According to entrepreneur.com, 58% of Americans have an idea about Bitcoin.
Cryptocurrency is gaining a lot of recognition as well as popularity in almost every nook and corner of this huge world.
Nonetheless, the concept cryptocurrency is still new. Most people are not familiar with blockchain technology or understand as to why it is making so much of a difference, both in business and society in general.
If you want to learn about the social impact blockchain can have, keep on reading.
Digital Currencies: The Basics
If you are wondering regarding what cryptocurrency is, you don’t need to know more than that it is electronic money stored in the computer files or the e-wallets.
Cryptocurrency is not only transferred digitally but also digitally tracked by making use of blockchain technology.
This technology is recording information about each and every update as well as transfer in a chronological manner. Once the information is stored, the existing data can never be changed.
Bitcoin and Alternative Cryptocurrencies
The oldest cryptocurrency that almost everyone knows about is Bitcoin. Apart from BTC, hundreds of other alternative cryptocurrencies are available.
Not all these cryptocurrencies serve a similar purpose.
Some can be used as general means of payment while others are responsible for solving certain problems specific to certain industries.
Blockchain is considered to be the technology of the future. It is going to revolutionize the manner in which money is stored and paid for the different services and goods.
Apart from that, there are numerous other ways in which cryptocurrencies are going to make this world a better place.
Reducing the risks associated with fraud
There is no denying the fact that fraud is a major concern when people are thinking about money.
Whether it is transferring the funds or using the credit cards on sites, there is a definite possibility of some kind of fraud.
However, cryptocurrencies are in no way associated with cash funds or bank accounts. They are transferred electronically, where the transactions are secured in a way that doesn’t involve trust in a bank or other single organization.
Cryptocurrencies are going to play a huge role in reducing certain type of fraudulent activities, which is also going to help in providing peace after you have completed your transactions.
Making crowdfunding more accessible
Crowdfunding is one of the popular ways which entrepreneurs use for raising money in order to help their business grow.
Crowdfunding is the way to get numerous small investments which at the same time tests the existence of a market, as opposed to getting a handful of huge investments from VCs.
In a way, successful crowdfund lowers the risk associated with creating a new venture. When there is less risk, more investors will be interested in getting involved.
Cryptocurrency is going to have a positive impact on crowdfunding because it makes cross-border payments easy and affordable, even when the transferred amount is small. Crowdfunding on the blockchain will therefore by default be more open and will have wider reach.
Improve the process of money transferring and remittances
Today, domestic bank to bank transfers can be fast and extremely efficient. However, in some cases, cross-border transfers can take one week or even longer in order to be cleared and deposited.
Transferring cryptocurrencies do not require similar processes like the banks before the funds are cleared, because there are no state-bound organizations involved.
Irrespective of whether a transfer is international or national, the cryptocurrency transfer is going to settle in close to an instant.
Also, sending money to a different country does not require any additional fees.
Making e-commerce stronger
There is no denying that e-commerce is thriving in 2019.
Although online shopping is definitely more convenient than driving from one store to another in order to find what you’re looking for, security breaches and fraud are also rampant.
Cryptocurrency can reduce your risk associated with fraudulent activities - if you pay in crypto, you are not sharing your credit card data with anyone and the access data to your private keys never leave your computer or phone.
It is even a win for the merchant, as they can be assured that each and every transaction is permanent.
Apart from mitigating the risk, making use of cryptocurrencies create opportunities for worldwide businesses.
Encourages scientific advancements
A lot of critical information and data are protected by governments and institutions, which makes it extremely difficult to carry on with research advancements.
The technology of blockchain can make sharing of data easy and even incentivized. Therefore it can change the roadblocks which people are facing by providing access to data as well as eliminating silos that keep access to the important information locked.
Keeping both individuals and companies accountable
Unfortunately, many companies as well as whole industries follow illegal or corrupt practices.
As a consumer, it is obvious that you want to make sure that the businesses from which you are purchasing products or services are genuine. But these days, it is almost impossible to determine whether a company is functioning in an ethical manner.
Cryptocurrency can change this fact completely. Public blockchains are pseudonymous, which means transactions are not completely hidden as they are when relying solely on bank transfers.
Thanks to blockchain, consumers will be able to get more knowledge about the companies from which they are purchasing the services and products and banks or trade credit companies will also have more information about the financial standing of business they work with.
Making any kind of value transfers safer
Apart from reducing fraud when money is being transferred internationally, cryptocurrency will also help in ensuring the technical safety of the transaction.
It is true that when you are traveling to some other country, carrying the cards or cash can be extremely dangerous.
Using cryptocurrencies can reduce this danger - a cryptocurrency transactio doesn’t expose you to the risk of card scanning or similar scams.
Cryptocurrencies are definitely changing the way in which people used to look at money transactions in so many ways.
Just the sheer amount of the examples mentioned above should make it clear as to why cryptocurrency will be so important in the future.
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Editor: Diana Trang
I'm a nobody and nobody cares. I like researching business models so that later I can fail miserably anyway. Editor at @BOC__Official.