CRYPTOCURRENCY; Redefining the future of finance

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Over the years, the crypto-currency industry has soared into a $200B industry and has greatly surpassed expectations concepted ay the inception. At the bosom of cryptocurrency is an undeniable existence of innovation and intelligence disrupting and seeking to influence the future of finance as we know it.


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It all began when the first cryptocurrency ever was mined on a decentralized network in 2009 by one Satoshi Nakamoto whose identity remains a mystery. This triggered chain reactions and innovations. It wasn't a perfect system all right but each subsequent innovation developed posed an advancement over the former. The next cryptocurrency Litecoin was developed in a bid to tackle some of the issues encountered when transacting with Bitcoins. This innovations collectively led to the revolution of the crypto space, by 2013 the price of one bitcoin rocketed to $1000 and in 2015 various smart contracts followed by the launch of Ethereum were formed. By 2017, well over 1000 cryptocurrencies were listed following Bitcoin hitting the $10,000 milestone for the first time in history. One basic substance characterizes these projects and development, the underlying technology being "BLOCKCHAIN".

So saying, over the course of reading this article. I might vacillate between cryptocurrencies and the broader term Blockchain.

Crypto can be said to be an investment in tomorrows financial system. "Decentralized finance".
Why do I say so?

Apart from the inherent qualities of adopting a blockchain base approach to projects. The qualities are undeniably superior to the radiational based systems still in use today. Sharpened by cutting edge advantages that are diverse and transformative. The level of independence the blockchain based approach offers to individuals is magnificent, vesting power upon the owners as it normally should be coupled with the elimination of third parties in transactions which automatically induces the benefits of privacy. As it'sa popularly said "Be responsible for your finances".

The new financial model for billions of unbanked individuals around the world is well under construction and so obvious. Cryptocurrencies have been able to connect the world fairly beautifully, linking individuals with p2p technology, making international transactions yet more convenient than ever. Unlike the traditional systems, your identity is irrelevant and users remain as anonymous as they want. Hence this system is value free with every user being of equal standing as p2p2 denotes.

How immutable is blockchain?


Rooted in decentralized and autonomous systems is Immutability which accounts for the level of independence and control coupled with next level security. How secure can the term secure ever be? should be the question. With the provision of immutable, traceable records of transactions and related information of transactional networks. A trustless society seems to be more achievable than ever.

The growth of cryptocurrencies has been followed by industries adopting blockchain to their operations each year as the estimated number of new users is a whooping average rate of 60% per year.

As I subsequently defined decentralized finance or DEFi as its popularly referred to as an investment in the emerging financial system. Defi is an alterum financial system developed upon a public blockchain offering the highest level of accessibility to users. Through Smart contracts further built upon this model manual and administrative work could be reduced drastically channeling the innovation of 'Programmable money'.
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If the advent of cryptocurrencies represented the “de-nationalization” of money, then the promise of CBDCs and stable coins represent the “re-nationalization” of new programmable money.

IBM.com

Although the advent of bitcoin and cryptocurrency in general was met with skepticism by banks and some other financial institution at its inception due to its volatility following a rise in bitcoin to near $20000 at December 2017 to a devastating crumble to $3000 a year later which validated claims made against this system. The interest in cryptocurrency hasn't waned a bit since then as bitcoin hit and destroyed its all time high and has thus being creating new all time highs. This attracted credible investors and also caught the eye of some central banks around the world.

Understanding that they may need to regulate some cryptocurrencies, central banks have been quietly but actively evaluating their merits and experimenting with their own version, called central bank digital currencies (CBDCs).

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As crypto gains momentum, unlocking countless investment opportunities and further shaping a new digital age. It's implications in the global economy is compelling.

DECENTRALIZE THE FUTURE!

Posted Using LeoFinance Beta



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