5 Ways How Bitcoin & Cryptocurrency Will Revolutionize Our Everyday Lives
The concept of cryptocurrency is still yet to go mainstream. While many have heard about Bitcoin, the first and biggest cryptocurrency, not as many know how it will actually affect our daily lives. This article will explore five different ways how this revolutionary technology, which is all around us, can revolutionize our everyday lives.
1) The Cashless Society – Cryptocurrencies Will Replace Cash
Cash has been a staple for a long time now, but its days are counted. Not only does cash have high transaction costs due to banks processing fees (upwards of $4 for any amount you withdraw from an ATM), but also increases your risk by having physical money in your wallet or on yourself (robbery’s/pickpocketing).
Bitcoin offers way cheaper transaction costs (fractions of cents) and you can carry your money around with you on a piece of paper (a wallet).
The first step is getting rid of cash. Sweden is the world’s most cashless society, as they have already declared their independence from bills and coins. In fact, only about 15% of all transactions even involve cash in Sweden.
In addition to being far cheaper than any other means of payment, it also provides extra security by being impossible for anyone but you to handle your funds. This anonymous nature enables a number of use cases that weren’t available before – bitcoin-only insurance policies, pay-per-view purchase schemes etc..
Hodling – Keeping The Future Bright At All Costs!
Buying and holding onto bitcoin is the easiest way to reduce your reliance on cash. While not everyone can afford to buy a full bitcoin, it’s important to at least have some sort of exposure in case the price goes up to a whole new level. This will allow you to accumulate coins by spending less than you would if you were buying straight from fiat.
2) Digital Identity – Holding Your ID In Your Hands With A Secure Password
Today we live our lives online. We create accounts for everything and then forget about how much information we give away (I’ve forgotten my Facebook password more times than I’d like to admit). The biggest downside that comes with this is security issues; no one wants their identity stolen or worse…death.
Currently, our identity is held by banks and governments (passport,s etc.). However, it’s not in our actual hands. If you forget your password, you’ll probably never get to access that account again. If someone steals your identity or it’s lost forever, you will have nowhere to turn to. This is where cryptocurrencies come in; they allow users to hold their digital identities in their own hands with a secret password.
Essentially blockchains are huge databases that store files in encrypted form. The beauty of the system comes from how decentralized it is – anyone can host their own node which stores an exact copy of the blockchain ensuring its authenticity and security without a need for any central authority like Facebook or PayPal controlling everything.
This means that if you forget your password, but have access to the private key (password) attached to it you’ll still be able to get back access. The blockchain is public and everyone has their own copy of it which makes it impossible to hack or fake.
3) Payment Systems That Can’t Be Shut Down Or Seized By Governments
Similar to cash, cryptocurrencies are decentralized with no central authority controlling them (governments cannot shut them down). This means that they’re immune to corruption since everyone has total control over their funds. No one can freeze your account or seize your money; unless you give away your password or reveal your wallet’s private key in some other way.
The benefit of this kind of decentralization goes beyond protecting users from corruption and government intervention – it also ensures that important and reliable services remain accessible to everyone. If you’re looking for a good example, check out Wikileaks’s bitcoin donations page. After being cut from the funding they received from traditional payment providers like PayPal or Mastercard, they now have access to a way of receiving money from people all over the world with no third-party meddling.
4) Providing A Global Currency And Way Of Exchange For The Underbanked
In 2011 there were around 2.5 billion people in the world that didn’t have a bank account or any kind of financial institution involved in their lives. This meant that many basic things such as getting paid at work required traveling miles just to deposit cash into a bank account, borrowing money was largely impossible, or paying for things online was more difficult than it needed to be.
Bitcoin provided a way of letting everyone in the world access modern financial services. It allows anyone with internet access to send money, pay for things, or store funds without needing an account at any kind of bank (though some wallets still require verification).
5) Being Your Own Bank – Running Your Own Financial Services Business With Minimal Investment And Risk
By having control over your own money you’ll never need to worry about another company losing it; unless you give away your private key. This means users don’t need to rely on banks, credit card companies, or other payment providers like PayPal that may try and freeze your funds or take them away from you.
This model of running your own financial services business has become more popular in recent years, with new services popping up all the time. An example is coinjar.io – this online service allows you to send, receive and store cryptocurrencies as well as exchange between different currencies easily using their website or mobile app.