Listen, we all know what happened with crypto markets last year…
Investors lost their shirts. There was blood in the streets. Major news outlets declared the death of the space. But you and I both know that’s not the end of the story.
In fact, it’s only the beginning.
Bitcoin recently surged past the $5,000 mark, and the rally could soon kick into overdrive.
But price isn’t exactly what makes this new technology so special.
So, let’s take a look at why it could, in fact, be the start of a new financial revolution.
Crypto as a payment vehicle
Though crypto as a payment method is still finding its path in the world, major organizations are already getting on board. You can buy furniture, software, cars, and even a flight into outer space with Bitcoin, and that’s only a tiny glimpse at the things to come.
The payment provider BitPay has made waves in the sector, allowing small and large businesses alike to jump on board the Bitcoin bandwagon, and now the Intercontinental Exchange, the owner of the NYSE, is looking to take that idea to the next level with its Bakkt platform.
Bakkt already has Starbucks on board, meaning the dream of buying a coffee with your favorite crypto may be closer than ever. And other retailers are sure to follow.
More than that, cryptocurrencies offer a path to true financial freedom.
Cryptos are yours
One of the most troubling things about the current financial climate is that we are never truly in control of our money. It’s printed by the government, it’s held by banks and the only time you ever actually see it is when you use cash – and that isn’t even backed by anything accept trust in an entity who, if we’re being honest, most people don’t really trust.
But with cryptocurrencies, it’s different. It’s backed by code. Most cryptocurrencies feature a set supply, meaning no one can ever print more. Better still, they’re not held by any centralized government or corporation.
You own your crypto. You don’t have to pay a bank to hold or even withdraw your money. Cryptocurrencies allow users to store and use your money however and whenever you want. There are no lines or fees to deal with, no paperwork to fill out, and best of all, no one is getting rich using your money.
Everyone can use crypto
We’ve entered the age of the global citizen. In this brave new world, business deals are being sealed across the planet, more people are traveling than ever before, and you can communicate with anyone, no matter where they are, by simply opening your computer or picking up your telephone.
So why shouldn’t our money reflect this evolution into the digital age? That’s where cryptocurrencies enter the mix…
Cryptocurrencies are free and open for anyone to use. It doesn’t matter who you are. If the banking sector has turned their back on you – or if you’ve turned your back on it – you can still use cryptocurrencies. All you need is a smartphone and an internet connection. Cryptocurrencies are a global phenomenon without borders.
When we think of integrity, we don’t often think of the powers that be. These are the same institutions that created the global economic crisis of 2008 and are in the process of doing the same thing once again.
More than that, though, their sheer lack of emphasis on cybersecurity has led to high-profile data leaks, fraud, and millions lost from simply not caring about their customers. But with cryptos, everything is changing.
Cryptocurrencies place all of the responsibility on the individual user. They are decentralized open platforms that cannot be altered or fabricated. Cryptos are built as trustless systems, and at the end of the day, so long as you keep your private key under wraps, no one can misuse your funds.
While we’re talking about security and data breaches, we can’t forget about the privacy that cryptocurrencies offer.
These breaches and abusive practices from some of the most powerful corporate entities on the planet have left people on edge. But with cryptocurrencies, you are relatively anonymous. So long as you take the necessary precautions, no one will be harvesting your data to use as they see fit.
Near-instant global transactions
Typically, cross-border payments carry a hefty fee and can take days to process. This is because the transaction is processed by multiple parties and only during ‘bankers hours.’
And this is where cryptocurrencies really shine. Though cryptos come in all shapes and sizes, all of them do what banks can’t – settle transactions in seconds or minutes instead of days. Cryptocurrencies cut out the middle-men, allowing payments, no matter the size of the payment or the location of the recipient, to go through without unnecessary delays.
This is also a boon for the remittance market.
Over a half-a-trillion dollars is remitted annually, and cross-border payment providers are mopping up major profits by tacking on obnoxious fees onto money being sent by migrant workers and individuals trying to provide for their families.
But because cryptos are a global payment vehicle, users from anywhere in the world can send money back to their family or friends almost free of charge.
A financial revolution is on the horizon
Though cryptocurrencies are a new kind of money, the benefits are immense. And one of the biggest benefits is personal financial freedom.
You can travel the world without a bank, without the watchful eye of your government, and best of all – you’re in control of your funds. And while cryptos as a payment option is still catching on, it likely won’t be long before you can live ‘fiat-free.’
A financial revolution of this magnitude will take time, but at least you’ll be ready when it hits.