The silent wave changing the future
By Raymond Akalonu on The Capital
During the late 20th century, the world saw an emerging trend, many didn’t fully grasp what it was, but it was what it was — The internet! One more is slowly taking over.
Back in the 90's majority of the people didn’t know about the incoming wave called the internet. The minority who knew about its potentials and placed themselves in strategic positions are now the big guys of our day.
The same thing is happening now in the blockchain space, most especially with cryptocurrency. As the need to be in control of finances rises and the value of fiat currencies diminishes. A need for a different type of flexible exchange system increases. Cryptocurrency comes to the rescue.
Bitcoin, for example, was designed essentially, as a better ‘digital gold’. It incorporates all of the best elements of gold — its inherent scarcity and decentralized nature — and then solves all the shortcomings of gold, in allowing it to be globally transactable in precise denominations extremely quickly.
Well, I hear someone ask, how does it do this?
Simply put, just as Gold is physically mined, Bitcoin is digitally mined. The production of bitcoin is controlled by code that dictates you must find a specific answer to a given problem to unlock new bitcoins.
The true power of cryptocurrencies is the power to print and distribute money without a central power.
Cryptocurrencies in general finally offer a way for us to control our financial destiny. For the very first time in the history of the world, we have a way to generate and distribute money without a central power. People will have control over the money they rightfully earned. This is truly going to be a game-changer that will disrupt the financial market soon.
Already, many top billionaires have staked their fortune in various valuable cryptocurrencies but that doesn’t account for the billions in the third world countries that don’t know much about the idea of blockchain. The truth is, blockchain can be incorporated in many industries because of how secure and transparent it is.
Why Blockchain seems vague to a lot of people
Experience
From past generations to date, people have been used to third party institutions like banks, government, law firms being in charge of all their assets and finances. The idea of being in total control of there asset, be it fiat currencies, agreements, lands and the likes seems very illogical. Apart from that, many people are scared of moving there valuable assets to a blockchain that runs on the internet because many have lost their fortune to Ponzi schemes and internet fraud.
Ignorance
We live in a world where many are so uncomfortable with the unknown, actually, we all are. But the people who have gone one level deeper to understand the solution blockchain bring to the table understand that this is the next big thing. Also, many in the third world countries who for some reason, do not have access to good internet access would not be willing to trust their assets on some decentralized online network system.
This is where we, blockchain enthusiasts, need to play our part.
4 reasons why you should be interested in blockchain
Improved speed and highly efficient
One of the most important benefits that blockchain brings is improved efficiency and speed. Blockchain solves the time-consuming process and automates them to maximize efficiency. It also eradicates human-based errors with the help of automation. The digital ledger makes everything of this possible by providing a single place to store transactions. The streamlining and automation of processes also mean that everything becomes highly efficient and fast.
The fact that everything is stored in a decentralized ledger also makes it easy for everyone to trust each other. In short, blockchain utilizes its unique way of data storage to provide a highly efficient process with trust, transparency, and immutability.
Reduced costs
For most businesses, reducing costs is a priority. With blockchain, you don’t need as many third parties or middlemen to make guarantees because it doesn’t matter if you can trust your trading partner. Instead, you just have to trust the data on the blockchain. You also won’t have to review so much documentation to complete a trade because everyone will have permissioned access to a single, immutable version.
Security
Once every block is sealed cryptographically, it is impossible to copy, delete, or edit, ensuring the immutability of the digital ledger. Because of the very nature of the decentralization of networks, there can never be central points of error or failure within the system. With an absence of weak points within the system for hacking, there can be zero chances of malicious, which boosts the network’s reliability. On top of this, every transaction needs the digital signature through both private and public keys which utilize different cryptographic schemes ensuring complete encryption.
Decentralization
Ultimately, amid all these transactions, investments, and use cases, buying valuable Cryptocurrencies is an act of using and supporting a better future for the world’s financial system. It shows a way forward to a more inclusive way of using money worldwide. It represents the power of technology to rethink the way we look at money and to give more freedom to it by taking away the many institutions and middlemen that complicate it.
In the end, when you buy Bitcoin, you’re buying more than an asset. You’re buying the future.
And that’s it, my friends, Blockchain is the silent wave that will disrupt our future. If you ever find someone who’s looking for the next huge wave, you know where you can point them to. Bookmark the link.
Can think of someone right now who should read this? The ‘Share’ button is all yours. If you found this interesting while not hit the clap button as much as you can. I enjoy writing about things that am passionate about. Till next time, bye for now.
