Hear us out; this might sound farfetched, especially for those who don’t understand the inner workings of cryptocurrency. Firstly, cryptocurrency is a financial invention of such considerable proportions that many people still can’t wrap their heads around how much it will change the world. Many people don’t realize that a lot of these changes are also in their early stages, with cryptocurrency and blockchain technology that validate the immense possibility of this financial disruptive innovation.
1 – Entertainment
Blockchain technology has started to change the entertainment world. The emergence of blockchain gaming and games where you can earn cryptocurrency by mining in-game tokens is one of the most significant changes brought in over the last few years. The idea that you can earn and mine cryptocurrency while playing a game wouldn’t have been possible a couple of decades ago. However, play-to-earn gaming (P2E) is now seen as one of the fastest emerging blockchain-related niches within the gaming and entertainment industry.
Another element of the entertainment industry that is witnessing some colossal changes because of blockchain and cryptocurrency is casino gaming. If you enjoy playing blackjack, roulette, or slot machines online, you may be curious to build your knowledge surrounding crypto casinos. By administering the positives of the blockchain, including security and ease at which you can deposit your funds to a crypto casino, many bettors have commented on how cryptocurrency slots are a lot easier to engage with when using Bitcoin, Ethereum, and other cryptocurrencies to play a few spins. Having a new payment method that works just as smoothly as traditional casinos but eliminates the need for a bank to get involved in the payment is a serious, tangible piece of evidence showing how cryptocurrency can improve your lifestyle, especially if slot gaming plays a big part.
Entertainment stretches beyond P2E and casino gaming, though. Some midsized entertainment companies want to decentralize how we consume our media, which would considerably shift the overall attitude toward cryptocurrency and blockchain. Blockchain entertainment channels are looking to bring about a much fairer way to pay entertainers for the number of viewers they bring to the channel and pay them live on the blockchain, with all the figures available to the public, so any payments are fair and transparent.
2 – Investments
With many Gen Z and Millennial investors investing considerable portions of their time and wealth in cryptocurrency, the media rhetoric surrounding the negatives of investing is evident. However, some detractors would argue that indices, forex, and stock and market investments carry similar levels of risk. The one constant factor is that you need to understand the market you are investing in. So, although many retail investors and traders can lose a lot of money, those who understand the market and know how to manage their risk and money effectively have been able to improve their lifestyle immeasurably by making millions of dollars trading digital assets.
Volatility can be seriously profitable for those willing to combine the risk with a good knowledge of cryptocurrency. However, you must never invest money you can’t afford to lose, and you need to have an excellent, strong working knowledge of any product before you invest. Risk management is also integral to investing, as it is in hundreds of other aspects of life, from starting a business to driving a car. But for a small percentage of people, investing in cryptocurrency early enough has improved their lifestyle immeasurably.
3 – Convenience
You can open a cryptocurrency wallet, as can your friend or family member in any part of the world (with a few exceptions), and you can send your money with minimal fees. For those people who send money abroad regularly, using cryptocurrency instead of cumbersome, time-consuming, and expensive routes via a central bank is a game-changer.
We appreciate that this might not apply to everyone’s lifestyle. However, as more people explore digital nomad lifestyles and the world becomes more global because of the internet, cryptocurrencies will inevitably play a more significant role. As analysts discuss in greater detail how much of a role cryptocurrencies could play in our society in half a century, the general consensus seems to be that not only are cryptocurrencies here to stay but that they will generate considerable levels of profit and convenience as we move further into the 21st century.
In a capitalist society, the accurate measure of a product is how convenient it is – and as you have seen in our article today, there are already several ways that crypto and blockchain technology are changing the world and making elements more convenient. As it continues to play a more significant role, many anticipate that the benefit will be felt on all levels of the scale, especially the millions of people at the lower end of the scale who will use it for everyday purchases and transactions.