Many years of invention, innovation, and production has changed the quality of life of people around the world. Money is one of the inventions that impact how people live and is just a universal measure of value. The US Dollar was backed by the gold standard until 1971 when it became backed up by the US reputation alone.
After the recent financial crisis of 2008, Bitcoin rose and began to build momentum due to its decentralized nature. Crypto offers financial inclusiveness to every person worldwide. An investment in this industry might be the best choice to revolutionize the global financial industry.
In the current world, people are required to use the currency controlled by the central banks of the countries that they are from. Although some countries have sound financial systems, others are somewhat financially irresponsible. Whenever governments make a mess of their financial industry, the citizens are required to comply with the dismal national fiat currency.
On the other hand, cryptos are not government-directed or state-owned. Moreover, they are not physical which averts all physical burdens to the user. Crypto can be a haven in times of crisis. Bitcoin has a total supply of 21 million which makes it quite prudent to store wealth in it.
If the topmost digital currency is recognized as a dependable store of value, its demand will rise significantly. People will buy and hold to preserve the value of their wealth and only sell it as a last option.
Blockchain Technology Adoption
Forbes listed at least 50 public companies in July 2018. These companies are actively exploring the use of blockchain to provide financial solutions. Some of the notable in the list include Oracle, Comcast, American Express, Facebook, IBM, and many others. The efforts put in by these behemoth companies are a positive sign to the future of the crypto industry.
Although the developments have no direct influence in the cryptocurrency value, successful blockchain implementations for other uses could also encourage the adoption of cryptos as a whole.
Many companies are considering integrating blockchain in most of their operations. Thus, there is massive potential to see tremendous growth in the adoption of cryptos in the corporate world in the next 5-10 years.
At some point in future, the financial system will change. Cryptos look like they are the best option in the revolution of the financial sector for the future.
Please note: Expressed opinion is Author’s view. Cryptovibes.com does not endorse any decisions and is not a financial advisor.