Technology never sleeps. Humans seem to love inventing things, and often, those inventions improve our lives. You could occasionally argue that certain technologies make our lives worse, but that’s a topic for another time.
We’ll take a moment to talk about how cryptocurrency has fueled new technological advances recently.
Crypto platforms have started showing up over the past five years or so. You can use them to store your crypto, and you can even begin using these platforms like banks. You can get lines of credit that come in crypto or fiat currencies. You can also earn interest on crypto the same as you’d get from a bank in which you’d keep your money.
For instance, YouHodler users earn 18.23% in annual crypto savings interest. YouHodler is a lending platform where you can get crypto loans. You can also conduct other business there while holding or saving your crypto assets.
The mobile wallet is another technological innovation that owes its rise to crypto. You can set up a mobile wallet and hold your crypto there, but you can keep other assets there as well. For instance, you might have your gift card balance in a digital wallet. You may have your ID stored there and also your debit and credit cards.
You can use a mobile smart device to make purchases with a mobile wallet, even if you don’t use it for crypto. More and more brick-and-mortar store locations allow you to pay for goods and services with your digital wallet. Many people seem to enjoy this tap and pay system.
If you use a digital wallet, you no longer have to carry around a physical credit or debit card. You just need to keep track of your smartphone and make sure nothing happens to it.
Crypto and blockchain technology go hand in hand. Crypto typically operates through blockchain. Both are digital, decentralized systems.
Crypto is a digital or virtual currency, and it uses cryptography for security. That’s essentially the same technology that you use with blockchain.
Hackers have a much tougher time bypassing blockchain security, which is why more individuals seem comfortable trying crypto. They know that even though crypto largely remains unregulated up to this point, it’s hard to steal because of the distributed ledger architecture that underpins it.
You can look around and find many blockchain uses aside from crypto. Crypto provides anonymity, while blockchain promotes transparency.
For instance, you might see blockchain with peer-to-peer transactions, NFT marketplaces, secure medical data sharing, and much more. You might start to see blockchain-powered ATMs soon.
Private Company Investing
Crypto allows investors to get behind private companies in many instances. If you want to prop up a company because you believe in its mission and think they have growth potential, you can fund them as a venture capitalist or angel investor.
However, if you lend them money, you need to report that to the proper authorities. They can monitor your activities to some extent that way. You’re not doing anything illegal when you lend a business money, but you might prefer to keep that activity quiet.
You can do that if you lend a company funds using crypto instead of a fiat currency like the US dollar. You can send the business money as Ethereum, Bitcoin, or one of the other popular options. Doing so means you’ll have a stake in that company. You might get your money back and a lot more on top of that.
Predictive data and analytics also keep getting better and more advanced, and crypto causes that to some degree. Seemingly every day, new crypto forms hit the market. You probably know about the larger and more prominent ones, but you may also notice lesser-known ones popping up.
You can invest in them like you would with a penny stock, but how can you know which ones to buy or trade? Predictive data can help you.
Some companies and individuals have already made a lot of money through algorithms that essentially reveal crypto trends the same as they would stock market trends. If you can create a proprietary algorithm that says you should buy a certain crypto form on one particular day and then sell it on another, you can make millions.
Crypto fuels technology and that should continue for the foreseeable future. It’s not clear whether crypto will ever replace fiat currencies, but it’s driving the zeitgeist and many technology forms.