Blockchain and Cryptocurrency
I have never used cryptocurrencies, but from the testimonies of my friends who have used them, it seems to be a legitimate investment. I have been reluctant to invest in crypto-currencies because I’m sceptical of the venture since those who have used it say that the prices are very volatile, meaning that one can easily lose the value of his investment. However, I know in the future, I will give it a try to have a firsthand experience. My opinion about cryptocurrency is that it seems to be a new venture, and many people like me do not have enough knowledge on how to go about it. Despite the scepticism and fear, I’m willing to invest in one of the cryptocurrencies to check their validity. I will continue using them if they prove to be genuine and profitable ventures.
Some of the ways these two would affect the future economies are as follows: First, blockchain has helped bridge the gap between buyers and sellers. This means that it has enhanced the reduction of the interference of third parties or intermediaries in the transaction processes (Karpan, 2019). The third parties cause delays and extra costs, meaning that future economic transactions would be fast at a low cost.
Secondly, blockchain technology can keep the data safer, meaning that in future economies, there would be low risks of data loss through hacking (Shrivastava, Le, & Sharma, 2020). Thirdly, blockchain technology raises the level of tracking and tracing; hence, future economic transactions would be more transparent and less risky. Cryptocurrencies are decentralized, meaning that people living in nations with currency instability will trade freely across the world. This will create economic equality among nations in the future.
References
Karpan, A. (2019). Cryptocurrencies and Blockchain Technology. Greenhaven Publishing LLC
Shrivastava, G, Le, D & Sharma, K. (2020). Crypto-currencies and Blockchain Technology Applications. John Wiley & Sons,
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Discuss your experience with cryptocurrencies.
o Have you used Bitcoin, Dogecoin, Ripple, Tether, Litecoin, Ethereum, or other cryptocurrencies? If so, explain why you chose to use one of these systems and describe your experience.
Blockchain and Cryptocurrency
o If you haven’t used cryptocurrencies, discuss your opinion about using them. Would you be interested in using or investing in cryptocurrency? Explain why or why not.
• How do you think blockchain technology and cryptocurrency might affect the economy in the future?
In your response posts to at least two peers, discuss the following:
• Explain whether you share a similar experience or point of view as your peers and why.
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