The rising role of cryptos in our everyday life
For the sake of this article, I’ll concentrate on the sort of cryptocurrency that has received the most attention and is the most widely used: Ether (ETH) and Bitcoin (BTC).
When Satoshi Nakamoto established the Bitcoin blockchain in 2009, it was the first financial blockchain. It’s not necessary to go into great depth, but Ethereum differs from Bitcoin in that it may be used for more than just financial transactions like mining.
Bitcoin went through a “mooning” period before Christmas 2017, a term used by market observers. To put it another way, their prices shot through the roof. Because the whole market plummeted soon before Christmas, losing almost 20% of its worldwide market size.
When it comes to cryptocurrencies transactions are instantaneous, digital, safe, and international, allowing records to be maintained without the fear of data theft. It’s less of a problem than you may think. Bitcoin also cannot be the cause of inflation, as an additional point of reference. There is a cap on the number of bitcoins that can be mined, thus no central bank can ever raise the overall quantity of currency in the system. Bitcoin is, by definition, a limited supply… while it’s possible to claim that cryptocurrencies themselves are limitless since anybody may create them.
How Cryptocurrencies Are Used In Our Everyday Life
Rapid technological advancements have resulted in goods and platforms that breach our privacy and undermine our freedom of expression.
End-to-end encryption of every contact is possible with blockchain-based decentralized social networks, ensuring user privacy and autonomy over their data. Contrast this with Facebook and Twitter, which profit from users’ data and activity by selling them as commodities to the highest bidders. As it’s written on this website, it’s not a surprise anymore that cryptocurrencies are widely used in the entertainment industry, as well. Nowadays cryptos can be used in gambling, video games, and so forth.
Users’ freedom of speech is protected on social media sites based on cryptocurrency, so you may express yourself without fear of reprisal. As an added benefit, the distributed ledger technology of blockchain enables users to conduct confidential monetary transactions. Users of Blockchain SM don’t have to worry about losing their published material because of a bug in the system.
Financial transactions are recorded in blocks of data called blocks on a blockchain. It is possible to securely store sensitive documents on the blockchain, including deeds, birth or death certificates, financial transactions, and insurance policies.
As a result of long lines and baggage that gets misplaced, traveling may be a frustrating experience. In the travel and hotel business, some firms have already used blockchain solutions that significantly minimize booking mistakes, securely store frequent traveler information, and more.
When it comes to booking transactions, blockchain technology eliminates the intermediary. A lot of the most popular booking services provide discounts on travel, auto rentals, and lodging. Your personal information might be stolen and misused if you give it to third-party intermediaries. Travelers will save money and their data will be more secure thanks to blockchain, which cuts out the middlemen in booking transactions.
As voting devices built by independent foreign corporations have shown to be both hackable and unreliable, voter fraud has been a major worry. Blockchain technology provides a framework for an immutable and incorruptible database that guarantees that vote records are verifiable to the fullest extent.
Voters’ personal information, such as names and addresses, is secure on the blockchain. Votes on the blockchain can be reliably tabulated by election authorities without having to worry about repeated voting or fake identification since each vote has a single secured ID.
Democrat Party primary elections in Thailand in 2018 were the first time that blockchain technology was deployed on a big scale.
There are several ways that blockchain might improve our political processes in addition to drastically decreasing voter fraud risk. Lobbyists and crooked politicians who don’t represent the interests of the American people might be eliminated by a blockchain-protected system that allows citizens to directly vote on public policy.
It is well known that user IDs and passwords are susceptible to hackers. As more people register online accounts and conduct business, the complexity of password security grows. Many people avoid certain e-commerce sites because of the difficulty of signing in to websites with several layers of security.
Identity identification systems built on the blockchain give people back control over their own identities, removing them from the hands of online companies and government bodies. With these services, users may protect their personal identifiers without revealing them to third-party businesses.
With blockchain-protected access, companies may communicate and retain information without fear of theft or fraud. By limiting the amount of cloud data that certain workers may access based on their security clearance, businesses can significantly reduce the likelihood of data breaches. It is also possible to secure data in transit from the cloud to distant employees’ machines using blockchain-encrypted IDs.
Instead of attempting to resist blockchain breakthroughs, we should focus on protecting them from being misused for evil ends that do not benefit society. For the sake of humanity, we should embrace this exciting new technology and carefully direct its destiny.
