Technology is changing the world every day. The way we work and live is being altered by technology; the internet has created a global marketplace for ideas, information, services, and goods.
Communication across borders without any restrictions whatsoever is how we can now communicate. Citizens are challenging governments in ways never imagined or seen before because this modernized world is now interconnected.
Many people may not understand it yet, but cryptocurrencies have changed how the world financial system works. This article discusses how cryptocurrencies shape the way people transact, play games, and save their money in today’s global economy.
Why Are Cryptocurrencies Popular Today?
Despite the rise in cryptocurrency popularity, many folks still find it challenging to understand what all the fuss is about. These digital assets can be used without the hassle of chargebacks or credit card fraud.
Cryptocurrencies can be used for many different applications, including making purchases online, investing, trading, gaming, or even saving. Over the last few years, Bitcoin and cryptocurrencies have grown astronomically due to adoption.
Decentralized Finance and Cryptocurrencies
Cryptocurrencies and decentralized finance has been spoken about a lot in the news lately, and rightfully so. Some launchpads and tokens piggyback extensive networks like the Ethereum Mainnet or the Bitcoin blockchain.
These tokens are often linked to decentralized finance and can send money between the owners of a specific coin. One of the most popular decentralized tokens is AAVE, which runs on an open-sourced De-Fi protocol that allows you to borrow assets and earn interest on deposits.
AAVE has a current market cap of over $11 billion and grows every second. This kind of decentralization allows people to stake their funds to earn interest of up to 7 per cent APY per year, which is more than any bank offers its patrons.
The concept of cryptocurrencies and decentralized finance is causing a stir among governments as some are trying to ban the technology outright. However, many countries are now looking to work with cryptocurrency developers to help bring value to their economies.
The Adoption of Cryptocurrency
Adopting new technology always comes with slow progression in the beginning phases. A prime example of this is when the internet was first introduced in 1991; nobody thought it would work and had little faith in it back then.
Fast forward 20 years, and look where we are now! The wonders of the internet have changed the way we do business, chat with our friends, play games, and purchase products from our favourite retailers.
Blockchain technology is comparable to the internet of 1991; it is in the early stages of adoption and can only grow from here. There has never been a better time to get involved with Bitcoin or cryptocurrency than now!
Most investors use an application like https://bitcoin-evolutionapp.com/ to explore the markets and invest in digital assets. The correct application can make a world of difference when you look at macro trends occurring in the market.
What is Next for Cryptocurrency?
With the current bearish run happening in the cryptocurrency market, investors are watching closely to see what will happen next. There are plenty of new emerging technology upgrades for primary coins like Ethereum, which has recently announced a new version of its blockchain that will require less processing power.
That is excellent news for investors and people who use Ethereum to send money because these individuals will be charged fewer transfer costs (gas fees).
A host of new alternative cryptos have also risen in popularity lately and have helped people perform cheaper transactions than Ethereum, so it is good to explore all avenues before venturing into the world of decentralized finance.
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I am Adeyemi Adetilewa, a media consultant, entrepreneur, husband, and father. Founder and Editor-In-Chief of Ideas Plus Business Magazine, online business resources for entrepreneurs. I help brands share unique and impactful stories through the use of public relations, advertising, and online marketing. My work has been featured on the Huffington Post, Thrive Global, Addicted2Success, Hackernoon, The Good Men Project, and other publications.