The creation of blockchain technology was arguably the biggest tech innovation of the 21st century. Although it is still in its early stages, the implementation we may see in the future could be far and wide. Today, we will examine three ways in which cryptocurrency will affect our future, as predicted by experts.
Many exchanges are available online if you are interested in investing in cryptocurrency. If you are interested in the likes of the Bitcoin price, the Ethereum price and the Luna price, then you will be intrigued to know what underpins this revolutionary technology. Some people don’t understand how cryptocurrency works, and those who do, operate on a scale. Some investors have a basic knowledge, which is a minimum requirement for any asset you are investing in. Some are experts, and there are others who aren’t invested in the space but are becoming interested in knowing how the technology works.
If you fall into the third category, this article will give you some answers. You will be able to find out the practical uses of blockchain technology and cryptocurrencies, and how they could influence our future.
Blockchain technology creates secure and verifiable proof of transactions. It is a direct, peer-to-peer piece of technology that removes the need for a bank in the middle. Banks operate under a central governing body, and cryptocurrency negates the need for a bank, so this is where the term “decentralized” comes from.
A whole host of projects in the crypto universe have a wide range of utilities. Some cryptocurrencies are known as stablecoins, which means they are pegged against the value of a centralized currency. More often than not, it is the US dollar that is used. An example of a stablecoin was Luna, and the Luna price became so volatile due to its de-pegging from the dollar causing a price spiral.
So, the first use case we will explore today is the use of cryptocurrency casinos. Digital casinos will overwhelmingly use stable central currencies such as the euro and the dollar to receive customer deposits. They will also pay out using this method. The way in which cryptocurrency casinos could change the landscape is that it is a more secure method and involves connecting your wallet directly to the operator. You do not need to disclose bank information or identifying personal information, and you also avoid any potential hidden fees from your bank. It also removes any issues with anyone stopping the transaction from going through, whether it is frozen or delayed.
This is also beneficial for you and the provider, as hackers can access no identifiable information in case of a breach. Increased security and accessibility could completely revolutionize this space within the next decade, especially if casino operators and customers choose to use a more secure and accessible method of transactions on their sites.
However, if you are looking to gamble, you must ensure that it remains fun. You shouldn’t gamble with more than you can afford to lose. If you find yourself in a position where you are worried about your gambling, stop immediately and seek help from a professional.
One of the most innovative ways blockchain technology and cryptocurrency could shape our future is through cross-border banking transactions. There is a belief that banks and cryptocurrency do not work together.
However, one example where blockchain technology could immeasurably improve the space is the SWIFT payment system allowing cross-border transactions. Blockchain technology underpins Bitcoin, allowing other cryptocurrencies to flourish as it highlights the secure transaction method. This isn’t just Bitcoin; it includes other coins such as Ethereum and Luna.
If you are sending money abroad, it can be a costly and lengthy process. Depending on the territory you send money to, it can take anywhere from a few hours to a few days. You will likely be charged a transaction fee by your bank and potentially by the recipient bank.
Blockchain technology aims to improve the speed of this space so payments can go through instantly. If an international payment is made via this system, it can be recorded, verified and authorized on the blockchain. The sender and recipient then have confirmation that cannot be amended that the payment has been made.
The mortgage market is huge, and buying a house is usually lengthy and stressful. It involves a multitude of paperwork and dialogue, and it also includes a number of people in the process. Blockchain technology will not only speed up this process but could also completely remove the need for several individuals involved in the process.
With blockchain mortgages, the variables weighed to ensure your loan is granted would be securely logged on a network. These ledgers would be updated immediately and automatically as the process goes forward. The blockchain also provides a heightened level of security and a public record of the transaction, which verifies and authorizes it.
This could save many people money on mortgages and speed up the process so that house purchases are smoother and more transparent.
Today, we have named just three ways in which cryptocurrency could affect our future. The fact of the matter is the changes we could see thanks to cryptocurrency and blockchain technology might be hard to comprehend. Twenty years from now, it may be as big as the internet – such is the excitement and level of innovation with this type of technology.
There’s a long way to go, of course, and plenty of skeptics exist. There have been talks of enhanced regulation, which could be positive or negative. There is plenty of evidence to show that the market should have more regulation. However, it could put investors off in the short term. On the flipside, it could be the green light for massive institutional investment to flood into the market, as they know their investments are protected against tighter regulation.