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How Crypto is Changing the World
You’ve probably heard about cryptocurrency in the news or maybe you know someone who’s using it, but do you really understand how it works?
Cryptocurrency, commonly referred to as crypto, has been getting more attention than ever recently and while many of the headlines are just hype, crypto is starting to make real changes in the world around us – here are just a few ways that crypto is changing the world.
Cryptocurrency isn’t going anywhere and it’s poised to change the world as we know it, even if it’s just a tiny bit at first.
From the way we trade stocks to how we handle loans and more, it’s only a matter of time before every facet of our daily lives becomes affected by crypto and blockchain technology as we know it today.
Cryptocurrency and blockchain technology is changing the world in many ways, from altering the way that central banks operate to providing solutions to global issues like hunger and poverty.
before getting into the content, if you don’t know about what exactly cryptocurrency means, then read our complete article on What is Cryptocurrency? How does Bitcoin work?
Here are seven ways that crypto is changing the world for the better, no matter which way you look at it.
1) Crypto Exchanges
Instead of using traditional exchanges like NYSE and NASDAQ, cryptocurrencies often use decentralized exchanges. Unlike centralized exchanges, these do not rely on a third party to handle transactions; instead, transactions are done directly between buyers and sellers.
This protects users from having their crypto suddenly sold off without them knowing about it, which is common on centralized exchanges.
Decentralized exchanges also have low trading fees and no central point of failure (in theory), meaning they’re far safer than their traditional counterparts.
A few popular decentralized exchange protocols include Bitshares, EtherDelta, and 0x. While some crypto experts caution against using decentralized exchanges because of their sometimes clunky user experience and lack of widespread adoption, you can get started today by buying Bitcoin or Ethereum via Coinbase or Changelly – then swapping your crypto for tokens via an exchange like Binance or Radar Relay.
By making smart choices now, you can make sure that your investments will be as future-proof as possible. As blockchain technology evolves, we can expect more innovation in how people invest in cryptocurrency: anyone who doesn’t follow technology trends runs the risk of being left behind!
So if you want to keep your investment portfolio growing safely, it’s important to stay up to date with what’s going on in crypto. Some of the major crypto exchanges we are using in India are WazirX, CoinSwith Kuber.
2) Cryptocurrency News & Media
A lot of new media organizations are popping up to report on cryptocurrency and its impact on society. Subscribe to a few of these news outlets—I recommend Coindesk, CoinTelegraph, and NewsBTC for starters—and use them as a quick reference for your writing.
Even if you don’t know anything about blockchain technology, it doesn’t take much effort to learn what terms like hard fork mean and how they apply in context. If you want more specific examples, check out some of my own work here.
I also suggest having a look at ConsenSys: The Consulting Blockchain Team that Works with Startups, which has valuable insights into industry trends and potential paths forward.
Additionally, there are so many existing publications around traditional currencies (like Forbes) that cover things like currency trading and inflation rates that can easily be applied to crypto-currencies.
Your time would be better spent looking for stories where crypto intersects with another topic (for example blockchain tech combined with Internet-of-Things). Like any story idea, make sure it fits into an established trend rather than trying to come up with something completely unique (especially early on in your career).
Overall though, there’s no right way to go about researching cryptocurrencies but make sure you understand common terminology while doing so. Don’t write about something you have very little knowledge or experience on!
Also, watch crypto prices daily to get a feel for how volatile markets are and if/when crypto is being talked about in general. Even major companies who aren’t directly involved with cryptos tend to comment on their stock prices so pay attention and keep up-to-date. All currency fluctuations affect traditional stocks too!
3) Gaming Industry
As of 2018, $30B has been raised by Initial Coin Offerings (ICOs), with about two-thirds for blockchain technology-related projects. ICOs are a new way to fund startups and create business models based on blockchain technology.
Although there’s risk in investing in ICOs because most fail, many people have made huge gains from buying tokens early as cryptocurrency gained popularity.
