There are many pointers to the emergence of a new world order as cryptocurrencies disrupt the way we live. From money transfers to online gaming, database management to healthcare, blogging to video marketing, cryptocurrencies are becoming the groundnorm.
When Dogecoin emerged a few years ago, it was a leisure coin that quickly earned the moniker “Joke coin”. A few years down the line, the joke coin attracts an upwards of $5 million in daily trades.
The most remarkable mention of Dogecoin points at its utility as a tipping coin for social media users. In simple terms, Dogecoin became the first payment method to reward people who do what they love.
Several parallels exist among cryptocurrencies that mirrors the Dogecoin example. As Bitcoin and other altcoins grew in popularity this past year, Bitcoin mining emerged as a new business opportunity. A global collaboration is driving this new frontier in a remarkable manner:
A Borderless Financial World
One enviable advantage of the cryptocurrency revolution is seen in how the world has become a borderless community. Individuals can now conduct transactions without the dichotomy of the national and international transactions in banking payments.
In times past, the need to apply for approvals with respect to overseas transactions took the shine of international business. Many creative minds could not do business with people in other countries as a result of national boundaries. All of these have changed with the rise of altcoins.
More people are becoming users of cryptocurrencies on a daily basis, and they are using them for international payments. In a sense, the likes of Stripes, PayPal, and Payer, started a push for a borderless financial world.
The centralized processing systems across the globe forestalled the expansion of earlier digital payment methods. With cryptocurrencies taking the rug off the feet of global oligarchs, a truly decentralized and democratized financial processing system is emerging.
An Efficient Settlement System
There is no doubt that cryptocurrencies are evolving, and the best of the blockchain is yet to be seen. However, thus far, it is clear that the disruption of the global financial processing system is a vote for efficiency.
Presently, payments settlement period has shrunk to a matter of minutes instead of days, and also at a cheaper rate. The rise of the Ethereum blockchain led to smart contracts and it has become a driver of billions of transactions. As expected, Ethereum price forecast remains rosy.
The likes of Ripple and Cardano fulfill a payment and transfers need among several sectors globally. Ripple has completely redefined the international money transfers scene, and it is facing a deluge of adoption requests globally.
The difference made by cryptocurrencies in terms of efficiency is noteworthy. While the Bitcoin and Ethereum Blockchains have been pilloried for their slow pace, Ripple is different. From a SWIFT standard of 3 days for international money transfers, it is now a matter of seconds on RippleNet. And Dascoin, a new entrant into the cryptospace with disruptive intuition, promises less than six seconds of transaction processing. The future looks amazing! Isn’t it?
In evaluating a field like healthcare, many people had to face up to the delay in payment processing and access to facilities. The rise of cryptocurrencies has eliminated some of the barriers that patients faced in terms of procurement of foreign exchange for Medicare.
To travel abroad for specialized care is made a lot easier on some healthcare blockchains that offer patients a one-stop shop. Patients can now work with their care providers to access specialized care abroad and pay with cryptocurrencies.
Since crypto can be bought in virtually every nation on earth today, access to facilities and expert attention is facilitated. The same example is seen in medicine and surgery services as well as dental care.
Easy Access to Funding
Not a few business ideas have failed to see the light of day as a result of many reasons. The inability of business promoters to access funds has sounded the death knell to some innovations at their infancy.
In one breath, cryptocurrencies have decentralized the funding model of businesses and shareholding. The mere fact that no central authority regulates cryptocurrencies makes them fashionable for genuine entrepreneurs.
Crowdfunding platforms are now commonplace on the blockchain, and a number of business ideas are given a lift. In a sense, more people get a chance to explore funding options that they can’t access elsewhere. On the blockchain, they can access funding irrespective of where they live.
Funds are raised daily in the cryptocurrency marketplace in various forms. ICOs are the most popular way to raise funds with cryptocurrencies. And of recent, Token Asset Offerings (also known as TAOs) is been tipped to replace initial coin offering (ico) which has been massively abused lately. There are other means to fund business with cryptocurrencies like private sale and crypto lending.
While some people might point at the presence of failed ICOs, it is not a reason to despair. It is also important to note that business failures does affect many traditional stock exchanges too. Businesses fail for a number of reasons, and the platform to fund-raise is not one of them. However, now a days there are number of crypto telegram signals that can put you one step ahead while trading.
Enabling A Global Community
It might be fashionable to say cryptocurrencies offer lower entry barriers to many sectors across the globe. However, in real terms, they have dismantled the barriers in several spheres of human endeavor.
In the field of blogging, decentralized platforms now exist that gives power to the community members. The participants earn for their contributions and the underlying cryptocurrency is the reward driver for everyone.
For online gaming, several platforms are making their mark with the top chart headed by TRON. TRON might never have seen the light of day if there wasn’t a cryptocurrency to drive the platform. Global oligarchs in the gaming industry have been given a run for their money in many ways.
To look at the attraction that users have to crypto-driven ecosystems, it is important to point out the community identity standpoint. Just like the early torchbearer known as Satoshi Nakamoto handed Bitcoin’s fortunes to the Bitcoin community, others have followed suit today.
It is evident from the several strides made in the cryptocurrency community that the world is becoming a better place. As oligopoly gives way to perfect competition driven by crypto, the end-user becomes the biggest beneficiary.