We are all excited about the rise in prices of all cryptocurrencies, but there are even bigger and more exciting things on the horizon when it comes to cryptocurrency and blockchain technology.
It is easy to dismiss bitcoin as a good investment right now, but in reality it represents a worldwide revolution. These things always start slowly, until they’ve completely changed the way we live.
Think about it.
Mobile phones were just phones we could carry with us – look at them now.
They’ve changed how we interact with everything around us. The internet was once just a replacement of sending letters.
Yet it has changed all of our lives. Cryptocurrency and the blockchain will be similar revolutionary products that will change the way we work, the way we live, and the way we communicate.
We aren’t just talking about superficial changes either- we are talking about profound changes that will rewrite how we do things.
Separating Cryptocurrencies and the Blockchain
Before we continue we would like to make a distinction between the blockchain and cryptocurrencies.
All cryptocurrencies run on the blockchain – it is the infrastructure that makes cryptocurrencies possible. However, the blockchain technology is now being adapted for things other than cryptocurrencies now.
Cryptocurrencies will rewrite the rules of finance
Normal currencies have always had many flaws. They weren’t seen as an obstacle because there was no other choice. Cryptocurrencies do not have these flaws and limitations.
This makes things that were impossible to do before, easily doable now. Cryptocurrencies will kill the job of many intermediary agencies.
The ability to verify transactions and the other security features of cryptocurrencies make middlemen irrelevant.
Then there’s the fact that it will empower global trade like never before. It will no longer be a problem to buy anything from anywhere. No one will need to worry about getting a foreign currency or converting prices into their local currency.
Cryptocurrencies will also allow us to escape censorship and persecution.
People will be able to buy things without involving the government in it, which will result in a world where citizens have much more freedom than ever before.
Blockchains will bring security and trust to everything
The beauty of the blockchain is that it is the most secure method of storing and verifying data we have. The blockchain is basically a shared ledger. It is a book of transactions and data records which is incorruptible. Why is it incorruptible? Because everyone has a copy of it.
Imagine that instead of keeping records at the bank, everyone kept a record at their home. Even if someone at the bank changed the records that they had, everyone would still be able to bring their own records and show that the bank had changed things.
This is what happens with the blockchain. Since everyone has a copy of the ledger, no one party can change what is written in the ledger.
It is obvious why this is so beneficial to cryptocurrencies, but that is just the start.
Imagine what the technology can do for things like voting – it could help us hold the first ever elections which are impossible to hack or cheat.
We can use it for medical and financial records as well. We will be able to do much more with our data as well, since data security will no longer be a concern.