The gaming industry has already started adopting blockchain tech like cryptocurrencies and smart contracts to make their games better. In fact, CryptoKitties was launched in November 2017; it was a collectible app that let users buy, sell, or trade unique digital cats built on Ethereum’s blockchain platform.
It quickly became popular among crypto enthusiasts as transactions reportedly hit close to $1M per day. More recently, it seems Atari is attempting to capitalize on CryptoKitties’ success by launching its own token called Pong Token which will allow players of its famous video game Pong to compete against each other over a decentralized network.
People who purchase Pong Tokens will be able to earn rewards through an internal loyalty program while they play Atari games; with any leftover tokens, they can then exchange them for fiat currency or use them in other platforms within the Atari ecosystem.
Even though there isn’t much information available yet regarding how blockchain will change gaming and enhance gameplay, more companies are trying out different approaches. Many point to Pokemon GO as an example of blockchain enhancing games by utilizing augmented reality – where graphics were overlaid onto real-world landscapes via smartphone cameras.
Another area where gaming might see crypto adoption is wagering; if you think playing video games is just for fun and entertainment, you might be surprised at how profitable esports betting has become especially in places like South Korea and Sweden.
For example, online gambling company Unikrn operates primarily in Australia – one of only three countries where esports betting (or skin gambling) is legal – has reported massive growth since it first launched in 2014.
Unikrn began accepting Bitcoin deposits soon after launch but realized converting Bitcoin into Australian dollars was expensive so they switched over to accepting Ether directly instead.
Charities are beginning to adopt cryptocurrencies as a form of donation for two main reasons: transparency and efficiency. Unlike banks, crypto transactions are transparent and fully traceable on blockchain networks. Donors can be confident that their money won’t be misappropriated or go missing while being sent across multiple jurisdictions, each with its own regulatory requirements.
For example, it’s possible to set up an automated process through which 100% of donations made to a specific charity will be distributed directly to beneficiaries (e.g., refugees) without any intermediaries taking their cut first. Also, crypto transactions take seconds, not days—and there are virtually no transaction fees.
For those who already have crypto assets but aren’t sure where to put them because of tax implications, charities are one option. By donating crypto assets directly to charities, donors can avoid capital gains taxes. Moreover, charities might even decide to accept payments in some major digital currencies like Bitcoin and Ethereum in order to increase both reach and volume of donations received from all over the world.
5) Online Gambling
The advent of online gambling made it easier for people to experience casino games from home. With online gambling, many who are unable to leave their homes (either due to health reasons or other limitations) can still enjoy all that a real casino has to offer—everything from slot machines and video poker games to classic table games like roulette and blackjack.
Online gambling also makes it possible for citizens of countries where real-money betting is illegal to bet on sports and participate in other types of wagering while they’re still at home. And with crypto becoming more popular, there’s never been a better time for online gamblers.
6) Anonymous Transactions
The Internet has made it possible for users to conduct online transactions in a way that seems largely anonymous, though sometimes their identity can be uncovered by savvy tech-savvy sleuths. Blockchain technology makes financial transactions virtually untraceable and anonymous, which means it could revolutionize how e-commerce works.
A blockchain is a public ledger of cryptocurrency transactions that are updated and verified by nodes—machines on a network. As additional transactions are verified, more new blocks are added to create an unbroken chain of records.
7) ICO Investments/Donations
It’s possible to raise money by releasing tokens that represent a share of your company and then selling them on a cryptocurrency exchange. This process is known as an Initial Coin Offering (ICO).
Instead of raising funds from venture capitalists, ICOs allow entrepreneurs to reach out directly to interested users and investors. And while many ICOs are legitimate, there have been some instances of fraud—so be careful out there!
Crypto and blockchain technology will continue to change how we do business for decades. This emerging industry has big players on its side, and that support will likely beget more investment, innovation, and action from governments around the globe.
It’s still early days in crypto’s lifecycle but what’s been achieved thus far has changed and will continue to change how we live our lives. These are 7 ways crypto and blockchain technology are already changing the world we live in. Let us know your thoughts on how crypto is changing our world in a comment below.