Evolving technology has had a huge impact on many aspects of our history and daily lives for centuries.
We are moving from living in the era of Web 2.0, in which social networks dominate the screens, to Web 3.0, in which the Internet will be based more on blockchain technology.
Some compare the rise of blockchain technology to the rise of the internet during the 1980s, while others argue that it is just a fad. It was the cryptocurrency, namely Bitcoin (BTC), and its miraculous potential for investment that catapulted blockchain technology into the spotlight. The blockchain continues to revolve around cryptocurrency and its widespread adoption.
However, with over 19,000 altcoins in circulation, could it just be a “fad” if the market has become so vast and competitive? Let’s explore the real world application that block chain technology and cryptocurrency could have on society in general.
The Impact of Institutional Investors in Crypto
block chain technology it is quite experimental at the moment and predominantly used in niche communities, most notably in the cryptocurrency and NFT markets. However, towards the end of last year, following the explosion of NFTs, cryptocurrency surged in popularity and achieved wide appeal, prompting large corporations to start expanding into the space. These include familiar names like PayPal, Tesla, and Block (formerly known as Square).
As a result, an increasing number of businesses are beginning to accept cryptocurrencies as a legitimate form of payment. These investments are helping to lay the groundwork for what the financial world will look like in the future.
The value of many cryptocurrencies has dropped significantly this year as a result of large investments and a variety of other factors. Many experts believe that this is just the beginning. Retail investors have remained bullish and have bought assets during every significant downturn.
Pay employees in cryptocurrency?
People’s growing interest in cryptocurrencies is due in part to the fact that the technology behind them allows for greater financial inclusion than traditional finance.
Employees and employers could benefit from cryptocurrency-based payroll, in the sense that it can provide better financial management and no delays. For those who are already familiar with the benefits of Bitcoin (BTC), it can be an attractive option for paying employees.
Employees of big companies like SC5, IM and Fairlay have already started getting paid in Bitcoin (BTC). Additionally, several prominent athletes have requested payment in cryptocurrency, such as Trevor Lawrence and Sean Culkin. This paved the way for startups to accept Bitcoin (BTC) as a legitimate form of payment and purchase.
Cryptocurrency Could Accelerate Economic Growth
Underdeveloped countries and emerging economies, which are experiencing rapid economic growth, are more likely to adopt cryptocurrencies. Nigeria is an example, with a KuCoin report finding that 35% of the population has invested in digital currencies.
An obstacle facing greater adoption of cryptocurrency in these economies it is the high gas rate that the networks demand to carry out transactions. This is related to difficulties with interoperability between blockchains, which is a major issue surrounding the technology.
However, newer altcoins have recently emerged to address this issue and thus gain a competitive advantage in the market. For example, Chalice Token (CLX), a liquidity protocol that is currently on presale, has gained popularity in the crypto spaces due to its goals of trading tokens immediately with minimal gas fees. It plans to do this by drawing liquidity from multiple liquidity protocols (using multiple blockchains instead of just one).
Supply chain improvements
Retailers are finding that pre-pandemic supply chain problems persist despite changes in customer behavior.
As the world learns to adjust to a post-COVID economy, incorporating blockchain technology into the supply chain process can help companies meet customer demands for speed, convenience and social responsibility, improve operational efficiency and optimize inventories.
Retailers are using block chain technology to create new solutions that attract customers while enhancing your brand’s reputation for quality and reliability. Some of this will be accomplished with the help of retail supply chain partners.
Traceability, fast payment and financial management could benefit from cryptocurrencies. Clearly, implementing a new system will take time and require a significant investment of time and money, but the payoff is expected to be significant.
Benefits of decentralization
One of the most important aspects of cryptocurrencies is decentralization, which allows currencies to be completely global without being regulated by CeFi institutions. The use of decentralized cryptocurrencies could improve the efficiency of data transmission and transactions.
The decentralized nature of these currencies eliminates the need for a third party in financial transactions. As a result, transaction times and fees have been cut in half. Crypto not only saves time by enabling lightning-fast transactions, but also helps retailers save money on taxes because collecting taxes on cryptocurrencies is difficult to implement.
Payments can now be made without the use of a third-party exchange thanks to the implementation of Bitcoin (BTC) ATMs and cryptocurrency cards. Although it is still in the early stages, it is a promising start.
The fact that there are no fees, interruptions, or paperwork required to change ownership further encourages its widespread adoption.
Also, unlike your bank, crypto is great for private transactions because it doesn’t reveal a lot of personal data. However, there has been some debate about the extent to which these transactions are private. If you value your privacy, you should make sure to choose a blockchain or permissionless protocol, which is much more secure.
Even in a more technologically advanced society, digital assets have yet to gain widespread acceptance. However, there are signs that cryptocurrencies are becoming more and more accepted in society.
The lack of a practical real-world application is currently the most significant impediment to the widespread adoption of cryptocurrencies. Smaller businesses, in contrast to governments and larger corporations, are still hesitant to adopt cryptocurrencies. Although there is still a long way to go before blockchain becomes the mainstream currency, we can already see how blockchain and cryptocurrency have altered the payment landscape.
For more information on Calyx Token (CLX), please visit: