Why is crypto important to me?

The Crypto market is changing the way today’s markets work. The last two years have brought the whole crypto market into the mainstream financial system. Those days are long gone when crypto was considered to be accessible and useful to only die-hard connoisseurs. The market is enabling social and economic growth throughout the world by offering easier access to capital and financial services.

Let’s look at the potential benefits that the crypto market is offering and then we will move further to the future outlook of the industry.

A rise in Economic growth:

A whole industry is being built around cryptocurrencies. New institutions are being built to supervise all the digital coin exchanges. The rate at which the cryptocurrency industry is growing is earth-shattering and this can be confirmed by early adopters that became rich overnight and found opportunities to grow financially.

Challenging Banking System:

Crypto is challenging the current banking system. The current banking system is flawed due to its low availability and high-interest rates. Statistics suggest that more than a third of this planet’s population does not have access to the basic banking system. The Crypto market changes everything with its 24h availability and easy-to-use mechanism.

Many new organizations have come on the scene which offer services like borrowing, lending, and holding crypto.

Low transaction costs:

The Crypto market doesn’t need an actual building to exist and associated costs are also very low. There is no need for employee wages, utility bills, or rent to be paid, so these savings naturally morph into low transaction fees.     

Transparency:

Automated and digitalized transactions of crypto can be tracked in a distributed ledger. The main benefit of this transparency is that it can’t be manipulated by either people or companies which diminishes the risk of fraud and corruption.

Future Outlook:

The Crypto market with its spaces like NFTs, DeFi, and DAO is offering a bright future. El Salvador has already made its flagship currency, BTC, its national currency. Many institutions are now accepting crypto payments. It isn’t the only area in which the crypto market is making new trends. Blockchain technology is offering more use cases in daily life. Let’s take a look at these:

• Blockchain technology can help humanity in many ways. It can help in voting, tax processing, Land registry, and many more.
• Now and in the next couple of years, you’ll see a lot of interest and adoption of cryptocurrency by investors as an investment tool, namely as a hedge against inflation and as an alternative to gold.
• NFT is also reinvigorating the world of crypto. NFTs are expected to become a more powerful digital marketing tool in the coming years and more traditional enterprises may ‘auction’ limited digital use rights for some of their unique intellectual digital property.
• Metaverse is another buzzword that you will be hearing a lot in the coming days. It will only be a matter of time until these cryptocurrencies definitively find a way into our lives, shaping them for the better, with economic growth and inclusion in mind.