Cryptocurrency Will Improve the World in These 3 Ways
Cryptocurrency is still in its infancy (Bitcoin, the first-ever crypto was launched in 2008), but it has already become a useful resource with real-world applications. Many businesses accept Bitcoin and other digital currencies as payment for products and services. As of November 2021, Bitcoin had a market cap exceeding $57 billion. Several other cryptos, including Ethereum, Maker, and Kusama, were worth more than $300 million.
The following are three reasons why proponents of crypto are excited about its potential to not only improve economic conditions but society as a whole.
Reduce Fraud and Corruption
In 2020 American consumers reported to the Federal Trade Commission more than 2.1 million instances of fraud totaling losses of more than $3.3 billion. Imposter scams and online shopping were the two most common sources of fraud. Scammers can set up unsecured sites through which they can steal an individual's credit card number and other personal information.
Crypto, however, has the potential to reduce fraud, as it is a decentralized form of payment that isn't associated with a banking account. Instead, transactions are facilitated electronically and securely via blockchain technology. Moreover, transactions are permanently stored and cannot be altered in the ledger. This visibility makes it easier to detect fraud if it does occur.
Encourage Scientific Advancements
Governments and corporations don't always share important data and information, and, as such, can impede potential scientific advancements. Crypto and blockchain technology will allow for more transparency and real-time data sharing that could be useful for innovation in all aspects of society.
NanoVision is one company that is working to deliver on this promise through its Cure Platform. The platform incentivizes the collection and sharing of real-time biological data and empowers science enthusiasts, or "global citizen scientists," to be involved in research and conduct their own trials.
Empower People in Poorly Banked Countries
According to the World Bank, more than 1.6 billion adults worldwide are considered unbanked, meaning they have no access to checking or savings accounts as well as financial products such as insurance and loans. Morocco, Egypt, Mexico, and Peru are among the 10 countries in which more than 50 percent of adults are unbanked. Crypto and blockchain technology allow individuals in these countries to transfer and receive money without relatively high banking fees via mobile applications.
While two-thirds of those who are unbanked have smartphones, there are other options for those who don't. Bitcoin ATMs, of which there are thousands worldwide, allow individuals to exchange cash for crypto. The majority are in the US, but countries like Nigeria, Dominican Republic, Lebanon, and Argentina have multiple Bitcoin ATMs.