based solutions for banking services, and some even considering creating their own cryptocurrencies.
The fashion industry, Medical Industry, Food Industry, Commerce, Social Media, Shipping, Gaming Industry, Movie Industry, Legal Industry, IT industry, Finance Industry, Tourism, Telecommunication, Real Estate Industry, Renewable Energy, etc. are all moving on the blockchain and are creating cryptocurrencies for their use.
You may doubt Bitcoin, Ethereum etc. but the fact still remains they are a disruption and you will find yourself using it anyway, best thing is to get in now before we get into the time where It has become normal for everyone to use. For every industry I mentioned, I can give a specific cryptocurrency that has been created for it.
I believe this is enough for you to know that you will be using cryptocurrencies and will be best to get accustomed to and position yourself for the greatest wealth transfer happening.
Feel free to contact for your journey into cryptocurrencies.
By Paa Kwesi Menz