Every now and then a technology appears, seemingly out of nowhere, that completely changes the way we do things. For something like this to occur, there usually is a general pattern to be on the lookout for; a few inalienable characteristics, so to speak.
Mike Telvi, like many others, have analyzed these patterns, and believes that without a doubt, cryptocurrencies and blockchain technology are well poised to be the latest of these brilliant, disruptive technologies.
And what’s more fascinating about it is the fact that this prediction has already started to come true right before our very eyes. Everyone who has been following, just like Michael Telvi, (and even those who haven’t), can see clearly that cryptocurrencies have come so far from their humble beginnings.
But what does the future hold? Is it as beautiful and immaculate as experts like Mike Telvi predict? Or are cryptocurrencies just another false savior that will soon die out? Mike Telvi, of course, strongly believes that the former is the case.
In case you’re still skeptical, though, read on to find his reasons below. We’re sure you won’t feel that way anymore by the time you’re done.
Six Reasons Cryptocurrency is the Future
As mentioned earlier, Michael Telvi believes that for any technology to profoundly touch lives and completely revolutionize the way we do things, it must fulfill a few criteria.
Cryptocurrencies, thankfully, check all of these boxes. And this is why it is, inevitably, the future. But what are these criteria, you ask? Mike Telvi provides a detailed analysis below.
1. It Solves a Real Problem
For a technology to achieve the kind of widespread adoption we know that Bitcoin and cryptos are on the way towards, Mike Telvi believes such technology has to solve a prominent real world problem. And what problem could be bigger to solve than the question of money?
Everyone spends money, and everyone would welcome the idea of money that is easy to transfer beyond borders; money that protects privacy and does not require the permission of a centralized opportunity; money that is controlled by all.
Apart from these, Bitcoin also happens to be powered by a technology that promises to do more than just help reorientate our financial endeavors.
All of these reasons are why Mike Telvi believes that Bitcoin is definitely here to stay, and what’s more, not only do a lot of people agree with him, history and data also support his statement.
Bitcoin and cryptos have come so far in so little time, and if the pattern holds up or get even better, the sky (or more appropriately, the moon) is the limit.
2. It is Secure
Bitcoin is powered by the “Blockchain” technology, which is one of the most innovative and most secure ledgers ever invented. Now we all like to imagine that money we have at the bank is just as secured, but this isn’t really so – it is only so in theory.
Money in the bank is secure because we believe it to be so. And that is the point Mike Telvi tries hard to make in this regard. Traditional money requires a great deal of trust in a central authority. You trust the banks to keep your money safe, but theoretically they really could choose to lend your money carelessly as they please, even to undeserving borrowers, which in turn can crash the whole economy.
That almost sounds impossible until you consider the fact that it’s actually happened before.
With Bitcoin, however, there is no need to trust a central authority. You trust the security of Bitcoin in itself, which is a highly ingenious hash cryptography that is pretty much unbreakable.
3. It has Numerous Use Cases
As mentioned briefly earlier, the technology behind Bitcoin has the capability to help numerous human endeavours in fields that transcends finance. Blockchain itself has numerous potential in fields such as medicine, entertainment, and even law and government.
For instance, blockchain, thanks to its security, immutability and identity, can help change the way we vote and make it a more seamless process.
All of these use cases makes it so that even if you don’t appreciate crypto as money, you can appreciate it in other fields, and, Mike Telvi says, that’s grounds for huge adoption.
4. It Brings People Together
Decentralization is a buzz word nowadays, mostly thanks to the promise that Bitcoin and other cryptocurrencies like it offers when it comes to removing authority from a central source and making everything more peer-to-peer, so go speak.
As things are, most of the important things that we do in life; the key aspects of our life, are either run or controlled by a large organization, or the government. Banks, healthcare, travel, insurance, you name it.
Thanks to cryptocurrencies, however, and the technology behind these amazing inventions, we can finally move on to a world where you and I don’t have to ask for permission or approval from a giant corporation before being able to communicate.
We simply have to trust the technology – which has been proven beyond doubt to be secure, immutable and unalterable – and go on about our lifes without worrying about getting stabbed in the back by a central figure.
5. Low Fees for Worldwide Transactions
Another great importance of bitcoin, at least over fiat currencies, is the fact that the transaction fees are quite highly reasonable, especially when you’re initiating international transactions.
Now a lot of people tend to complain about Bitcoin’s high transaction fee, especially during congested networks, but that is only when you’re performing local transactions.
When making international transactions, it is obvious that Bitcoin and cryptocurrencies offer an option that is much more convenient, and highly reasonably charged, than practically every other available option out there.
6. Anonymity and Discretion
Bitcoin and cryptocurrencies offer a level of anonymity and discretion when carrying out transactions that you don’t get with your typical fiat operations. Of course with more and more incoming sanctions, governments are trying to take away this anonymity.
But at its core, bitcoin and cryptos do not require any form of identification before you carry out transactions.