More than we have been told or experienced, the relationship between the crypto space and society is mutual. However, one depends on the other the more for execution. Society and individuals living in the community have been living fine before the advent of technology. Nonetheless, the importance of technology in man’s day-to-day activities can never be underplayed. Hence, it is vital to see this relationship as not just one-sided but as one in which both parties benefit exclusively.
Before the birth of blockchain technology, most countries run on a centralized financial system where there’s an administrative board that governs the affairs of how money moves in and out of the economy – even at the level of international trade. This system is not entirely wrong on its own; however, blockchain technology gave something better. With this technology, you can predict how the market behaves, and you have a say over your finances. Blockchain technology gave people power over their money.
Blockchain technology – building the society
Generally, one of the most significant assets humanity has enjoyed is technology. More than the conventional years when operations and activities were being carried out manually, efficiency was never optimum. Thanks to technology, there’s something referred to as 100% accuracy and efficiency. The impact of technology can be felt everywhere in the economy – the financial sector being one of them. The traditional means of transaction, the “fiat,” is also a product of technology, and thanks to technology; we now have an upgraded version called blockchain technology. You don’t have to worry about making that long queue before you can get your money across anywhere around the world. With the proper exchange, you can move your fund from your wallets from one person to the other across countries. Blockchain technology has not just helped in trading between one or two persons or companies, thanks to advancements in technology; it could also help facilitate international trade. For example, trade between the United States of America and China via blockchain technology. Peradventure you are trading between someone in the same country; it is pertinent you familiarize yourself with an exchange platform where you can trade crypto (a subsidiary of the blockchain technology). You’d need a crypto coin exchange platform where you can carry out stressful and transparent crypto transactions. Blockchain technology has not just helped build the financial sector alone; it has helped improve all sectors in the economy as one of its aims is to make work easier and faster. Technology is the most incredible social amenities we’ve enjoyed as humans!
Society building the blockchain technology
Technology/blockchain technology is incomplete without mentioning Satoshi Nakamoto and Bitcoin. Thanks to this software developer that saw a need to facilitate transactions and give users the power to make financial decisions independently. It is this software that birthed the first cryptocurrency, Bitcoin. One bitcoin presently is worth over $50,000, and it came into the economy in 2009. After the software and bitcoin were introduced to the people for mining, the community’s response also caused a surge in the increase in the price of bitcoin at the time. Gradually, more people started adopting bitcoin as a currency, and that was how it became established. Presently, we have over 1500 cryptocurrency trading on different crypto coin exchange platforms. Lots of individuals are beginning to look inwards to the adoption of crypto. With the current trend in the growth of crypto adoption in the United States, if it followed the rate at which the community accepted the internet, an increase of 25% to 50% will be recorded as opposed to the current 5% use case.
We now enjoy decentralization, thanks to technology. A centralized administrative body governs the whole financial system under the fiat currency. But with technology and blockchain, it’s decentralized where everybody has a say, where the entire ecosystem has an impact to play one way or the other. As mentioned earlier, technology and its users run a rather mutual kind of relationship where they depend on each other for survival. Technology needs humans (the community both for use and effective utilization), while technology, in turn, helps make life and activities more accessible and more efficient. Hence, making it quite challenging to leave outside technology. In no time, the whole system will be taken over by technology, and by then, we don’t have to stress ourselves to carry out some significant tasks. Technology has helped the human race in all spheres than we give credits