About the future of blockchain and cryptocurrency payments
The blockchain this year had its first round date: the source code of Bitcoin was first publicly available in January 2009. However, the potential of the world's first decentralized currency proved to be very fast.
Humanity has long become acquainted with the basic principles of monetary policy. Roman emperors knew that coins cannot be minted just like that, but even in the 21st century many countries are unable to part with the “printing press”: high inflation cripples Argentina’s economy, hyperinflation in Venezuela has already led to hunger.
The turbulent year 2016 became the moment of truth for Bitcoin: the British suddenly chose Brexit - exit from the European Union, the Americans suddenly chose Trump as the US president, and the Indian government without notice took large bills out of circulation, pushing the population to switch to cashless payments - one shocking surprise after another spurred the pace buying up Bitcoins.
It quickly became clear that this was precisely what was missing for many investors: a currency that would not depend on the unpredictability of elections, the arbitrariness of politicians, and generally on the human factor, which proved itself to be the worst in terms of money.
For investors, traders, businesses around the world, and even for the states themselves, the transition to a global cryptocurrency will be a deliverance from the “human factor”, including political risks.
The blockchain technology itself may become even more fateful for the global financial system. Every day more and more there is a need for a convenient, simple, but reliable means of online payments. Professionals of the gaming industry, the industry of digital goods and subscriptions believe that they miss up to 90% of potential revenue due to the heaviness and inconvenience of modern methods of online payments. The fact that cryptocurrencies can become an outlet is all the more obvious.
Tokens of various projects can replace fiat, and the blockchain will provide a secure and transparent platform for transactions. Tokenization, combined with the Internet of things, will make the long-awaited calculations directly between devices real - for electricity, for computing power, etc. Due to simplicity and security, such microtransactions carried out by users and devices must reach gigantic volumes.
At the same time, in the market of tokenized payments, not only new names may appear, but also old ones can hold on - for example, MasterCard, which is already actively experimenting with the integration of crypto tokens.
Nowadays, business, especially digital, feels the modern banking system on itself like shackles: international bank payments lasting several days, high commissions, even higher conversion losses - all this is too obviously outdated in the 21st century. The transfer to the blockchain of the international financial infrastructure will give a powerful impetus to the entire global economy.
Blockchain can change banking processes, making them faster, more transparent and cheaper, while maintaining the usual level of security.
This means that the whole world will become transparent to microtransactions. So, p2p lending, for example, can become the next big thing in international investment. The investor with small capital will be open to the whole world - hundreds or hundreds of thousands of people from different countries, having thrown off $ 100-200, will be able to finance small and medium-sized businesses anywhere in the world. Investments will become more affordable, the cost of money - less, returns - higher. By dropping the ballast of old systems, the global economy will take off.
And for the most sparsely populated, remote and other regions, which, for various reasons, now have limited access to the global financial system, p2p investments will also mean just a change in lifestyle and standard of living. By making the world more transparent and open, the blockchain will make it even more equal.
Humanity has long become acquainted with the basic principles of monetary policy. Roman emperors knew that coins cannot be minted just like that, but even in the 21st century many countries are unable to part with the “printing press”: high inflation cripples Argentina’s economy, hyperinflation in Venezuela has already led to hunger.
The turbulent year 2016 became the moment of truth for Bitcoin: the British suddenly chose Brexit - exit from the European Union, the Americans suddenly chose Trump as the US president, and the Indian government without notice took large bills out of circulation, pushing the population to switch to cashless payments - one shocking surprise after another spurred the pace buying up Bitcoins.
It quickly became clear that this was precisely what was missing for many investors: a currency that would not depend on the unpredictability of elections, the arbitrariness of politicians, and generally on the human factor, which proved itself to be the worst in terms of money.
For investors, traders, businesses around the world, and even for the states themselves, the transition to a global cryptocurrency will be a deliverance from the “human factor”, including political risks.
The blockchain technology itself may become even more fateful for the global financial system. Every day more and more there is a need for a convenient, simple, but reliable means of online payments. Professionals of the gaming industry, the industry of digital goods and subscriptions believe that they miss up to 90% of potential revenue due to the heaviness and inconvenience of modern methods of online payments. The fact that cryptocurrencies can become an outlet is all the more obvious.
Tokens of various projects can replace fiat, and the blockchain will provide a secure and transparent platform for transactions. Tokenization, combined with the Internet of things, will make the long-awaited calculations directly between devices real - for electricity, for computing power, etc. Due to simplicity and security, such microtransactions carried out by users and devices must reach gigantic volumes.
At the same time, in the market of tokenized payments, not only new names may appear, but also old ones can hold on - for example, MasterCard, which is already actively experimenting with the integration of crypto tokens.
Nowadays, business, especially digital, feels the modern banking system on itself like shackles: international bank payments lasting several days, high commissions, even higher conversion losses - all this is too obviously outdated in the 21st century. The transfer to the blockchain of the international financial infrastructure will give a powerful impetus to the entire global economy.
Blockchain can change banking processes, making them faster, more transparent and cheaper, while maintaining the usual level of security.
This means that the whole world will become transparent to microtransactions. So, p2p lending, for example, can become the next big thing in international investment. The investor with small capital will be open to the whole world - hundreds or hundreds of thousands of people from different countries, having thrown off $ 100-200, will be able to finance small and medium-sized businesses anywhere in the world. Investments will become more affordable, the cost of money - less, returns - higher. By dropping the ballast of old systems, the global economy will take off.
And for the most sparsely populated, remote and other regions, which, for various reasons, now have limited access to the global financial system, p2p investments will also mean just a change in lifestyle and standard of living. By making the world more transparent and open, the blockchain will make it even more equal.
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