The Topic
Week 06 - Edition 03 Topic
“THE FUTURE OF CRYPTO”
Cryptocurrency is definitely here to stay, it will take over the world someday and paper money might just be history.
Photo by Bermix Studio on Unsplash
With such an evolution coming, what do you think should be done to make the Crypto world an easier and better one, so that everyone can benefit equally from it. Please share your honest thoughts, we might learn a thing.
From Featured Post
My Thoughts
I have good thoughts and bad thoughts about this future state of the world where cryptocurrency is the new money. Let me start with my negative thoughts.
Poverty
Yes! I think cryptocurrency is definitely here to stay, and paper money will just be history. The sad part is not everyone will benefit from it. Not all people know about crypto, and even though most signs are telling them that it is the future and that they need to study it, they will not do it.
Photo by John Moeses Bauan on Unsplash
And there are also other people who can't even afford to buy an android phone, if the time comes that the only currency that is existing in the world is digital, how can they receive alms from those who want to give?
But in a better point of view, the only alms that they can get at that time is in form of food, they cannot use cash to buy liquor and drugs anymore because they don't have access to it. Sorry if you think that I am being negative. I am just stating what is happening in the real world, especially in 3rd world countries like the Philippines.
Corruption
What kind of preparation can we do if physical money is abolished?
I think the government should start accepting this reality and preparing for it now. They should start making laws not to regulate but to protect everyone and make sure that no one or only a few will be left behind
Photo by fikry anshor on Unsplash
Studies about systems to be updated in the future about pensions and benefits should also be considered. How people can still receive the average amount of money even though crypto is so volatile.
Physical Money might be abolished but I think the government system is here to stay. If that happens and crypto is the new money, they should start planning now on how to avoid corruption when that time comes.
Red tapes can be easily sent from unknown wallets and corruption will be harder to fight.
Public officials at that time must be very transparent and the government must have strict rules about them.
Security
Cryptocurrency servers (or how you want to call them) should also be upgraded so that they will be protected from any harmful attack that could bankrupt all people holding them.
Photo by Thom Bradley on Unsplash
Gadget developers should also study how to make it easier and safer for those who are holding digital assets.
Literacy and Discipline
More guides and tips should also appear so that people will not lose their money in one day.
Photo by Mathieu Stern on Unsplash
They should also learn how to take a profit. If the time comes that physical money is already abolished, the way to take a profit is by buying physical assets like agricultural lands and live stocks which you can use in times of trouble.
In case of war and internet lines got cut, you can't use your digital money, so I think it is a must that you take a profit regularly. if gold is important, then buy gold.
Now let us go to the good things that are running in my mind
Investment and growth
First of all, people will learn the value of money.
Photo by Austin Distel on Unsplash
If this time comes, (actually people can start now.) People will have a better chance in life. you can buy a few crypto assets and you have the chance to make them grow. As of today, it is very hard for commoners to invest because the only place they know where to grow money is through the bank.
Stores cannot use take advantage of the .99 cents anymore because we can pay the exact amount.
Ease of Daily life
First, if you are going to buy something expensive, you don't need to carry a lot of cash anymore. (yes, because not everyone has debit and credit cards today)
Photo by Sharon McCutcheon on Unsplash
We don't need to carry small changes in our pockets anymore.
We don't need to worry about big bills anymore even if the shop has no change to break your big bill.
Sending money overseas will be a lot faster!
Health
We can greatly avoid germs that are passed because of physical money.
Photo by Adrian Lange on Unsplash
Safety
Robbery may be minimalized, No one can hold up a convenience store anymore and ask for money, the only thing that they can get are products.
which is difficult to carry.
Photo by Bermix Studio on Unsplash
Children can't get money from their parent's wallets anymore
You will never be afraid to lose your wallet because there is no money in there. and even if you lose your phone, you can still retrieve your money.
(just make sure you have the keys)
#Final Words
I think there will still be good and bad. To really benefit from crypto in the future, you should start studying and learning now. Don't just learn about holding it in your wallet, learn other stuff like staking, liquid farming, and many more.
If you study it later, you will miss out on all the great opportunities that this early crypto life has to offer.