The popularity of blockchain technology has continued to increase and has experienced exponential growth in the number of investors since it was first introduced in 2009.
Although there was some skepticism with bitcoin when it first came out, that soon faded as more people started to understand how to trade bitcoin and how to make money through cryptocurrencies.
The popularity of cryptocurrencies surged even higher in 2017 when the price of bitcoin peaked. More people started to develop an interest in it, especially among the millennials.
While we have passed that peak period and it is hard to say what direction cryptocurrencies are heading in terms of the prices, the interest people have in it have not waned.
With each passing year, there is a massive increase in the number of cryptocurrency investors all over the world.
It is now becoming much harder to ignore these digital currencies especially among millennials that spend most of their time on the net and have access to lots of information.
Maybe it is now time for the government to inculcate cryptocurrency learning as courses in the university syllabus.
This will ensure that the information is well spread among the right set of people and it will also help pass the knowledge of the benefits of cryptocurrencies.
I am strong of this opinion, and these are my reasons;
1. Identity theft
Cryptocurrencies actually offer great security for your data especially when it comes to keeping monetary transactions safe.
When you compare cryptocurrency with other services that you use for monetary transactions such as credit card, cryptocurrencies are much safer because of the operational mechanism which it uses.
For instance, when someone uses a credit card for a transaction, certain details and data of the card owner are revealed to the merchant apart from the money being transacted.
This mechanism is known as the ‘pull’ mechanism and it is in direct contrast to the ‘push’ mechanism which blocks the merchant from getting access to any other details from the customer apart from the amount of money that they want to pay.
The mechanism with which cryptocurrency operates is one that doesn’t reveal any of the users’ details. This then ensures that the users are protected from identity theft.
2. Alternative to financial institutions and corporations
For a long time, it looked like centralization and globalization are two things that we could not avoid.
As a matter of fact, it seemed a lot like there were only two options for us to choose from, we either give the government more control or we go through writings and relinquish control to vast partnerships.
Well, as it is, we decided to go for the latter option and now we find ourselves in a situation where organizations such as Google, Facebook, Microsoft, Twitter, and Amazon now have access to a wealth of data that they extract easily from their users.
Blockchain offers another option, totally different from the first two. Already, there are social networks that are decentralized and based on blockchain technology.
These decentralized social networks are not going to replace Facebook and other social media network, not anytime soon. The technology is not here just yet.
It might also be a challenge to implement the content access level because blockchain makes everything public.
However, if it does get implemented, these social networks that are based on blockchain would make it possible for us to make money from our presence online.
We also have the first access to all the digital traces and not to a private company or corporation like we currently have.
With blockchain technology, however, online administrations and informal communities that are based on blockchain are going to allow unmonitored use.
3. Resilient technology
The traditional idea of stability that involves physical presence and long-term existence makes it look like brick and mortar organizations have more stability than a digital currency, and this makes them more appealing.
On the other hand, digital currency appears very fragile, unstable, and unsafe.
But this is only to the unlearned because research has shown that blockchain technology will reshape or even replace the financial system as we have known it.
The data indicates that banking systems all over the world would have more benefit by implementing blockchain, and by 2022, it will save almost $20Bn.
The fact that cryptocurrencies are based on blockchain makes it very resilient. The reasons are simple.
Blockchain is, first of all, a distributed technology. Unlike the central system in which attacking, the central node can affect the whole system, blockchain technology will continue to survive for as long as there are participants who believe in it and you can bet they are always will be.
One obvious evidence is how cryptocurrencies continue to bounce back after an attack, hack, or market crash.
With cryptocurrency, you do not have to be scared of a crash or an attack, it would always come back afterward.
Secondly, blockchain technology is out in the open and can’t be undiscovered. No technology can be undiscovered.
It can only lose relevance, so as long as blockchain technology, which cryptocurrencies are built on is relevant, it will always remain. You can bet that this is a technology that has come to stay.
4. Fraud proof
When digital currencies are being made, every exchange that has been affirmed is kept in an open record.
Every coin proprietors have their characters scrambled, and this ensures that the record is kept is authentic.
You are able to claim the money since it is decentralized and banks or government do not have power over it.
In essence, it is impossible to counterfeit cryptocurrency and nobody can access your digital wallet or change the amount in it.
5. Immediate payment
It takes time to carry out normal banking transactions, and it is much worse when you are dealing with international transfers and having to pay someone that is abroad.
This is one of the reasons why digital currencies are highly sought for, they are very usable.
The recipient of cryptocurrencies such as bitcoin can get it within a few minutes of you sending it.
Although, it depends on how large the amount you are sending is, digital currency transaction typically takes just a few minutes.
Conclusion: Learn cryptocurrencies in universities
Cryptocurrency has an aggregate capitalization of over USD 600 billion. But the amount of cash that was initially placed in the crypto market is a lot slower than the 600 billion it is now worth.
This is due to the fact that a large percentage of interest made in the market was at a time when the digital currencies’ valuation was not as high then as they are now.
This implies how society now takes blockchain technology and cryptocurrency, and it shows that it will be around for a long while.
As a matter of fact, cryptocurrencies are already touted as the future of the economic interaction of humans.
If we consider the growing number of new digital currencies that are being introduced into the market, then this fact will become more evident.
So, it is in fact not enough for cryptocurrencies to be taught in universities, blockchain technology has to be implemented as the next phase of financial management.
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Donna James is a high skilled freelance essay writer and proofreader from Michigan, United States who currently works on various projects focused on the IT&C industry apart from her work at NSBroker as a technical analysis specialist. She is interested in everyday development and writes blog posts on various topics, such as marketing and technology.