The Future of Finance is Cryptos and Blockchain: Here are the Facts

Over the last about ten years, the world has changed course to become more receptive to cryptos and blockchain. Initially, cryptos were seen as serious threats to governments and local fiat currencies. However, this was a misconception, and more parties, including those who were previously opposed to cryptos, are now at the frontline pushing for their adoption. This support points at one thing: we are in the era of cryptos and blockchain. 

Keep reading as we dig deeper into cryptos and highlight the fast-changing landscape that demonstrates the future of finance is cryptos. 

What are Cryptos and Blockchains?

Before looking at how the cryptos are changing the future of finance, let’s start with their definition. What are cryptos? What is a blockchain? 

A blockchain is a distributed database that works when shared among different computers on the same network. It makes it possible to record data about all transactions that happen on the network and store it permanently. The most notable attribute of a blockchain is that it is decentralised and immutable. Furthermore, it uses consensus protocols where all decisions are based on agreements between the participating nodes. The two most common blockchain networks are Bitcoin and Ethereum.

Cryptocurrencies are digital currencies that only reside in respective blockchains. When making a transaction on a blockchain, you pay for it using the native coins. You can also use the cryptos to transfer value, buy products such as non-fungible tokens (NFT) and consumer products from stores that accept them. Common crypto coins include ETH and BTC. Others include: 

• Cardano (ADA).
• Binance Coin (BNC).
• Tezos (XTZ).
• Polkadot (DOT).

Things that Make Cryptos the Future of Finance 

As we already indicated, the acceptance of cryptocurrencies is higher now than at any other time in the past. The following things indicate that we are going crypto, and it is just a matter of time before blockchains and cryptos become the order of the day. 

• More Parties are Adopting Cryptos and Blockchain

When companies, governments, and people started appreciating cryptocurrencies, it signified a new chapter in the finance sector. The state of Ohio set the ball rolling when it passed a law to allow payment of taxes with Bitcoin in 2018. Now, countries, such as Venezuela in South America, and the Netherlands among others, are supporting the use of blockchain and cryptos. El Salvador has already made Bitcoin a legal tender. 

• Buying Cryptos is Now as Simple and Fast

After Bitcoin hit the market in 2009, many people wanted to buy but could not because the process was complex. This was made worse by the lack of information about cryptos, resulting in a major misconception that they were bad. Not any longer! Now, most media houses and news platforms carry reports of how blockchain and cryptos are helping in different areas, from supply chains to the storage of medical records. Buying cryptos is also easy either through exchanges or peer-to-peer platforms. The easiest of all is hi.com.

• There are So Many Ways of Using Cryptos to Make Passive Income

Think of it this way, “Would you love to have another channel of passive income?” Of course, most people will answer “yes,” and cryptos provide that excellent opportunity to make some returns. The most notable method of making passive income using cryptos is staking. This method involves committing your proof of stake coins to help with confirming the transaction and protecting the network. In return, you get rewarded with a percentage of funds paid by people using the network. Other methods of making passive income using cryptos include yield farming, buying and holding the coins, and crypto lending. 

If you have been wondering how the future of finance will be, it is plain clear: crypto and blockchain. Blockchain has proved to be the technology people have been waiting for to address most issues facing them. Cryptos are the perfect alternative for fiat currencies. No matter what you want to achieve with fiat currencies, know that cryptos can deliver something better. That is the future. Visit hi.com to buy, send and earn cryptos.