An ongoing financial revolution
Cryptocurrency in the 21st century is indeed the financial revolution that is already ongoing. The internet has helped this to happen through “transfer of value”, which is digitally kept in a wallet or an ID which is only accessible by the individual having the ownership of it. Around 7.5 billion adults are living in this world, 5 billion mobile phones are being used. Meanwhile, about 2 billion people don’t have bank accounts due to being most unfortunate not having the means to open one with the correct documentation or having the money to put in the bank.
In the early to middle of 1990s the internet was introduced. It has since revolutionized the information transfer from place to place and person to person throughout the world. Communication is now almost free and doesn’t need a third party to help move information from one place to another or person to person. In exactly the same way, the Blockchain technology storing the value of Cryptocurrency or anything else for that matter will cost virtually nothing. This will not only allow individuals to transfer and control of their wealth digitally but opens the way for organizations, governments and everyone else to conduct their own affairs through Blockchain.
In short, Blockchain will cut out a lot of expensive middlemen and businesses who exist mainly to move wealth around. In my view, ordinary people around the world will benefit the most from such advances in the financial matters as well as having the ability to control their money at their convenience. Those governments who are quickly adopting this system should open up the benefits for themselves and their people too.
What needs to happen
My view is that the crypto-currency revolution needs to become understood by the man and the woman in the street everywhere. The changes are very rapid. People need to be informed, now, to take advantage of them. Of course, the messaging about the revolution needs to be tailored to the audience in question.
The huge increases in value through 2017 of some crypto-currencies have captured the imaginations of many. Looking forward, particular crypto-currencies will bring around major shifts in the wealth of individuals or communities. ‘Value transfer’ could happen on a large scale. 2018 could well be the year in which crypto-currencies emerge as an important asset class for individual investors – like commodities and other alternatives.
UK-based Kamran Hye is a miner, trader and commentator on crypto-currencies.