On the 31 October 2008, the Bitcoin whitepaper was released via the metzdowd mailing list. Bitcoin – Peer to Peer electronic cash. A historical day which set in motion the “Internet of Money” causing disruption to financial institutions, governments, and all of us in general.
Cryptocurrency and the decentralised digital cash system has revolutionized the way we transact with value as well as invest some of our savings. Raising capital has changed with the introduction of crowdfunding and ICO’s, Initial Coin Offerings vs traditional funding methods. The Blockchain technology which is the technology behind cryptocurrency is being developed for various industries from supply chain to real estate deals to cybersecurity. Soon we will all be transacting on the blockchain without even knowing it.
So, how can cryptocurrency and the blockchain help us?
- Transacting with value – moving money in the traditional way from bank to bank or country to country generally takes days as well as being costly vs cryptocurrency which takes anything up from seconds to a few hours depending on the transaction volume on the blockchain at the time. Some of the recent cryptocurrencies launched have a much faster transaction time as well as lower transaction cost than Bitcoin does. The number of merchants accepting cryptocurrency payments is increasing as this brings faster settlement and saving of bank/card fees.
- Investing in Cryptocurrency – this market has grown tremendously in the past year – 2017 saw Bitcoin push close to $20,000 in December driving the total cryptocurrency market near 1 Trillion Dollars. Unfortunately, this boom caught the inexperienced traders and investors who bought at these high levels expecting the prices to continue on its bull run only for the market to drop just as quickly as it rose early 2018. There is still an opportunity to invest in cryptocurrency, however, the rule of thumb is to invest only what you can afford to lose in this new volatile cryptocurrency market.
- Cryptocurrency has changed the way startup companies raise capital, namely, ICO – Initial Coin Offerings vs a bank loan or venture capital. Now startup companies can quickly raise money quickly, cheaply and globally from a much bigger pool of investors. Shares in the company are issued as tokens and many are tradable immediately. As ICO’s have recently been in the spotlight, potential startup’s need to ensure their token is not classified as a security as regulations will apply. The ease of creating ICO’s has lead to an increase of tokens/coins on the market – Utility coin with a use case have more chance of survival. Do your due diligence.
- Developing on the blockchain – The blockchain offers an infrastructure for entrepreneurs and companies to run the technology creating new business models in a trusted way. The Blockchain increases secure data exchange in various other industries for example loyalty programmes, real estate, food safety and cybersecurity. The financial services industry (FinTech) is very actively exploring the uses of blockchain technology for cryptocurrency transactions. The blockchain has had a much positive press of late with more governments, institutions, and businesses investigating ways to implement the technology effectively. Jobs and careers in this sector are booming as skills creating a skill shortage.
- Cryptography for Encryption – Cybercrime in the form of hacking, malware, ransomware is ever increasing. Experts predict the IoT – Internet of Things market is set to grow to more than 80 Billion devices connected to the internet by 2025. Cryptography, together with the Blockchain and IoT devices will need encryption otherwise they would attract the attention of hackers intent on cybercrime. Privacy, security, and encryption are a necessity to protect our digital footprint in our growing digital economy. Learn more about EOT, the Encryption Coin.
The digital economy is upon us. Technology is evolving, constantly developing. Opportunities are rife. Now is the time to embrace this change and get involved, no matter how small you start. Educate yourself, it is your responsibility.
Thanks to Satoshi Nakamoto for setting the world on this unstoppable journey of a lifetime.
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