From social media to banking to governments, cryptocurrency adoption is seeping into our everyday lives and going mainstream. Indeed, we are at the beginning of a new era in consumer and business tech with all roads seemingly headed toward blockchain technology and the tokenized layer that sits upon it.
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Social media giant, Facebook, is launching Libra and the Calibra wallet, JP Morgan Chase, the global banking entity is developing the JPM coin; even China has the Digital RMB in the works, with many other governments in line to create their own cryptocurrency.
And why is that?
Understand that blockchain is the underlying technology that allows cryptocurrency to exist, but blockchain is not limited to crypto tokens. It is the technology that is disrupting business as we know it because adoption is improving things like any kind of record-keeping, from AP/AR, tracking, copyright, and medical or school records and more – lots more. And by default, those blockchains have an easy-to-adopt tokenized system to reward users, pay bills and such.
As more businesses adopt the technology, more people will be introduced to the new ecosystem; more apps will be developed; more adoption. Essentially, it’s a snowball effect of adoption and use cases that’s reaching into all sectors of our life.
Walmart, for example, is using blockchain to track shipping and we shouldn’t be surprised to see some kind of crypto Walmart reward in the future. Our financial systems are also adopting cryptocurrency and blockchain to stay on trend with emerging tech.
Over the past few months, more companies and payment firms have adopted digital payment systems to transact with each other or their consumers. For example, payment companies like PayPal, FlutterWave, and MasterCard have recently begun to adopt or integrate cryptocurrency payment systems within their existing business architecture.
Still not convinced? Here are some other points that make cryptocurrency a better choice for investing or consumerism.
Security
One of the most significant reasons cryptocurrency is becoming more popular is the security factor. Transactions confirmed on the network are stored on a public ledger and when it’s built on a decentralized platform there are no single-point fails that can bring the network down. Identities are also encrypted and timestamped on the blockchain, which is an immutable ledger. There’s no going back to edit or forge.
Direct Payment
Gone are the middlemen who charge exorbitant fees just for using their service. With cryptocurrency, and depending on which blockchain it uses, payments are quick and direct with little to no transaction fees.
With fiat money, you have to go through expensive services like MoneyGram or Western Union, which can be very cost prohibitive. There is minimal fuss with cryptocurrency. Peer-to-Peer payments are easy and safe.
Wallet
With blockchain technology, encryption and smart contracts are used to secure transactions and it’s nearly impossible for the blockchain to be hacked. When you see hacks, it’s usually due to a vulnerability in the software that uses the blockchain or user error. The only way that someone can steal your crypto funds is if you give them your private keys. Make a note of this: DO NOT GIVE YOUR PRIVATE KEYS TO ANYONE. Keep your private keys in a safe place OFF line. Write it down, save it on a flash drive (or two), print it out. Your digital wallet is secure if you safeguard your keys. Hacking is nearly impossible for your personal hard wallet.
Remember that Crypto Exchanges can be compromised and should never be considered a permanent crypto wallet.
Affordability
Getting into crypto doesn’t have to be expensive. There are a lot of ways to dive into the crypto world without spending a lot. There are online communities where you can earn crypto, like Steemit, Whaleshares or Trybe, there are airdrops or crypto games, and with fiat to crypto services through Coinbase or LocalBitcoins, you can also buy cryptocurrency based on your budget.
I’ve laid out quite a few reasons why cryptocurrency is going mainstream. I’d be really surprised if you didn’t already have some. If not, what are you waiting for? Stay tuned with Crypto Trader News and our growing band of cryptopreneurs.
Disclaimer
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