Transforming the Financial Industry, One Purchase At A Time!

By 2050, there will be 9.7 billion people to feed, clothe, transport, employ, educate, and entertain. To cope with the effects of an ever-growing population, we have committed to a growth-driven economy that must continue to inflate, advance, and forge ahead for centuries to come. Through the use of new tech, we hope to manufacture and design a futuristic and advanced, digital world that is more secure, efficient, and most of all, easily accessible to the majority of the population.

The global economy is inevitably moving towards a digital eco-system. From investment to money transfer, everything is going paperless. The newest and most promising addition, to the digital payment district, is Cryptocurrency.

Launched in 2009, by an anonymous figure under the Japanese pseudonym Satoshi Nakomoto, it was created in the wake of the 2008 Global Financial Crisis, as a way for people to have ultimate control over the money that they own, without having to rely on companies, banks, or governments.

According to BlockGeeks,

• Cryptocurrency is an internet-based medium of exchange which uses cryptographic functions, to conduct financial transactions.
• Cryptocurrencies also leverage Blockchain technology, to gain decentralization, transparency, and even immutability.
• The most important feature of Cryptocurrency is that it is not controlled by a central authority. This is because the decentralized nature of the blockchain makes cryptocurrencies theoretically immune to forms of government control and interference.
• Cryptocurrencies can be sent directly between two parties, via the use of private and public keys. These transfers can be done with minimal processing fees, allowing users to avoid the steep fees charged by traditional financial institutions.

With the recent upsurge of Digital and Virtual Currency, many countries are moving to explore and roll out their cryptocurrencies. As of now, countries like Ecuador, China, Senegal, Singapore, Japan, Russia, and even Sweden have moved to issue their very own Cryptocurrency. Some of these countries are looking to take it another step further, and replace paper tender altogether with China being one nation, that is looking to take a futuristic stance when it comes to a virtual economy.

Yet, one of the biggest questions we must ask ourselves is how the phenomenon of Cryptocurrency can change the way we handle our money and even the financial industry as a whole!

In my opinion, Cryptocurrency will alter the financial industry in 6 different ways…

• Reduces the Risk of Fraud
• Strengthen E-Commerce
• Make Foreign Transactions and Transfers Safer
• Can Establish a Beneficial Rise in Economic Activities
• Can provide Great Opportunities for Third-World Countries
• Can give Individuals control of their own Money

Reduce the Risk of Fraud

According to the Federal Trade Commission, in 2019, they received over 1.7 million fraud reports, and together, 1.5 Billion Dollars was stolen through fraudulent means.

When it comes to the topic of handling money, fraud has proven to be one of the biggest concerns surrounding the topic. Whether it be transferring funds, identity theft, or even clicking on an insecure site, the possibility of fraud is always present, and a big concern for all.

Though, since cryptocurrency is not associated with your bank account, and is transferred electronically and securely with blockchain technology, Cryptocurrency can mitigate fraud and offer a sense of protection for all of its users.

Strengthen E-Commerce

According to Digital Commerce, since 2019, online shopping has increased by 11% in the past year, and shopping increased by 25% during the COVID-19 Pandemic. The increasing rate of online shopping is expected to remain steady and possibly even increase as the years go by!

Cryptocurrency gives individuals even more reasons to become used to the convenience of online shopping, as it mitigates the risk of fraud for both vendors, sellers, and shoppers and eases consumer concerns regarding the safety of their personal information.

Cryptocurrency also creates more opportunities for world-wide businesses, and according to the Wall Street Journal, it is safe to expect that Cryptocurrency will facilitate online shopping more effectively, and efficiently since it does not have to observe international rules or comply with trade restrictions.

Make Foreign Transactions and Transfers Safer

According to Due.com, while Cryptocurrency can reduce fraud when transferring money internationally, it can also help make in-country transactions safer and more effective.

Not only does the use of Cryptocurrency, reduce the danger of carrying cash, it also eliminates any exchange or transaction fees. This would help save more money, and also would reduce the risk of possible thefts, as carrying cash and money cards can be avoided.

Besides, typically foreigners are charged a high percentage as commission when they send money outside of the border. Cryptocurrency transfers, are highly cost-effective and occur in real-time. The fact, that users could also process transfers directly from their mobile devices from any location, will also encourage participation.

Can Establish a Beneficial Rise in Economic Activities

According to Finextra, there is already an entire industry that relies solely upon cryptocurrencies and is held by institutions dedicated to supervising all the digital coin exchanges taking place throughout the world.

The rate at which the cryptocurrency industry is growing is earth-shattering. The businessmen and early adopters of Cryptocurrency have found unimaginable success and have found opportunities to grow financially.

The phenomenon of Cryptocurrency has already pushed, people and various companies to develop and flourish, and is also the main subject which many rely on trading as their main source of income. The economy is slowly shifting to accommodate these needs, and I am confident that Cryptocurrency has the ability to establish a beneficial rise in the economy for individuals and even various companies.

Can Provide Great Opportunities for Third-World Countries

According to Forbes, 1.7 Billion Adults Worldwide does not have access to basic bank services! That is an incredibly large number, with the majority of adults reported, coming from third-world countries. These individuals are already financially disadvantaged and may tend to lean on unstable lending practices, which in the long run can harm them significantly.

This is where cryptocurrency can help solve this issue, as this technology is completely decentralized, so trading can be done freely across borders. Cryptocurrency is also very easy to use and can facilitate a financial revolution that will leave everyone more financially connected and empowered.

Can Give Individuals Control Over Their Own Money

The cryptocurrency was first launched by Satoshi Nakomoto in 2009, it was created in the wake of the Global Financial Crisis. The true basis of Cryptocurrency was, to provide a way for people to have ultimate control over the money that they own, without having to rely on companies, banks, or governments.

Cryptocurrency allows the control of money to be transferred from the banks and back into the hands of the people. As mentioned above, it is not subject to the rules and regulations imposed by banks and other institutions.

It will only be a matter of time until these cryptocurrencies will undoubtedly become a part of our lives, shaping them for the better with economic growth and empowerment in mind. Now, millions of people will have the opportunity to invest, send money across the border freely, and even save a lot of money thanks to the amazing opportunities that Cryptocurrency provides and brings to the table.