Every so often, a new technology appears that brings about a massive change. The invention of the wheel, the press and so many others had an enormous impact on our future. Over the course of the last decade, we’ve seen a new invention changing the way we think about money: Bitcoin.
From Books to the Internet, from Dollars to Bitcoin
When we look at recent technologies that have had a major impact on our daily lives, we need to look no further than what you’re currently using to read this article: the Internet. It’s radically changed so many different elements. Suddenly, we don’t have to go through several encyclopedias to find the information we’re looking for. All the info we need is right there in the palm of our hands through a little device called a smartphone. The invention of the Internet is so powerful that it completely changed our economy. Just look at some of the largest companies out there right now: Facebook, Amazon, Apple, Netflix, Google (also known as “FAANG”) all leverage this incredible technology.
However, did you know that a lot of individuals and experts were saying that the Internet would be just a phase?
Nowadays, we can’t imagine what life would be like if the Internet didn’t exist. Similarly to the early stages of the Internet, cryptocurrencies have received its fair share of skepticism. For example, Bitcoin has been declared dead 381 times at the time of writing. Spoiler: it’s very much alive and kicking.
All the while, it has been the best performing asset of the decade – by a landslide. At the same time, traditional fiat money like the US dollar or Euro are losing their value due to inflation. Sure enough, Bitcoin and other cryptocurrencies have seen a meteoric rise to power, with plenty of people calling crypto assets the logical evolution of money.
Why Crypto is the Future
Aside from its historic rise in value, there are more important reasons as to why crypto currencies are the future of money and finance.
Most notably, cryptocurrencies are what they call “digital native”. Unlike dollar bills or credit cards, Bitcoin and other crypto assets are fully digital in an era where more and more business and purchases are done via the Internet. They were able to arrive on the scene thanks to the internet and through blockchain technology leverages it at its finest. This ensures an immutable and public history of transactions, meaning everything can be verified by all.
Beyond being native, it’s also done something never seen before: creating a decentralized form of value. Traditionally, money is in the hands and control of governments or banks. We as individuals have no input or power over it. Disagreeing with a decision, for example endless printing of money? Well, too bad! Cryptocurrencies are the opposite of this, where everyone can join the network and is not at the control of a single individual or institution. It completely takes out any middle man, making it a completely peer-to-peer electronic cash system. Removing trust from the equation is a huge step for the future of money.
This decentralization marks the path for yet another unprecedented event: financial freedom is now easily accessible to the masses! You no longer need to create a complicated scheme or keep your money under your mattress to be financially independent. With cryptocurrencies, you have total control over what you do with your own money. A bank or other organization cannot stop you from accessing your funds or limit what you can do with it. With cryptocurrencies, you have true ownership of your own money since you’re the only one in charge.
On top of this, transactions are extremely fast in comparison to standard wire transfers – especially when looking at international transactions. Cryptocurrencies are in no way limited by borders. There are no requirements beyond needing an internet connection. It’s a borderless, inclusive and open system.
Going a Step Further: Future-Proof
Not only do cryptocurrencies boast elements never seen before in traditional finance, effectively propelling it into the future, it also has many features to make it future-proof.
One that always catches the eyes of investors is many cryptocurrencies have a hard-coded maximum supply. For example, there can never be more than 21 million Bitcoins. This is in stark contrast to government and bank controlled fiat currencies. The result is that cryptocurrencies like Bitcoin become more scarce over time, making it likelier to become worth more. On the flip side, fiat money (US dollar, Euro, Yen etc.) can be printed without end, which likely leads to its value decreasing – and its users have no control over that. This makes cryptocurrencies a more enticing option for savings.
Aside from money printing, traditional currencies aren’t particularly flexible. The most common payment method is still the credit card – an invention dating back to 1950, currently 70 years ago. Cryptocurrencies are on the other hand ever-evolving and don’t remain stagnant. They can easily undergo updates and changes through so-called forks. If any difficult situations arise, it can easily adapt. Bitcoin and other crypto assets aren’t only the future – they are also future-proof.
A Helping Hand in Becoming Future-Proof
At Ledger, we strongly believe in the future that cryptocurrencies can bring. We empower individuals to start taking their first steps towards financial independence. On top, our products provide your precious digital assets with much-needed security, similar to how you would keep valuables in a safe or vault, while providing high-end features as well.
Our devices called hardware wallets keep the access to your crypto assets offline, out of reach from online hacks and attacks. This level of security is particularly important if you want to keep your cryptocurrencies as savings. Combined with our powerful software solution, Ledger Live, it serves as your one-stop shop for anything crypto. You can even directly buy your crypto assets there, as well as making a passive income with them.
Crypto is the future: it’s time to secure and control it, starting your path to financial freedom. To help everyone securely enter the world of cryptocurrencies, we’re currently offering 20% off on our devices!
This discount is valid with the promotional code BACKTOSCHOOL, which will be valid from 7 September 2020 until 21 September 2020. You can learn more about this special offer here.