The Internet has introduced us to a new, digital world. And it runs on its own rules. One of the digital world’s biggest contributions is cryptocurrency. Abhi Shetty tells us just how big of an impact this new form of money has made and how it will likely change all our futures.
Abhi Shetty tells us the biggest change that virtual money will bring about – the revolutionary cryptocurrency does not need banks or other kinds of financial institutions. Based on the decentralized blockchain, it lives on virtual networks. This eliminates all types of banking intermediaries, thereby cutting out the costs and fees of middlemen. To start using this digital money, you don’t need to fill out complex paperwork or even have a bank account. Simple, easy, and super convenient will be the new way of life.
Before crypto, cross-border money transfers meant expensive, inconvenient currency conversions. Cryptocurrency is itself a type of currency. Abhi Shetty points out that by using crypto, you can now transfer money internationally without worrying about incurring losses on currency exchange. Adding to that, Abhi Shetty noted that traditional wire transfers took a minimum of half a day to complete. But the game-changing cryptocurrency ensures that these transactions happen within minutes or even seconds.
Digital money for the digital world – Cryptocurrency is the only type of money that you can use in the metaverse. Should you care? Abhi Shetty says you absolutely should. Here is one example explaining why – in this virtual world, you can buy and sell land/real estate. Buy land with cryptocurrency and lease it out as you would in the real world. Justin Bieber rented an arena, and his digital avatar performed a 30-minute concert in the metaverse – with a staggering 10.7 million people in attendance.
Blockchain technology leverages highly sophisticated, military-grade systems. These ensure that you do not need to suffer financial implications of dangers like bank account hacking. Also, Abhi Shetty says that, unlike traditional currency, you can use the same cryptocurrency across the world. You can buy this currency in your country and use it to spend on goods and services all over the globe – without needing to convert it first. El Salvador has even officially recognized Bitcoin, a type of cryptocurrency, as its official currency, alongside the U.S. dollar.
All these factors make cryptocurrency the next big thing. Abhi Shetty notes that very soon, you will need just a digital wallet of crypto money to pay for everything, no matter which part of the world you make purchases in.