By Daniel D’Amico, Trending Writer
Cryptocurrency, soon to celebrate 10 years since its conception, has led to a wide variety of financial benefits for many as well as other advancements for society. The ways in which it has benefited society vary from helping to bring about other digital currencies to creating new jobs out of nothing.
Since its inception, Bitcoin has made many young investors wealthy. It has also contributed to several other digital currencies with more specific functions and roles. All of these digital currencies have served to create jobs out of nothing similar to how the Internet did.
According to the Analyst of Finance, “cryptocurrency and Blockchain technology has captured the hearts of this new millennial generation and should prove itself as a mainstay in mainstream culture for years to come – possibly decades.” Millennials were born into the digital era and as such have no problem with the idea of digital currency like Bitcoin. They know firsthand the way in which technology has eased the lives of many drastically throughout the world. They see how this technology has brought more time, money, and space for all and cryptocurrency is no exception.
With the benefits of cryptocurrency comes certain improvements to the system itself. This included how SegWit (Segregated Witness) is being integrated into the cryptocurrency system. The International Business Times states, “SegWit allows for the possibility of additional transactions in the network. Making transactions more efficient, which leads to reduced commission payments.” These improvements serve to make the system a lot smoother.
While some question the longevity of Bitcoin, it has led to discussion of a digital baking system to replace many traditional banks. European bank officials talked about the possibility of a Central Bank backed digital currency, per BTC Manager. They discussed how it would challenge the current banking system, but felt there would have to be improvements to the digital currencies before they could take this position. If this were to come to light, it would be a big step forward for cryptocurrency and many would welcome it so long as it ensured security and the ease of various forms of payment such as international
A version of this article appeared in the Tuesday, March 20th print edition.
Contact Daniel at
daniel.damico@student.shu.edu
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