Over the holidays, everyone realized that there was a massive money problem that couldn’t be solved overnight. The economy is struggling, and the government’s plan is to print more money. The only way in which people can escape hyperinflation is by sacrificing their money now for things that have real value and will continue to perform well in the future.
That goes for real estate, stocks of food and pharmaceutical companies, as well as the bare necessities, which are electricity, water, and the internet. A lot of people believe that cryptocurrencies are not going to survive the coming market crash, and they’re worried. Follow this link to read more.
That’s the wrong approach to take if someone thinks that crypto will never work. Whenever something novel enters the market, the first approach is skepticism until it reaches massive adoption. The same thing happened with the internet.
Twenty years ago, companies such as Facebook, Twitter, and Google didn’t exist. Now, they’re one of the most powerful conglomerates in the world. The same thing is going to happen in the blockchain niche. Here’s why crypto is a safe way to store your wealth. Projects that are built on a proof of work concept are limited in their number.
This is a law that’s set by mathematics, and it can’t be changed. There are only going to be 21 million Bitcoins in the world. Not a single one can be added to the market after that. For that reason, the hardness of this monetary system is going to become infinite in the future. You can go to this page to find out more https://economictimes.indiatimes.com/markets/cryptocurrency/which-crypto-themes-will-play-out-in-2022-here-are-some-hints/articleshow/88615821.cms.
The dollar can’t survive a clash with Bitcoin because it’s obvious that it’s going to lose due to the fact that it can be printed at a small cost. Diluting the money market only has negative consequences in the future. However, the blockchain is not all about money. It’s also about projects that aim to revolutionize the way in which other processes are run.
What’s the other use of cryptocurrencies?
Apart from serving as a medium of exchange, cryptocurrencies such as Ethereum can serve as a layer for applications and programs. This is done through the use of smart contracts and scaling solutions. For people that are not that much into tech, this means that a deal can be signed on a platform, and it can’t be changed in the future.
Let’s say that you graduate from college, and you get your degree. However, the college loses your particular case because their storage room caught on fire, and their servers and paper entries burned down.
How can you prove that you were a student there since there’s no other record apart from your certificate, which can be replicated? On the blockchain, that would never be possible. That’s because everyone will have a record of your ownership or your diploma.
The same thing applies to medicine. All of your health records can be in a single place, and no matter where you go in the world, a licensed practitioner could use that data to treat you better instead of losing time and performing tests for readily available information.
Also Read: What Processes Can You Automate With RPA?
Can you revolutionize the internet?
The internet is the last innovation that massively changed the state of the world. Some people might argue that cell phones are doing that, but the reason why they’re so popular is that you can access the internet through them.
The applications that run on devices at the moment are called web 2 apps. The next stage is Cash Network on web 3, which is planning to take it one step further. Just like upgrading from simple text and image sites to interactive webpages changed how we navigate the network, web 3 is going to add a quality of ownership in the projects you’re using.
Plus, there are projects like PKT Cash which are planning to revolutionize and decentralize the power that internet service providers have. If your virtual life is controlled by a small number of companies, they can steer the world in any way that they see fit.
For that reason, this project uses a proof of work concept to borrow bandwidth and use it as a building block for the upgrade of the internet in the future. Eventually, the world will be powered by the users instead of the companies.