The Truth About Crypto In 3 Minutes
The content of today’s article is about a subject that I find very interesting. It is about a technology that is relatively new but people are building on it while others are using it heavily.
Which is *drumrolls*
Crypto…
PS: I’ll be using the term crypto and blockchain interchangeably
Now, you might be wondering so what it’s the buzz word right now and everyone wants to look cool.
However, there is more to it.
Firstly, I would let you in on the reason why crypto is so popular these days.
Because *Crypto is loved by everyone*
Before, all the people who lost their money on crypto report this article. Let me break down a few things for you.
The reason behind crypto.
Cryptocurrency was basically built as a beacon that there is something wrong with the traditional financial system.
The big banks and the financial institutions meant to preserve the people’s buying power ( the fiat currency ), are the one’s actually destroying it just by creating money out of thin air( money printer go brrrr ) in response to different scenarios. This causes more money in the economy which results in even more spending by people which causes the prices of luxury items as well as basic commodities shoot up. All of this works in a loop and creates even more unrest.
Although, Crypto is still in it’s early stages of development every big company out there is investing in this technology because they understand that it’s use cases are not just limited to finance.
Yes, blockchain can be used for multiple purposes and they are not only limited to deFi and NFT’s (though they are some of them).
Every other sector is experimenting with blockchain and is looking to implement it by either creating a new system or implementing it somewhere in the existing system. The financial sector doesn’t want it because they can’t control it or they want to impose their own version of crypto that they can control. However, this is not the reason why crypto was built in the first place. It was built to put power back into the hands of the people.
But let’s be honest, Crypto isn’t all that perfect.
The issue with crypto.
It has it’s own share of problems and issues but people are still building on it and when you first build something new the most important part should be that it works (which crypto actually does). After you create a basic solution you should just go ahead and improve and optimize the basic solution to suit the needs.
For e.g. If you compare the old displays with the new generation displays. The look, the feel and the performance differs greatly from each other. But the core functionality stays the same with some optimizations and improvements of course.
And I think this the stage crypto is going through right now. People need more knowledge on the working of cryptocurrencies so they can better understand them and beware of frauds.
As I mentioned fraud, some people think crypto and its use cases are limited to money laundering and illegal activities only. Criminals use crypto for such kinds of activities, but that’s just the tip of the iceberg. Criminals make use of anything and everything to evade laws, and it was easier to move crypto around when it was relatively new, but that isn’t the case nowadays. As cryptocurrencies become more widely used, they will have much more regulation control, resulting in a decrease in crime involving cryptocurrency.
However, there is a significant information gap that must be filled, as well as numerous guidelines that must be established, before crypto can be widely accepted. Crypto has to undergo a lot of scrutiny to emerge as one of the most important technologies.
None of this is financial advice. This is just educational content.
Thank you very much for reading this article. If you like it you can follow me for more.
