Cryptocurrency for the Culture
The creation of a blockchain-based digital currency named bitcoin was published in 2008 under the pseudonym “Satoshi Nakamoto.” More than ten years later, there are now hundreds of cryptocurrencies and countless additional uses for blockchain technology. Numerous established financial practices face an existential threat as a result of the rise of cryptocurrencies.
With the use of peer-to-peer technology, cryptocurrencies effectively cut out the “middle man,” which may be a financial institution. For instance, in the world of cryptocurrencies, transactions can be made without a bank account or credit card. In fact, the purpose of a cryptocurrency “wallet” is identical as that of a bank vault. Given that over two billion individuals lack access to a bank account, a revolution in financial inclusion is possible with a smart phone and the internet (GlobalFindex, 2017; World Bank, 2017).
But the technology goes far beyond giving unbanked people access to banking services. It has the potential to provide low-cost, secure, and nearly instantaneous transactions, enabling billions of people to participate in online commerce by paying for products and services and receiving payments outside of the established banking and credit card infrastructure.