Topic: How does cryptocurrency affect our future economy with its unique features (Read 156 times)

common mistake made by the people or we can say newbies on the crypto field .

i think its the crypto and not the blockchain that is being used the most but i cant deny that blockchain are also used and being introduced still on different fields . cryptos are not repeated but cryptos are divided on several sections depending on their use  . crypto and blockchain are both useful both can have a positive impact on our economy if use on a good use of course because crypto can also be use for bad activities due to thier unique and amazing features .

You might be mixing the words cryptocurrencies to blockchain technology as we all know blockchain technology is the one being used right now in multiple industries as proven by hundreds of patent proposals by several companies. In cryptocurrencies we just see similar things the only difference is there focus on. However IMO the blockchain technology that is found originally in Bitcoin is something that the crypto industry can take credit on, Bitcoin itself might not have some kind of patent for Blockchain but I think we can treat it as a gift for others to make several improvements on different aspects in the economy.

There are a lot of potential applications that can be created with cryptocurrencies, or can be integrated within or with it that could further allow better functionality for better uses. One good example is the dapps in ETH platform. While most of those dapps appearing every now and then aren't really groundbreaking or utterly useful for practical activities, it just goes to show the potential for cryptocurrencies to be a tool for modules or apps that can aid us better if we see a concept that is worth creating an app for.

It's a combination of both, blockchain and cryptocurrency. As you can see there are a lot of projects that comes out of nowhere, telling this and that which is being bought by a lot of investors. With that proliferation of projects, this creates a better idea for others but it's ending up that only a very few and countable projects do the great thing.

If it's the daily basis you're looking for, we can apprehend that it's improving someone's understanding through economical factors and how to maintain themselves in line for such investments.

If you are referring to people's day-to-day economic improvement, I don't think crypto is providing much except that its value is increasing over time. That is in high contrast against fiat whose value is inherently designed to decrease over time.

But the point is crypto does not significantly improve the economy in the sense that it does not really create revenue or jobs, although, of course, it is improving people's accessibility to financial services which they otherwise couldn't avail of with the traditional financial system.

Right of the bat I can mention 2 things which is efficiency in payment and as well the potential of each cryptocurrency to appreciate in value. As a consumer and a business I think it is now highlighted how important digital payment is now especially with the pandemic going on as a lot of countries have promoted contactless payments for paying goods as well as the e-commerce industry mostly of them accepting online payments, with the inclusion of cryptocurrencies we can say that their use is as good or better compared to the existing ones right now. When it comes to cryptocurrencies they are volatile in nature but the things with the big swings they are having traders can have a lot of opportunities to earn more. Both things I have mentioned can help the economy to move forward.

Maybe you need to distinguished crypto currency and blockchain technology first. The technology behind that powered crypto is called blockchain and it's been anticipated that this technology will bring faster transaction, let's say for a bank or companies that play a lot of data and based their business decision on it.

As for crypto, it could give us economic freedom, however, governments around the world are making it hard for us, I mean with all the crypto regulations. But I'm sure we could meet in the middle, and we can use them as store of value, investments wherein we can hedge our wealth or simply "buy low and sell high" strategy. So it's really up to you on how you are going to take advantage of crypto and affect your financials in the future.

There's always an equillibrium for everything regarding on being good and bad. There are plenty of process that makes cryptocurrency useful especially for being good. It helps us in many ways basically with our current technology but some of people takes an advantage with the benefits given by cryptocurrency for bad motive. Regarding on KYC, it helps to secure people from having illegal transactions by limiting amount of withdrawal plus having an info with legal documents, but, some of KYC's features contradicts cryptocurrency for being pseudonymous

It's a rather big discussion compared to the scope of this thread. However, I will try to initiate it while others will jump in with their own thoughts. Cryptocurrency is indeed a great piece of technology. But as we all know that every new technology has both sides to it - Good as well as Bad! As a community it is always our duty to negate the bad and accept and improve the good. Cryptos indeed can fuel the future economy in a decentralized because it empowers everybody to create something new based on this decentralized tech. However, you will see many people here with some misconceptions in their mind. Below is the list of misconceptions,

1. Banking system is evil
2. Government is evil and hence we should not declare our income to the government
3. We should not pay tax to the government
4. Cryptocurrency gives us true sense of freedom because we have complete control on our money
5. Providing KYC information is a bad idea and so on...

Now, with such kind of puritan thinking process, this people are actually hindering the process of crypto becoming a mainstream currency. We need to understand that if the society follows an existing structure, it has to have some good reasons behind it! Breaking that structure may sound rebellious to many but do we have a good reason to do that?? I certainly don't think so! This kind of thinking only gives rise to the illegal activities which we are seeing around the world. Examples below,

1. The main currency of the dark web is Bitcoin and Monero where you can easily buy anything from Drugs to Human body parts to contract killers
2. Terrorists have found bitcoin/cryptos amazing and hence already started switching from fiat ¹
3. Hackers stole over $4 billion worth of cryptos in 2019 and we are seeing the same trend this years as well ² 

In a nutshell, cryptocurrency has now become the main method of transferring funds for any kind of illegal activities. Some puritans will protest here by saying that the volume of fiat involved with illegal activities is 10 times bigger than cryptos, but fiat is an age old systems while crypto is just 11 years old. So the comparison itself is invalid.

I personally believe, that if we really want to see cryptos changing our future economy, we need to bring it within the scope of the existing economical structure. Contesting that, would only help miscreants! If you are thinking of a future, where you can use cryptos for every purchase you make, we need to discourage illegal activities by implementing KYC and having strict monitoring methodology in place. Otherwise, we are growing in both direction - good and bad!

I don't know whether it will make sense to you just as yet, but soon you will be able to relate!

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¹ https://www.coindesk.com/tag/terrorist-financing
² https://www.forbes.com/sites/jeanbaptiste/2019/08/15/hackers-stole-over-4-billion-from-crypto-crimes-in-2019-so-far-up-from-1-7-billion-in-all-of-2018/

Good Day guys!

I'm new here and I'm wondering how this magnificent cryptocurrency affects our future economy since we all enjoy one of its unique features for being transparent and also its liquidity basis. Does cryptocurrency have more potential to lift one's ability to create more functional and user friendly project for the improvement on our daily basis rather than focusing on our common tradition on the industry?

Thanks in advance for the response, knowledge and ideas you'll share with