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Modern technology: how cryptocurrencies change the world

15 / April / 20 Bunsi Shakiramal Visitors: 293 Rating: ★★★★★

Is blockchain and cryptocurrency technology based on it our future? Many do not doubt it. Once an e-mail box was also something new, but over time it became a familiar and indispensable phenomenon. If the same thing happens with cryptocurrencies, how will the world change in which they become every day?
The world of shopping, finance and business has changed Already, probably, no one doubts that cryptocurrencies provide transaction security, they are protected from fraud. E-commerce sellers and buyers benefit from this. In Ukraine, the exchange of bitcoin for a mono bank allows you to manage your money here and now. And besides, cryptocurrencies circumvent international rules and trade restrictions.

Individuals and institutions that transfer money between remote countries also benefit from these currencies. Transfers are fast. And they can be made from a smartphone. For this reason, international money transfers such as Western Union will disappear. But not only them. Lower commissions and efficient transfers will cause banks to lose some of their core functions.

Blockchain technology also enables smart contracts. Only if both parties fulfill the conditions of the contract, for example, a money transfer will be made. If either party violates the terms, the transaction will be immediately canceled. Two major platforms present this opportunity: Bitcoin i Ethereum. This already saves time and slowly sends bureaucratic procedures to retirement.

Interestingly, in countries such as Venezuela, today Bitcoin has almost taken over financial power. It contributes to survival in a country affected by the crisis, where hyperinflation is raging - paper money simply does not have value.

Benefits for the average person
Cryptocurrencies are also being introduced into online entertainment platforms, online advertising systems, and will soon change social networks. The latter will become completely decentralized and will not dispose of our personal data.

Apparently, we will restore privacy on the network as soon as the first social platform based on blockchain technology, Voice, appears. There will be no bots pretending to be people, hidden algorithms, and you can earn money by publishing interesting content, of course, in cryptocurrency.

Blockchain fans are sure that this technology will soon change the system of booking a vacation, storing data in the cloud, distributing content, etc.

The giants in whose hands all this is today done not stumble, but fall. It is just a matter of time. Democratic equality in the full sense of the word will return. Increasingly, everything will be in our hands - we people, not corporations. At least this is an optimistic version.

Moreover, now that Facebook is working on its own cryptocurrency - Libra, there are already voices against it. Not only in Washington, but also in France. The pretext is too much access to data via Facebook. But what is really hidden behind these motives? However, if this succeeds, and Libra is fully implemented, users of the Facebook ecosystem (and this is billions of people!) Will become aware of the limitations of the current financial system. Who knows, maybe then the real financial revolution will begin.

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