Crypto For the Masses
By: Neuryx Club Support
Tags: Bitcoin, Economics, Social Change, Cryptocurrency, Crypto

Crypto For the Masses

A brief exploration of the economic, social, and political impact of cryptocurrency

“A crowd walks on a New York street among billboards, buildings, and a subway station” by Christopher Burns on Unsplash

It seems like everyone is talking about cryptocurrency these days. After Bitcoin’s huge surge in value last December and subsequent discussions of bubbles, crashes, runs, endings, and future growth, cryptocurrency continues to be a popular topic. A deeper look into crypto shows that at its heart, cryptocurrency is bigger than just making money and is more than just a currency. It’s a community dedicated to bringing transparency and honesty back to the financial systems, putting power back into the hands of the people, and reaching beyond political borders to give everyone access to the global economy.

The Economy

2008 was a horrible year for the global financial market. The subprime mortgage bubble popped, high-profile banks filed for bankruptcy and were bailed out by the US government, and the stock market plummeted. Just a month after the US government bailed out banks, a man by the name of Satoshi Nakamoto published a nine-page paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System”. The paper discussed the possibility of a digital payment system that allowed people to directly exchange with each other without the need of an intermediary to validate transactions. This paper was shortly followed by the birth of Bitcoin, the first successful digital currency.

Photo by Andre Francois on Unsplash

The timing of the article is likely more than just a coincidence. It seems like it was a direct response to the financial irresponsibility of banks and governments alike. Instead of discussing how to fix the obviously troubled financial situation, Nakamoto suggested a complete overhaul by replacing the third party authorities with a decentralized platform. Here, people exchange directly among themselves, without a government or a bank taking a bite out of the transaction. Removing governmental and bank control in financial transactions will fundamentally change the way we conduct exchanges and business in the future.

In addition, the blockchain system of cryptocurrency keeps a permanent, unalterable ledger of all the transactions that happen in the system, and once a transaction is completed, it can’t be undone. The permanent nature of the records helps prevent fraud and misuse by controlling entities, and allows for greater trust in the system than current financial institutions.

Another economic advantage to cryptocurrency is its capacity for global adoption. As the global market rapidly expands, the need for an easier exchange system arises. Because cryptocurrency is not connected with one government or business entity, it eliminates the need for international exchange rates or transaction fees, making it simpler than ever to transact across borders.

Social Significance

While cryptocurrency has made quite a name for itself in the financial sector, the incredible power of crypto reaches beyond currency. The decentralized platform allows anyone with internet access to use the system. If you know how to buy something online, you can leverage cryptocurrencies. The barriers to entry typically present in business and investing are changing in the crypto space, and this allows more people access to the global economy. This has potentially huge implications for developing countries, as people who previously had no access to bank services are now able to participate in the global economy, no matter where they are.

Photo by Benny Jackson on Unsplash

Not only does cryptocurrency allow anyone access to it, many coins feature open source projects, where anyone interested can adopt or change the software. Platforms like Ethereum allow anyone to use the currency to create decentralized apps (an app that is developed and run on the peer-to-peer system instead of belonging to one single entity).

Politics

At the core of cryptocurrency is power. Through the blockchain’s decentralized platform, cryptocurrency essentially takes the power currently held by governments and big businesses and places it back in the hands of the people.

“A group of people protesting and demonstrating in Washington” by Jerry Kiesewetter on Unsplash

It’s code that will change our would, and it isn’t just for the adventurous or tech savvy. It’s for anyone with an interest in the future, and it’s crypto’s potential that makes it so exciting.

Cryptocurrency is an investment in the future in an application of technology with economic, social, and political implications. Adopting cryptocurrencies and useful blockchain implementations is more than riding a wave of interest — it’s about becoming a part of the force that will change our world as we know it.

Neuryx Club

Cryptocurrency investment is an exciting world of opportunity, growth, and potential, and represents the future. Entering the cryptosphere is as much about learning as it is investing, and the important thing is not to invest more, but to invest smarter.

Neuryx Club is an AI-powered crypto trading assistant that offers exclusive analytics and advanced trading tools to help you stay on top of your crypto game and trade smarter.