Cryptocurrency is the future: discussing digital potential

Cryptocurrency is the future: discussing digital potential 2
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Cryptocurrency is the future: discussing digital potential 3

By Sanni Oreoluwa

Cryptocurrency has become a household word lately with millions of people around the world exploring its potential. It is 100% virtual.

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Cryptocurrency is an exciting world of digital money that has made business transactions convenient. Also, cryptocurrency is independent of government control or regulations. This piece of information is liberating, right?

However, the government’s attitude towards digital currency is different across the world.  Countries such as Denmark, France, Germany, Iceland, Japan, Mexico, Spain, United Kingdom and many others have embraced it while others such as Bahrain, Burundi, Cameroon, Nigeria, Central African Republic, Gabon, Georgia, Guyana, Kuwait, Lesotho, Libya, Maldives, Vietnam, Zimbabwe, Egypt have banned it and some countries have certain regulations in place concerning it.

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These hostile countries have stated various reasons for their actions. They banned cryptocurrency due to the lack of central authority and regulation. They believe cryptocurrency is a pool of risks where lost money can’t be easily recovered. In Egypt, cryptocurrency is seen as Haram under the Sharia law.

Other countries say they’re trying to curb financial risks and protect investors. These countries  see this paradigm shift as a threat to their economy and want to maintain power of their respective central banks over money supply. They want to be at the helm of affairs in controlling demand and supply, impeding any other currency in circulation.

Cryptocurrency is the future: discussing digital potential 4

There are a variety of cryptocurrencies apart from the most common or mainstream which is Bitcoin. Some of them are Ethereum (ETH), Dogecoin, Coincola, Ripple (XRP), Litecoin (LTC), Cardano (ADA) etc. A bitcoin is currently valued at a humongous $40,889.

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No wonder people are increasingly going crypto crazy. A few weeks back, Tesla announced its plan to start accepting bitcoin as a means of payment.

A borderless world has emerged from these fascinating phenomena, people now travel across countries with only bitcoin and sometimes ethereum as their means of exchange. Flights and accommodations can be booked online with bitcoin also.

Likewise, crypto-tourism is pulling some weight as it looks to cater to cryptocurrency enthusiasts by offering packaged travel tours that can either be paid for with digital currency or offer lectures or classes about cryptocurrency as part of the tour.

It is a type of tourism for crypto investors that enables them to visit countries such as the Bahamas, Grenada and Cyprus. Without a doubt, economists have predicted that the adoption of cryptocurrency in the travel and tourism industry will totally transform the world.

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Crypto-travel is now possible as long as you’re travelling to a country where cryptocurrency is legal. Again, there is an app called CoinMap which helps you find businesses and vendors that accept cryptocurrencies around the world and helps you plan your trip.

Consequently, there is an online community of crypto nomads, people who travel exclusively with crypto with a keenness to see the world.

According to market trends, cryptocurrency has been named the currency of the future. And so it is totally fine to add crypto traveller on your social media profile, and also to your bucket list if it’s something you want to try.

Thankfully, a lot of successful and prominent figures  have publicly shown their support for cryptocurrency and declared their faith in its potentials. Bill Gates thinks “Bitcoin is a techno tour de force.”

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Peter Thiel (Co-Founder of Paypal) said “I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.” Satoshi Nakamoto said “if you don’t believe it or don’t get it, I don’t have the time to try to convince you, sorry.”

Adam B. Levine said “as the value goes up, heads start to swivel and skeptics begin to soften. Starting a new currency is easy, anyone can do it. The trick is getting people to accept it because it is their use that gives the “money” value.” Rick Falkvinge said  “Bitcoin will do to banks what email did to the postal industry.”

The future is here and soon, you may be biting your nails in regret if you don’t reposition yourself.

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