The Basics: How Crypto will Change your Life

Aside from giving you the ability to let you make instant feeless international transactions, there are many other ways in which the rise of cryptocurrency will directly change your life and the world for the better.

This article covers:

  • How cryptocurrency can grant you financial autonomy
  • How crypto will bank the unbanked
  • How Smart Contracts will drastically change the world

Silhouette image of a businessman with broken chains in sunset

Financial Autonomy

Since cryptocurrency does not exist in a physical form, but rather in ones and zeros inside a hack-proof online network, it is possible to store, send and receive money from any geolocation on Earth that has internet.  You can create as many wallets as you want, and you can store as much crypto in there as you want too.

This essentially means that regardless of where you are in the world, or whatever device you are using, you can always easily access your floating cloud of digital money without anyone knowing that you even have it.

Blue world map with two men in suits sending bitcoin over the world

Whether you are in the middle of the scorching Sahara, in a snowstorm at Scott Base or on a yacht cruising across the Atlantic  – as long as you have a computer and internet connection, you can easily access and use your money.

A cryptocurrency wallet acts like your own virtual bank that you and only you are in control of. No external services required. You can now become your own bank – and nobody has to even know you have it.

Skyrise in background with blue lights with hand pointing to globe that has the text 'border less technology' on it

How this Financial Autonomy can Bank the Unbanked

There are approximately 2 billion adults on earth who do not have their own bank account in 2020.

Without your own bank account, you can’t use ATMs, buy and sell things online or have a secure place to store your money.

This invisible population, 400 times the size of New Zealand’s, are reduced to only use physical cash, barter and trade, use digital payments or nothing at all.

Isaac Mkalia, 20 years old, a teacher by profession is checking his mobile phone.

As aforementioned, anybody on earth that has a basic smartphone and internet connection can effortlessly tap into this new digital economy. 2 billion people now have the opportunity to join in and participate with global world trade, rather than play the role as spectators.

Internet companies that want to provide services to these people like Amazon will be put in a situation where cryptocurrency is the only link they can make to some of these communities, and other international companies will follow suit.

Having financial autonomy for yourself is one thing, but providing financial autonomy to the entire world is another. Cryptocurrency has the ability to drastically rebalance the equality of opportunity for the entire planet, and the results are absolutely profound. 🌍

Blue background with man holding a digital brain in his hand

Beyond Just Money

Cryptocurrency goes beyond financial autonomy and banking the unbanked, all the way up to leading the next digital revolution. Every revolution is disruptive, and cryptocurrency backed Smart Contracts are exactly that.

Since cryptocurrency is programmable internet money, it is possible to create intelligent automated contacts that can self execute based on certain events that a computer can recognise. I introduce to you; Smart-Contracts.

Suited man shaking hands with a robot

A Smart-Contract is a cryptographically backed agreement that uses a computer protocol to digitally facilitate, verify and enforce the negotiation and performance of a contract.

Smart-Contracts allow for the production and execution of credible transactions without the need for third parties, such as banks, financial institutions, or governments. These algorithm-based contracts are irreversible, transparent and traceable, and they essentially place a supercomputer (such as Ethereums) in the position of authority.

Smart Contracts house sale now vs future graphic

Cryptocurrency backed Smart Contracts will drastically impact the efficiency of global supply chain networks, simply because these contracts can self-execute based on a series of if/then/therefore, protocols, rather than from a human pushing a button.

Another component that will increase the efficiency and speeds of supply chain management is the universal nature of cryptocurrency. Cryptocurrency can be sent anywhere in the world in less than a second with little to no fees, and instant fee-less digital money in combination with automatic smart contracts are the perfect recipe for a hyper-efficient global trade network.

Global supply chain network infograph

Smart-Contracts can also be used to transfer and distribute ownership of other assets, such as vehicles, wills, intellectual property, land deeds, equity, and more.

It is hard to imagine a world without lawyers, real estate agents, and escrow services, but with Smart-Contracts on the table, a cryptocurrency backed computer program could facilitate all these transactions itself without the need for third parties, eliminating the extra cost and risk of human mistake.

Planet Earth with black background with blue network surrounding it

Cryptocurrency is set to deeply change the world, and luckily we’re still in the infancy of this digital revolution. Less than 0.5% of the world own cryptocurrency in 2020, yet it offers such an array of revolutionary qualities which seem ready to disrupt many of the worlds most established industries.

If you are curious to see why people are buying cryptocurrency, you can click here to see their reasons for buying.

If you are wanting to invest in cryptocurrency, you can click here to learn about the three leading cryptos that people are buying.

Last updated 16th January 2019