There is no question that decentralised digital money aka cryptocurrency is here to stay. Previously seen as “money” for criminals, think ‘Silk Road’, it is slowly but surely evolving not only into the “future of money” but a currency that provides freedom, opportunities and options. With companies, such as the internet behemoth Amazon, recently announcing that they are looking to accept bitcoin in the near future, the narrative around bitcoin and other altcoins is becoming more acceptable and a positive one.
If you are wondering what the difference is between a bitcoin and an altcoin, it is that all other coins created after the emergence of bitcoin are altcoins. So, Ethereum – the second most popular coin by market cap, is an altcoin, as is Dot (Polkadot), Dogecoin, etc etc. As such, most people when they first delve into the world of cryptocurrency and purchase their first crypto it is generally Bitcoin.
With that being said, the explosion of NFTs – non fungible tokens, this past year has given a new entry point to the world of blockchain and cryptocurrency. In addition to Amazon looking to embrace this technology, we are seeing well-known global brands such as Taco Bells (restaurant chain), Kings of Leon (musicians) and Team GB (Olympics 2020) utilising NFTs in their branding and marketing, creating opportunities for additional income streams and positioning. This is massive and an avenue all businesses should be looking at.
This growth is set to continue, with the global blockchain technology market expected to climb to over $39 billion by 2025, and corporations expected to spend $20 billion per year on blockchain technical services by the end of 2024. Blockchain has long been touted as a revolutionary technology open to everyone. Which it is! It was created to level the playing field by cutting out the middleman, empowering those who had previously been left out of global financial and social systems, regardless of their gender, financial status or background. The most obvious and well-known use case for blockchain is, of course, cryptocurrencies; and the reason for this is ‘access to barrier’ in recent times.
CBNC recently reported that more women and marginalised groups are looking at crypto rather than traditional stocks and shares to invest in. Their report showed 41% of cryptocurrency traders are women, while women make up only 38% of stock traders. Similarly, 44% of cryptocurrency traders are investors of color, compared with only 35% stock investors.
Aljazeera illustrated a number of Iranian women who they described as “Mostly young, self-taught and multi-disciplined”, who are taking advantage of this ease of access. This trend can be seen in different parts of the world from Africa, the Middle East, the Philippines and other parts of the Far East to Europe.
Blockchain ultimately benefits a huge range of industries and professionals, and is something that we should all be paying attention to, whether it be for a new career or researching ways to improve existing processes in that current field.
NFTs, as previously mentioned, are a great way to enter the space, if crypto is not for you! Be it as a hobby collecting key pieces or to digitalise creative assets to sell and earn from, Cointelegraph talked about this in a recent article here.
Blockchain has the ability to lower business costs and improve security. Because blockchain is decentralized, with the information contained in several different locations, there’s no single point of failure, making the data stored on the blockchain more secure, as well as reducing maintenance costs. This is something that can benefit any industry, so after reading this if you are still wondering why you should care about Blockchain, Crypto and all the other innovative creations being developed in this space, then read my ebook “What has Blockchain Got to Do with Me”, by clicking here.