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How cryptocurrencies could revolutionize our society 

It’s time to ask – how can cryptocurrencies help to revolutionize society in 2020 and beyond?  

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Image: Unsplash

Now that we’ve gotten past the crazy headline-grabbing cryptocurrency boom and bust of late 2017 and early 2018, it’s a great time to take a step back and see where things stand. In the chaos of the overnight billionaires and overblown coin funding rounds, it was hard to remember why Cryptocurrencies were born in the first place.

Now that the dust has settled somewhat, we can begin to look at how these rapidly emerging technologies are starting to shape our world. Perhaps even more exciting is taking a glimpse into the future to try and predict what’s on the horizon.

It’s time to ask – how can cryptocurrencies help to revolutionize society in 2020 and beyond?

Privacy and security

With every day that passes, folks around the world are starting to realize just how much of their personal data governments and businesses are storing. Scandals such as the revelations of data harvesting from Cambridge Analytica and Facebook have woken people up to just how much organizations know about them.

Banks and other financial institutions are no different in some respects. If you use the same credit card for all of your on and offline spending then just imagine how much that provider knows about you. Where you live, work, what you like to eat, where you like to go on holiday and much more besides.

This is where cryptocurrencies can hand back control to the users. If you don’t want your financial product providers or even governments to know your every move then the inbuilt anonymous nature of crypto and blockchain tech is a massive bonus.

The more prevalent crypto becomes, the more things will swing back in favor of people who want to get some privacy back into their everyday lives. Even the most vanilla amongst us might indulge in some activities or purchases online which we don’t want everyone to know about.

Take gambling online as an example. Millions of people enjoy backing their football team with a cheeky bet at the weekend or giving the latest online casino game a quick spin. But with the stigma attached to the gambling industry, players might wish to remain anonymous and not have this activity recorded.

Many online casinos have in fact led the trend in accepting Bitcoin and various other cryptos as payments from players. This industry has been at the forefront of the push to get these future forms of payment more widely accepted both on and offline. 

More stable forms of currency

mine cryptocurrencies
Image: Unsplash

If you live in a so-called ‘developed’ country then the chances are you have easy access to finance in various forms.

You don’t think twice about wandering into a shop and purchasing something using either cash, your debit or credit card and maybe even via Apple or Android Pay. Transactions are completed in the blink of an eye and you carry on with your day without a thought about the value of the currency you are using.

That’s a luxury that close to half of the world’s population simply doesn’t have. It’s estimated that around 3 billion people across the globe don’t have a bank account, making even the most basic of transactions a big challenge.

Venezuela has been hitting the headlines with its simply unworkable 25,000% annual inflation making the daily life near impossible for its citizens. Both here and in other volatile economies across the world citizens have been turning towards Cryptocurrencies and blockchain technology in search of stability.

Even the rollercoaster ride that is Bitcoin provides a way more solid form of currency than any government-backed banks which people have access to in such wild markets. Knowing that you can pay for things and receive funds in a form separate to an unstable government currency is massively important.

How this continues to develop will have a lot to do with government and international regulation. There are already signs of countries wanting to restrict or outlaw the use of cryptocurrencies who see them as a threat to their traditional economic models.

Tackling global poverty and health

digital bitcoin image
Image: Blockchain Global

It’s easy to think of cryptocurrency existing purely for shady online transactions or being there to make a handful of coin creators or investors a crap ton of money. But crypto can be used as a mighty force for good if applied in the right ways by some smart folks.

A massive issue for governments and organizations who want to direct relief funds to where they are needed the most can be administrative costs. Processing and transaction fees can easily eat up a massive chunk of the funds being given, with everyone taking their share along the way.

Utilizing crypto here in an intelligent way can help to drastically reduce these costs and save millions in wasted funds along the way. This means getting funds to where they are actually needed in a way more efficient way which benefits those that need it most.

Alongside this, blockchain technologies can help to protect emergency and disaster funding against corrupt regimes. This again helps to ensure that funds can only be spent in the places they are intended for rather than funding the quirks or crazy warlords or depots.

Sending money back home

Each day people are sending literally billions of dollars back to friends and family in their homelands. All over the developed world, people from the poorer nations on earth are working hard to earn the funds to support their loved ones. Then they’ll most likely head along to a Western Union or similar international transaction provider and send funds back home.

Some of the fees attached to these types of transactions can take a hefty chunk out of that hard-earned pay packet. In steps cryptocurrencies once again to revolutionize the international transactions market.

Platforms that convert any deposited funds into crypto, send them to where they are intended and then convert them back can save the sender a huge percentage of any fees.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

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