The ripple effect of cryptocurrencies
There has been a growing hype around cryptocurrencies for at least two years now. What interests me most is yet to come because it hasn’t hit the mainstream quite yet. But when it happens; when cryptocurrencies become a transaction-tool used by the masses, our lives as we know it today will have changed completely.
Just imagine a world without banks or credit card frauds – a world that values your privacy. Sounds good, right? But how exactly would that work? So, cryptocurrencies create a decentralized system where you basically take the role of a bank yourself.
However, it’s not only the financial institutions that this phenomenon will affect. Cryptocurrencies will disrupt everything and everyone – from a small rice farm in south east Asia to an entire country. I know, this might sound scary at first, but change always holds opportunities to build upon – many entrepreneurs have already realized its potential and so capitalized on it. And as more people do so, the ripple effect of cryptocurrencies will reach every corner of the world.
Before that happens though, there are major risks, the world of cryptocurrencies has to eliminate; such as becoming more secure so hackers wouldn’t have the chance to steal your money. Another risk is if your hard disk crashes that you basically lose all your e-money.
But as fast everything develops, I am pretty certain that these issues will be resolved sooner than later, and we will be living in a world where the economic system is completely decentralized.